Now, you can withdraw 90% of PF savings for buying flat,
land
You can now leverage up to 90% of your retirement savings
parked in the Employees’ Provident Fund (EPF) account to have a house of your
own
EPF members can make a one-time withdrawal or use their PF
savings to make instalment payments for buying a flat or a tract of land to
construct a house._
However, you need to find at least nine other EPF account
holders who are also part of a cooperative society through which you intend to
purchase a flat or land parcel. The society must be registered under any law.
The notification said that EPF members can withdraw their
savings to “purchase a dwelling house or a flat, including a flat in a building
owned jointly with others, outright or on hire-purchase basis, or for the
construction of a dwelling house, including the acquisition of a suitable site
for the purpose.”_
Repayment of loans: Employees with at least three years’
subscription to the EPF scheme will be allowed to withdraw their savings for
housing purposes, including repayment of housing loans from their monthly
contributions._
In addition to lump sum withdrawal of up to 90% of
accumulations in provident fund accounts, members may opt for full or part
repayment of loans out of monthly PF contribution also.
Further, the EPFO will make the payment for constructing
flats or buying land directly to the cooperative society, housing agency or
builders and not to the EPF subscribers.
In case the EPF subscriber fails to get the flat constructed
due to some reasons, she will be liable to ensure that the withdrawn EPF
savings is refunded into their provident fund account within 15 days “of such
cancellation or non-allotment
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