Now, you can pull out 90% of provident fund for buying a house
The EPFO has amended the scheme by inserting a new paragraph -- 68 BD -- to the Employees' Provident Funds (EPF) Scheme, 1952, to enable a subscriber to make down payment to buy homes and pay EMIs through the EPF account, a senior official said.
- Apr 25, 2017,
- Updated Apr 25, 2017 12:35 PM IST
The Employees Provident Fund Organisation (EPFO) has amended its scheme to enable over 40 million subscribers to withdraw up to 90 per cent from their provident fund (PF) to make down payment and pay EMIs to buy homes.
The EPFO has amended the scheme by inserting a new paragraph -- 68 BD -- to the Employees' Provident Funds (EPF) Scheme, 1952, to enable a subscriber to make down payment to buy homes and pay EMIs through the EPF account, a senior official said.
The official said, "Since the labour ministry has issued a notification for the purpose, the scheme stands amended."
An EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
However, the facility will be available to only those PF members who have contributed to the fund for at least three years. The facility will be available only once to every member during his or her lifetime.
The Employees Provident Fund Organisation (EPFO) has amended its scheme to enable over 40 million subscribers to withdraw up to 90 per cent from their provident fund (PF) to make down payment and pay EMIs to buy homes.
The EPFO has amended the scheme by inserting a new paragraph -- 68 BD -- to the Employees' Provident Funds (EPF) Scheme, 1952, to enable a subscriber to make down payment to buy homes and pay EMIs through the EPF account, a senior official said.
The official said, "Since the labour ministry has issued a notification for the purpose, the scheme stands amended."
An EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
However, the facility will be available to only those PF members who have contributed to the fund for at least three years. The facility will be available only once to every member during his or her lifetime.