Provident Fund is an obligatory, government-run retirement savings scheme for salaried professionals. The Employees Provident Fund Organisation (EPFO) manages and functions under the Ministry of Labour and Employment of India. Provident Fund is a monthly arrangement, where both employer and employee contribute equally to the PF account. The goal of the employee PF scheme is to provide a total amount to employees after they retire.
But, employees can also draw out the amount before their retirement, subject to specific terms and conditions. For example, an employee can take out the Provident Fund to buy land, construct a property, or purchase a house. There are, however, certain criteria that a home buyer must meet to take out their Employee PF.
Let’s look at how to use your employees provident fund to finance a home purchase.
What Are The Criteria For Taking Out A Provident Fund For Purchasing a Home?
A worker with at least five years of contribution to their provident fund account can extract money for the purchase of a plot and/or construction or purchase of a house. The purchaser can take out the amount for the construction of a house on the plot of land possessed either by the purchaser or their spouse or by both jointly.
The qualifying amount to withdraw the provident fund would be based on the purpose of withdrawal. To purchase a plot, the withdrawal amount will be restricted to 24 months’ basic salary and dearness allowance (DA). However, the amount of withdrawal should not surpass the cost of the plot.
The original blog was posted in the ACE Group website. Follow the link to read the complete blog: https://www.acegroupindia.com/blog/employees-provident-fund/
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