Withdrawal of EPFO Fund for Housing: Ministry of State For Labour And Employment Clarification

Withdrawal of EPFO Fund for Housing: Ministry of State For Labour  And Employment Clarification

withdrawal-of-epfo-fund-for-housing-paramnews-scheme

The withdrawal amount from the Provident Fund shall not exceed ninety per cent of the employer’s share of contribution and interest thereon and employee’s share of contribution and interest thereon.

New Delhi, 18 July 2017: The Government vide Notification No. G.S.R.351 (E) dated 12th April, 2017 has inserted a paragraph 68BD in Employees’ Provident Funds (EPF) Scheme, 1952 for withdrawal from the Employees’ Provident Fund (EPF) for purchasing dwelling house or flat or construction of a dwelling house. 

The Scheme envisages that a member can authorise monthly installment for the repayment, wholly or partly, of any outstanding principal or interest of a loan obtained in the name of the member or spouse of the member or jointly by the member and the spouse.

The payment can be made on behalf of the member to a housing agency or primary lending agency or bank concerned, etc. 

The subscriber should be a member of a cooperative society or a society registered for housing purpose under any law for the time being in force and such society has at least ten members of the Fund.

This information was given by the Minister of State For Labour  And Employment SHRI BANDARU DATTATREYA today in a written reply to a Lok Sabha question.

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