EPFO: Many people often have this question that how much money can PF account holders withdraw to buy a house. In such a situation, today we are going to tell you in our news that any person has the amount in Employees Provident Fund i.e. EPF, which is deducted every month from the salary of salaried employees. Any salaried employee can withdraw money from his active PF account to buy a house.
Everyone dreams of buying a house. But in today’s time, buying a house is not very easy because a good amount of money has to be raised for it. This is the reason why people fulfill their dream of buying a house by taking home loan from the bank. But the bigger the amount taken for the loan, the bigger the EMI you will have to pay. Therefore, the better option is to keep the loan amount less.
But in such a situation the question arises that from where will the money for the house be brought? So in such a situation you can use the amount deposited in PM. Employees Provident Fund i.e. EPF is the amount of any person which is deducted every month from the salary of salaried employees. Any salaried employee can withdraw money from his active PF account to buy a house. There are two ways to withdraw this amount. Know about it here.
First method- EPFO Housing Scheme-
If you want to withdraw money from EPFO, then you get this facility under EPFO Housing Scheme. Employees’ Provident Fund Organization (EPFO) has allowed the use of 90% of EPF accumulation under the housing scheme. Apart from this, under EPFO Home Loan Repayment Scheme, EPFO member can also pay monthly EMI of home loan from his PF account.
Terms of EPFO Housing Scheme-
To withdraw money through EPFO Housing Scheme, you will have to become a member of a 10-member cooperative or society formed for housing purposes.
Apart from this, to withdraw the PF money, it is necessary for the EPFO member to contribute to EPF for three years. Money cannot be withdrawn in less time than this.
If the PF money in a person’s account is less than Rs 20 thousand, then he will not be able to take advantage of it. Apart from this, any member can avail the benefit of this scheme only once.
Second method- Partial withdrawal-
If you do not want to withdraw PF money through housing scheme, then there is another method available for this. Under the partial withdrawal system of EPF, EPFO members can withdraw money from PF.
If your EPFO membership is for 5 years, then you can make partial withdrawal of PF amount to buy a house or land with certain conditions. To buy a plot, you can withdraw up to 24 times your monthly salary and to buy or build a house, you can withdraw up to 36 times your monthly salary. You can also withdraw both your and your employer’s contribution and interest amount.
Method of withdrawing money-
To withdraw money, first go to the official website of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/. Log in by entering UAN number, password and captcha code.
After this click on Manage and check all the information on KYC option. If there is any deficiency, fill it. After this, go to online service and click on CLAIM (FORM-31, 19&10C).
Here you will get some options to withdraw EPF money, choose the option as per your need. After this a drop menu will open. From this click on Claim.
After this, click on Proceed For Online Claim and submit the claim form. After completing this process, the PF amount will come to your account within about 10 days.
