Good news for the home-loan service providers! Subscribers of Employment Provident Fund Organization will now be able to withdraw up to 90% of their PF account for home to buy their desired home. Over four crore, subscribers of the retirement fund body can now pay EMIs of home-loans from their EPF funds, which means, people of 60+ can borrow home-loan from the HFC (Housing Finance Company).
The EFPO has revised the norm by including a new stanza- 68 BD- to the Employees’ Provident Funds Scheme, 1952 empowering subscribers to make down payments through EPF accounts for their home purchase.
Earlier, the central labor ministry had issued a notification for the same rationale. The core view of the scheme is amended, under the new provision, as EPF subscriber, being a member of a co-operative housing society with somewhat 10 members can withdraw up to 90 per cent from the fund of a residential property (house, flat, construction and legal acquisition of the site).
It also suggests that the monthly repayments of housing loan, EMIs and interests may also be paid from the amount to the government, housing agency, principal lending agency, banks concerned. Nevertheless, the withdrawal facility from the PF account will be for only existing PF members who carry out the standard conditions. A member utilizes this window, should have contribute to the fund for at least 3 years in a line.
The facility will be accessible only once for every member during his/her lifetime. This rule is applicable for all those who mutually with their subscriber other half have at least Rs. 20,000 in their accounts.
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