18 Mar, 2017 9:14p.m.

EPF may allow to withdraw 90% of funds for buying homes

Soon you may be able to withdraw 90% of your PF amount for the down payment for the home purchase.

The labour ministry, which controls the Employees’ Provident Fund Organisation (EPFO), informed the Rajya Sabha on Wednesday that it intends to amend the law to allow subscribers to withdraw up to 90% of their savings to buy or build homes.

EPFO subscribers will also be able to pay their home loan EMIs (equated monthly instalments) using regular EPF accumulations.

The plan comes with a rider: for availing of the benefit, at least 10 EPF subscribers need to form a group to buy houses from a builder or construct homes on their own.

“A member of Employees’ Provident Fund being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw up to 90% from the fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site,” labour minister Bandaru Dattatreya told the Rajya Sabha in a written reply.

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