How much pf can be withdrawn for home loan?

The

PF withdrawal for housing loan

is a retirement savings scheme that also allows partial withdrawals for specific purposes, including the purchase or construction of a house.

The EPFO (Employees' Provident Fund Organization) allows members to withdraw funds from their EPF account for a home loan under certain conditions.

Here are the key points related to

EPF home loan withdrawal

:

To be eligible for EPF withdrawal for a home loan, you should have completed at least three years of continuous service.

The EPFO allows members to withdraw the lower of either:

• Total employee's share with interest.

• 36 times the employee's monthly basic wages and dearness allowance (DA)

The EPF withdrawal for a home loan is specifically intended for the purchase or construction of a house, repayment of home loan, or towards the acquisition of a site.

EPF withdrawal for a home loan can be availed only once during the entire service period.

Members need to submit certain documents, such as a copy of the agreement for the purchase of the house or construction, along with a certificate from the builder or employer.

This is an overview of

PF withdrawal for housing loans

.

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The Government of India intends to assist people to purchase a house on their own. With different schemes such as PMAY the government intends to offer 'Housing for All'.  We know that if we avail of a home loan we get many advantages such as tax exemption, lower interest rates and other benefits. But purchasing a house is not easy. We need a lot of funding even when we need to pay some money for the down payment. For this, the first thing that comes to mind is 'I have a PF and how much PF can be withdrawn for home?' 

I will share with you how much PF can be withdrawn for home loan and the terms and conditions to use the PF money for home loan?

How much EPF can be withdrawn for home loan?

The Government is allowing everyone to withdraw 90% of EPF accumulation to pay half or the entire house loan EMI payment. 

Now that you know how much pf amount can be withdrawn for home loan let me discuss the terms and conditions about EPF for paying home loans.

• The employee must have five years of membership in order to withdraw funds for home loan.

• The interest should be more than Rs. 20,000.

• You can withdraw money from your PF account for one time only to pay your home loan.

• If you are a member of a Cooperative Society registered under the law of housing purposes, you can withdraw an amount from a PF account. There should be a minimum of 10 members included in the committee to withdraw PF amount for home loan.

I hope you understand now

how much pf can be withdrawn for home.

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