New Delhi: The government is planning to amend Employees’ Provident Fund (EPF) scheme enabling 4 crore members of the retirement fund body of EPFO for withdrawing up to 90 per cent of their total fund to pay for down payment while purchasing homes. The information was placed before the Parliament yesterday.
The scheme’s amendment will also enable the EPFO subscribers for using their EPF accounts to pay Equated Monthly Installments (EMIs) against home loans.
According to the new provision proposed in the scheme, the subscribers will have to form cooperative societies with at least 10 members each for availing the facility
Labour Minister Bandaru Dattatreya said the withdrawal facility from the Provident Fund (PF) account under the new proposed scheme will only be available to those PF members or subscribers who fulfill the eligibility conditions prescribed by the government.