Get details on EPFO Housing Scheme 2023 Eligibility, EPFO Loan eligibility PF Withdraw For Home Loan Procedure.
Today we will update you all about the EPFO Housing scheme 2023. Our central government of India has decided to give a gift to all the employees by changing some rules of Provident Fund. This scheme is related to the provident fund. In this scheme, you can use your 90% of Provident Fund to buy or to make your own house. So by this article, you can get each and every step of this scheme.
As we are all aware a house is our very basic need. Many of us are unable to buy houses because of high prices. That is why the government has taken the initiative to fulfill the dream of every person by this schene.
EPFO Housing Scheme 2023
So Under the EPFO housing scheme, 2023 employees can use PF up to 90% and pay their house loan. For using Provident Fund to buy a property or house you need to be a member of a registered housing board society. In this housing board society, there would be a minimum of 10 registered members required. We will discuss everything related to EPFO Housing Scheme so be with us.
Highlights
| Scheme’s Name | EPFO Housing Scheme 2023 |
| Department | Ministry of Labour and Employment, Government of India |
| Beneficiaries | All the employees of the private sector as well as government sector |
| Withdraw limit | Up to 90% of provident fund |
| Official Website | www.epfindia.gov.in |
Rules of EPFO Housing Scheme
EPFO housing scheme has come Into highlight on 12 April 2017. There are 6 crores of employees who will be able to take benefits under EPFO housing schemes.
- This Provident fund can also used for monthly instalment.
- If the person who want to use his EPF fund he / she should have contributed since three or more then three years.
- People who want to use this money to buy property can use this money only once.
- If your account have not more than 20,000 then you can not withdraw this money.
- Employee can withdraw up to 90% of EPF.
- To get EPF employee should be registered of EPFO housing board society.
Needed documents for PF Withdrawal
- UAN ( Universal Account Number) of employee.
- Bank passbook’s details which account is linked with EPF Account
- EPF can be transferred only on EPF Account holder’s account.
- Identify proof of EPF Account Holders such as Aadhar, Pan card.
- If the person has left or completed his job period then date of joining and leaving should be mentioned in the application form.
EPF Withdrawal on Various Needs
You can withdraw your EPF on various needs such as:-
| Medical Need | EPF for medical needs can be taken as many times as anyone wants. This can be taken for parents, spouses, or for children’s medical treatment. |
| Repayment of Home Loans | For home loan repayment, an employee can withdraw up to 90% of his / her EPF. But he should have completed three years of his / her service in that particular job. |
| Wedding Purpose | This withdrawal can be taken for own or sibling or children’s wedding and for this the service of employees should be 7 years or more than it. In this withdrawal, the employee can take 50% of his contribution with interest. |
| For buying property or house | This withdrawal can be taken for once only. For this withdrawal, your minimum service should be 5 years. The property which he/she is buying should be in his / her name or jointed property with his / her spouse. Employees can withdraw 24 times of monthly salary for buying a plot and it could be 36 times if he/she will buy a house |
| Unemployment | If someone is unemployed for one month he/she can withdraw 75% of his / her EPF and if he/she is unemployed for more than 2 months he/she can take withdraw on his / her 100% of EPF. |
| Retirement | On retirement, the employee can withdraw all his EPF. |
PF Withdraw For Home Loan Procedure
Employees can apply for their EPF both the way either online and offline. But now employees can apply for its online way, which is a very simple and time-saving procedure. For this procedure employees have to fulfill some given steps:-
- Employees have to submit their Aadhar Number in Universal Account Number.
- After entering your aadhar number you have to authenticated it.
- Now fill the withdrawal Form from the official website.
- After filling this form you can submit it.
- After submission this process you will get EPF in your bank account which is linked with Provident Fund Account.
Important Links
| ESIC TRRN Status Online |
| Intra Haryana E Salary Slip |
| SBI Pension Seva One Time Registration |
| UWIN Card Registration |
| JIO DLT Registration |
Offline Procedure
- Visit the official website of the EPFO.
- After getting the home page of the website, you need to download the pdf version of Form 19.
- Form 19 is used for the EPF withdrawal.
- Now download this form and take print out of this form.
- Fill this firm with all details such as Personal Details and Bank details and Employment details etc.
- Attach all necessary documents and submit this application to your company’s HR department.
- Employer will attest this application form and this application will be sent to the provident fund office.
- After the completion if this process, your EPF will be transferred to your bank account. This procedure can take little more time than online application process.
Important Links
| Download Form 31 | Check Here |
| Download Form 19 | Check Here |
| EPFO Claim Form | Check Here |
| Download Form 3 | Check here |
FAQ’s
Yes, but only after retirement.
It is 5 Years.
It is 12% of your basic salary.
Final Words: You can know more on the official website. Though this is a private website, we do not assure every single piece of information is reliable. Still have some doubts, visit the official website of EPFO.
