Home Funding through EPF account

Home funding through EPF account,  Home funding through EPF account 

Home funding through EPF account. Funding home purchase may soon get easier as the government plans an amendment in EPFO Act. The amendment in the Employee’s Provident Fund Act will enable around 4 crore members of retirement fund body to withdraw up to 90 per cent of their fund. This is for making down payments while buying homes.

Benefits to EPFO Subscribers 

Employees’ Provident Fund Organisation (EPFO) subscribers will also be able to use their EPF accounts for paying EMIs of home loans. This is only after the amendment is made. Under the new proposed provision in the EPF scheme, EPFO subscribers would have to form a cooperative society with at least 10 members.

“The Government has taken a decision for modification in the Employees Provident Funds (EPF) Scheme, 1952, to add a new paragraph 68 BD,” Labour Minister Bandaru Dattatreya said.

EPF Provision

The new provision provides that – “a member of EPF being a member of a co-operative society or a housing society having at least 10 members of EPF. They can withdraw upto 90 per cent from the fund for purchase of  house/flat or construction of house/acquisition of site.”

The total number of EPF member accounts as on March, 31, 2016 is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16. Hence home funding through your EPF account is now easier.

2 Comments on “Home Funding through EPF account”

  1. I enjoy you because of your entire effort on this web site. My niece really likes managing investigation and it is simple to grasp why. My spouse and i notice all relating to the dynamic way you make functional tactics on the web site and welcome response from other individuals on the area of interest plus our girl is certainly discovering a great deal. Take advantage of the remaining portion of the new year. You are carrying out a really great job.

  2. I needed to write you that bit of remark to finally say thanks as before on the extraordinary secrets you have featured on this website. This is so seriously generous with you to make easily what numerous people could have marketed for an e-book to generate some profit for themselves, most notably considering that you could have tried it if you wanted. Those concepts likewise worked to be the easy way to understand that some people have the identical interest like my very own to know the truth good deal more on the topic of this matter. I’m certain there are numerous more pleasant times ahead for individuals who read through your site.

Leave a Reply

Your email address will not be published. Required fields are marked *