EPF Withdrawal: If you want to withdraw money from EPFO, then you get this facility under the EPFO Housing Scheme. Employees’ Provident Fund Organization (EPFO) has given exemption to use 90% of EPF accumulations under the housing scheme.
EPF Withdrawal: Everyone dreams of buying a house. But in today’s time it is not easy to buy a house, because it requires a considerable amount of money. This is the reason why people buy houses by taking home loans from banks. But, the bigger the amount taken for the loan, the bigger the EMI you will have to pay. Therefore, it is a better option to keep the loan amount low. But in such a situation the question arises that from where to get the money for the house now? In such a situation, you can use the amount deposited in EPF. The amount deposited in Employees’ Provident Fund (EPF) is deducted every month from the salary of salaried employees. Any employee can withdraw money from his active EPF account to buy a house. There are two ways to withdraw this amount.
Method 1 – EPFO Housing Scheme
If you want to withdraw money from EPFO, then you get this facility under the EPFO Housing Scheme. Employees’ Provident Fund Organization (EPFO) has given exemption to use 90% of EPF accumulations under the housing scheme. Apart from this, under the Home Loan Repayment Scheme, the EPFO member can also pay the monthly EMI of the home loan from his PF account.
EPFO Housing Scheme Terms
- To withdraw money through EPFO housing scheme, you have to become a member of a 10-member cooperative or society formed for housing purpose.
- Apart from this, to withdraw EPF money, it is necessary for the EPFO member to have contribution in EPF for 3 years. Money cannot be withdrawn in less time than this.
- If the PF money in a person’s account is less than 20 thousand, then he will not be able to take advantage of it. Apart from this, any member can take advantage of this scheme only once.
Method 2 – Partial Withdrawal
If you do not want to withdraw EPF money through housing scheme, then there is another way for this. Under the partial withdrawal system of EPF, EPFO members can withdraw money from PF. If your EPF membership is for 5 years, then you can make partial withdrawal from PF with certain conditions to buy a house or land. You can withdraw up to 24 times of the monthly salary for the purchase of a plot and up to 36 times of the monthly salary for the purchase or construction of a house. You can also withdraw both your and employer’s contribution and interest amount.
How to withdraw money
- To withdraw money, first go to the official website of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- Login by entering UAN number, password and captcha code.
- After this click on Manage and check all the information on KYC option. If there is any deficiency, then complete it. After this, go to the online service and click on CLAIM (FORM-31, 19&10C).
- Here you will get some options to withdraw EPF money, choose the option according to your need. After this a drop menu will open. Click on Claim from it.
- After this submit the claim form by clicking on Proceed For Online Claim. After completing this process, the amount withdrawn from EPF will come in your account within about 10 days.
