EPF Housing Scheme is the latest news from EPFO (Employee’s Provident Fund Organisation) which is going to benefit many people who are looking for affordable housing options in India. The government has decided to allow EPFO subscribers to withdraw up to 90% from their EPF account for the purpose of purchase and construction of their homes.
Now, buying your first home is rarely an easy task. The amendments suggested by the government would certainly allow more individuals to raise the funds needed to buy their home. In that sense, it is a welcome move since it allows EPFO members to access their own funds in order to achieve a crucial financial objective.
Proposed Amendment in EPF SCHEME
1. Withdraw up to 90% of the fund for making down payments while buying homes.
2. Use the EPF accounts for paying equated monthly instalments (EMIs) of home loans.
3. Under the new proposed provision in the EPF scheme, EPFO subscribers would have to form a cooperative society with at least 10 members for availability facility.
4. Monthly instalments for repayment of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/ housing agency/ primary lending agency or banks concerned.
However, allowing the EPFO subscribers to withdraw up to 90% from their EPF account for the purpose of purchase and construction of their homes has its share of merits and demerits.
With affordable housing, now you can easily buy your dream home with us. You can choose between withdrawing from your PF account and taking a home loan as per your needs.
For more details, visit our website www.rof.co.in. You can mails us at info@rof.co.in or call +91 124 439 399.
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