EPFO Housing Scheme 2022 loan! New Application Form Dates

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Can you use your provident fund to pay for your dwelling mortgage? The reply is sure, now you can. With the introduction of new Provident fund housing scheme, individuals can use their retirement funds as down-payment for their dwelling mortgage in (*5*) , The major query is whether or not it is smart to use the provident fund which is your secured fund to serve you after retirement.

EPFO Housing Scheme 2022

All the questions associated to the scheme will be answered in this article. Read the article until finish to have more info bout provident fund housing scheme. More about EPFO ​​Housing Scheme 2022 – EPF stands for workers’ provident fund. The fund is for the workers to serve them after retirement. According to the guidelines of workers’ provident fund, they are not allowed to withdraw cash from their provident account.

There are criteria and guidelines for the withdrawal of cash from workers’ provident fund. The workers’ provident fund advance form is also identified as form 31. Buying a home is not very handy any more. There is tedious paperwork concerned. Banks who provide home loans demand for 20% down payment from the patrons. Large portion of the mortgage and curiosity is gone from purchaser’s pocket.

EPFO Housing Loan Apply online

The authorized formalities and paper work will cost 10% of the whole cost of property to be settled. The authorized formalities embrace registration, stamp paper, payment and more. People who need to purchase home rapidly can withdraw from their provident fund. Withdrawing from provident fund is both handy and easy.

What are workers’ provident fund?

Employees’ provident fund is a retirement-investment and saving scheme for the workers of certain organisations. The scheme is mandatory for the workers and the organisations. Under the scheme, workers have to contribute 12% of their fundamental wage in the direction of provident fund. This will help the workers to save certain quantity of cash in their provident account, which can be partially withdrawn for certain functions. The withdrawal of cash from provident fund is subject to situations and restrictions laid down by legislation.

EPFO Housing Scheme Loan Apply
EPFO Housing Scheme Loan Apply

EPFO Housing Loan Interest Rate

Employees’ provident fund housing scheme

Home purchases are not easy and are usually out of pocket for many individuals. Therefore, the central government has launched few measures and schemes that will make dwelling shopping for easier and more handy. EPFO housing scheme was launched in 2017. EPFO ​​refers to workers’ provident fund organisation. According to the scheme, workers can also use their provident fund accumulation to make down payment for their home or to pay the home mortgage EMI’s. EPFO is accessible to every worker whether they work in non-public sector or public sector.

Scheme EPFO Housing Scheme
Under Ministry of Labor & Employment, Govt of India
Apply EPFO Housing Scheme Form 2022
Official Portal epfindia.gov.in
Status EPFO Housing Scheme Status 2022

EPFO is government run group and all the workers or individuals who contribute to the scheme are thought of as members of the scheme. There are various other advantages that can be availed by the members of EPFO ​​dwelling scheme.

How to use EPF cash?

There are various functions for which workers’ provident fund can be used for. Some of the functions are as under-

  • Education (limit is up to 50%)
  • Marriage (withdrawal limit up to 50% of worker’s contribution)
  • Land buy or home buy
  • Home renovation
  • mortgage reimbursement
  • Before retirement (withdrawal limit up to 90% accrued funds)
  • Other particular instances

EPFO Housing Loan Application Form 2022

The cash form provident fund can be withdrawn by the member to buy land, construct home or assemble a property, dwelling renovation and more. The condition to withdraw cash for these functions are that the land should be owned by the PDF account holder or his or her partner. If the property is owned by the PF holder along with another person other than his or her partner, he or she is not eligible for the withdrawal from their PF account.

Withdrawal guidelines of EPF

There are various withdrawal situations that have been imposed for the withdrawal of cash from provident fund account since 2017. Another condition has allowed the Provident fund holders to withdraw 90% of their accrued funds from PF account to buy dwelling.

Other withdrawal situations are as under-

  • The provident fund holder should be a member of registered housing society, consisting of 10 members. Therefore, if a individual needs to apply for withdrawal from provident fund, he should be a member of registered housing society.
  • On the date of application, whole stability in the account of the provident fund holder or his partner should be 20,000 Rs.
  • Only 90% of the whole accrued funds can be withdrawn from PF. This withdrawal can only be allowed only once.
  • Before 2017, the provident fund holders were required to be members of registered housing society for more than 5 years in order to withdraw cash from provident fund to purchase dwelling.
  • The withdrawal to restricted to quantity equal to 36 months of base wage and dearness allowance of the holder.
  • To purchase a plot, the withdrawal limit was 24 months’ base wage and dearness allowance.
  • To renovate the current property, the withdrawal limit was base wage of 12 months and dearness allowance.

EPFO Housing Loan Withdraw process

Procedure to withdraw cash from provident fund account

To withdraw the cash from provident fund account, the holder or the partner of the holder should be a member of registered housing society. The member will have to submit the application for withdrawal of cash through online or offline form. For online application, the UAN or common account number of the member or his partner should be linked with Aadhar card, PAN and financial institution details. The mortgage is applied through housing society online. The member will have to apply for mortgage to EPF commissioner in the format as specified in Annexure 1 on EPFO ​​website.

EPFO Housing Loan Portal
EPFO Housing Loan Portal

The member will have to provide his stability and payment details for the previous three months. The details of the housing society to which the payment is being made is also mentioned in the form.

The payment for the mortgage will be instantly offered in the checking account of the housing society. The member can also select between lump sum payment or EMI’s payment for the mortgage. Members who are applying for PF withdrawal to pay dwelling mortgage EMI’s will have to fill annexure 3 along with Annexure 1.



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