EPF Home Loan | HUDCO | EPF Home Loan Down Payment | PF Withdrawal | PMAY – PF account holders are getting such advantage, are you one from them? you will feel very relieved after knowing. EPFO is offering this facility to PF holders.
As per the facility provided by the Employees Provident Fund Organization (EPFO), you can take a loan in 90% of the amount deposited in your account and can use the contribution accumulated in the account as a loan instalment every month.
Updated – August 2018
EPFO Regional Commissioner Manoj Kumar Yadav shared this information with Amar Ujala. He told that under the new rules of EPFO, at least ten buyers should together constitute a co-operative society.
After this, it will be easier for them to buy a house.To purchase the land, you can withdraw 90 percent of the amount deposited in your PF account. For example, if you have to buy a house, then you can take a loan through HUDCO.
EPF Ammount As a Down Payment?
You can then use your 90% contribution to your account (EPF) as a down payment. After this, the contribution accumulated in the PF account every month will become part of your monthly loan instalment.
For example, if your contribution accumulates Rs 3000 and your loan instalment is Rs 5 lakh, you will have to pay only two thousand rupees per month. The remaining money will be adjusted directly from the PF account. With this, it will be easy to take a home loan and a subsidy of 2.20 lakh will also be available.
This home scheme of PF is better for those with the monthly salary of INR 10,000/- to INR 25,000/- rupees.
Please Note: The PF shareholder should be at least three years old in the EPFO. The PF account should have a balance of at least 20 thousand rupees.
Beneficiaries of Pradhan Mantri Awas Yojana
To build a house, it is necessary to be a member of any registered society attached to the housing. To buy a house or plot, you can take advantage of this facility. The property being sold by a government or a private institution can also buy from it. The entire payment will be done directly to the agency concerned. The benefits of this scheme can also be taken under the Pradhan Mantri Awas Yojana (PMAY). Beneficiaries of the Pradhan Mantri Awas Yojana also get a SUBSIDY of up to 2.20 lakh under the Credit Linked Subsidy Scheme (CLSS).
Beneficiaries of PMAY can track their application status HERE.
Visit The EPFO office
The Government added a new provision in paragraph 68 BD of EPF scheme, 1952. Under this, the implementation can now fulfil the dream of the house with the help of its fund. This information can be obtained by visiting the EPFO office.