EPFO હાઉસિંગ સ્કીમ 2022 - ખરીદવા માટે PFનો 90% કેવી રીતે ઉપાડવો

There isn’t any secondary market deal

The principles, nonetheless, don’t encourage the secondary market or resale transactions of actual property property. EPFO can pay on to the Co-operative Society, State Authorities, Central Authorities or any housing company below any housing scheme or to any promoter or builder in a number of installations.

What number of unit quantities will be withdrawn

The utmost quantity that may be withdrawn is as much as 90% of the stability within the PF account or the price of acquisition of the property, whichever is much less. The stability will embody the members’ personal contribution plus curiosity and the employer’s contribution plus curiosity. In case of building of the home and whether it is executed at low price or the member doesn’t get the allotment of the home (the place it was utilized for), the quantity needs to be returned to EPFO ​​inside 30 days. .

Paying EMI via PF

The brand new guidelines enable a PF member who can be a member of any housing society to dive into the PF to pay full or partial EMI for the mortgage within the identify of the member, after offering particulars within the prescribed format. “Along with the non-refundable mortgage, there’s now an choice to pay the arrears to the society on a month-to-month foundation from the member’s future PF contribution which was not out there up to now,” says Sharma. The EMI will then be paid by the EPFO ​​to the federal government, housing company or financial institution, because the case could also be.

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Tips on how to apply for EPFO ​​Housing Scheme

As soon as a PF member turns into a member of the Housing Society, he / she could apply individually or collectively with the Housing Society within the prescribed format (Annexure-I) to acquire a certificates from the EPFO.

Appendix 1

Within the type of Appendix I, the staff demand the stability and deposit within the final three months earlier than making use of. This may assist the EPFO ​​decide how a lot EMI could come. As well as, the worker must point out the identify and particulars of the financial institution or housing society to which such certificates will likely be issued.

The EPFO ​​then points the certificates within the prescribed format (Annexure-II) displaying the excellent stability and the final three months deposit within the account.

Appendix 2

Alternatively, members can take a printout of the passbook downloaded from the EPFO ​​web site and submit it to housing businesses or banks.

If a member needs to make use of PF cash to fulfill the EMI, then along with Appendix I, the authorization by the member should be stuffed within the prescribed format. (Appendix III).

Appendix 3

It would have particulars like quantity of PF, PF and mortgage account quantity, identify of the lender, deal with and so on. The individual has to get this type licensed from the lender i.e. from the department supervisor of the lender approving the mortgage. As soon as authorised, EPFO ​​will start transferring EMIs on-line to the lender’s account.

What if the worker leaves the job

The EPFO ​​has clarified that by no means will or not it’s responsible for any default in cost to the lender. EPFO won’t take the facet of any settlement between the member and the society or the builder. If an worker leaves the service, the member will likely be answerable for repaying the mortgage. If PF funds run out, the worker must handle funding from his personal assets to fulfill future EMIs.

This will reap the benefits of the brand new PF withdrawal scheme with advantages below PMAY.

Present guidelines for constructing purchases

Beneath present guidelines, for the aim of buying a home from a promoter (builder), the membership interval is at the least 5 years. The utmost that may be withdrawn from a PF account is 36 months primary wage or curiosity or complete bills with the worker and the employer’s complete share, whichever is much less. Nonetheless, you don’t want to be a member of the housing scheme to avail the advantages.

Conclusion

Bear in mind, EPF is for caring for your post-retirement wants. Lowering it may well put your retirement in danger. Due to this fact, excessive warning ought to be exercised earlier than sinking into it. These searching for a down cost can nonetheless contemplate it. Additionally, those that have a backup plan to fulfill their retirement wants via an fairness mutual fund or PPF can nonetheless contemplate this manner of proudly owning a house. In any case, it’s one in all his personal cash and what good is it if it doesn’t assist get a roof over my head.