EPFO Launched Group Housing Scheme for EPF Subscribers

Important New– The Employees Provident Fund Organization (EPFO) has started group housing scheme. Under this housing scheme, Only active members of EPFO can buy 90% of the PF deposits for buying houses and buying plots. Also, a total of ten members will be able to take a loan from the PF account.

A society of at least 10 members will have to be created amount which will be reduced will be able to take as much loan. Also to make things simpler  Subsidy will be available on this loan up to Rs 2 lakh 20 thousand rupees. If money is saved from the expense, then it will have to be deposited back. There is 2 lakh 30 thousand active members in the EPFO office at Karnal. The notification of this scheme has been issued by the Central Government.

Bank will take loan, EPFO will install

Note that contributor has to take a loan for this from any bank. The contributor will take the loan from the bank and the EPFO will pay the installments from its monthly subscription and premium. Like a person has two lakh rupees in his PF account, then he will get Rs.1 lakh 80 thousand rupees according to 90%, while the plot he bought has a value of Rs.5 lakh, given the contribution of the EPFO person, the remaining 3 For loan amount of Rs 20 thousand, he will ask for loan from the bank. On getting the loan from the bank, the EPFO will deposit the loan installment directly into the bank.

Necessary Eligibility Terms

– Accounts of 10 members should be 3 years old and they must have deposited at least Rs. 20 thousand.

– There should not be house, or plot, in the name of any member of the member and his family.

Settlements will be settled online

The Employees Provident Fund Organization has 122 Regional Offices across the country. Of these, approximately 110 officers have been linked to the central server, while the rest is going to be linked. After this, any PF member of any Region office can settle the claim for taking their money. This facility is likely to start in the coming 2 months. With this, the PF member will not need to come to another state during the job to get his PF in the same state.

Get Subsidy up to 2.20 lakhs on loan interest

Under the Housing Scheme of the Employees Provident Fund Organization, any active members can withdraw 90 percent of their funds from their accounts for purchasing houses and plots. Loans can be taken when the amount is reduced. The subsidy will be given up to Rs 2 lakh 20 thousand on loan interest, but this PF member will not get the amount personally. For this, we have to create a society of at least 10 members

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