If you are a salaried individual who is planning to purchase a house and is arranging funds, a PF withdrawal can be a great option. You can draw some balance from your EPF account and arrange funds to finance your new house. There are certain conditions and requirements which must be met before withdrawing the money. In this answer, we will learn about how to withdraw PF for home purchase and what are the criteria to be met.
How much I can Withdraw from PF for buying home?There are limits which have been set to withdraw from the EPF account for new home. Here are the limits depending on conditions:
To buy a plot: 24 months’ basic salary + DA
To construct a house: 36 months’ basic salary + DA
To buy a ready-to-move in house: 36 months’ basic salary + DA
To repay housing loan: 36 months’ basic salary + DA
To repair and renovate home: 12 months’ basic salary
There are a few conditions which must be met to withdraw PF for house. These conditions are:
The PF contribution must have completed minimum 5 years from the employee to the PF account
The amount withdrawn must be used for property purchased in the name of the employee or their spouse or jointly by both
The amount of PF withdrawal should not exceed the price of the house.
Now that we know conditions and limits, let us look at how to withdraw PF for house purchase:
Documents required:UAN
Bank account details with name as per EPF account
Bank account details of the EPF holder only
Personal information
The exit details from the employer must be registered with the EPFO
Go to the UAN portal
Update the Aadhaar card details
Fill the withdrawal form
Submit the form and wait for confirmation.
The withdrawn amount shall reflect in your bank account soon.
I hope now you know how to withdraw PF for home purchase.
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How to withdraw PF for home purchase?
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2021-07-26T15:40:27+00:00 2021-07-26T17:17:00+00:00Comment
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