Pay your home loan EMIS from EPF | Fusion - WeRIndia

Pay your home loan EMIS from EPF

Pay your home loan EMIS from EPF

Do you know that you can pay monthly instalments of your home loan from your provident fund account? Are you aware that you can withdraw amount of up to 90 per cent from you EPF account to buy a home? However, there are certain criteria to meet for doing so.

Read on the article to know more about this.

Normally employees do not have huge funds to acquire their desired home due to lack of sufficient money.

If they have huge amount in their EPF accounts, they can withdraw up to 90 per cent so that it is very easy to purchase a home.

The subscribers of the Employees Provident Fund Organisation (EPFO) can withdraw up to 90 per cent from their accumulated amount to buy home. The EPFO has underwent certain amendments.

As per these new provisions, the subscribers can pay their EMI through their EPF accounts for their home loans.

The new amendment of the scheme enables the EPF subscribers to withdraw up to 90 per cent if they are the members of co-operative or housing society which has at least 10 members.

This amount can be used to buy or a flat or house or purchasing a site. It can even be used to construct a house.

However, only those subscribers who can fulfill certain conditions can only avail this offer.

The member should have contributed for at least three years to the fund if he or she wants to apply under this scheme. The subscriber can avail this facility for only once in their life time. In any case, they cannot apply for more than once.

They should have at least ₹20,000 in their accounts. However, this facility will be useful to the subscribers who have huge amounts in their accounts.

Otherwise, it is not beneficial for those who do not have sufficient amount as they cannot get much to fulfill their desire of acquiring a home.

Image by Nattanan Kanchanaprat from Pixabay (Free for commercial use)

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