Today we are going to tell you that for what you can withdraw PF money and under what circumstances you can use it.
PF, such an amount… on which the life of the working people depends a lot. Sometimes when there is a compulsion, sometimes when it is necessary, PF money always comes in handy. But usually people are not able to withdraw PF money even under compulsion, because they do not know that for what you can withdraw money. In such a situation, we are telling you that for what you can withdraw PF money and under what circumstances you can use it.
(1) Repayment of Home Loan
- For this your job should be 10 years.
- Under this, any person can withdraw PF money up to a maximum of 36 times of his basic salary.
- For this, PF money can be used only once during the time of your job.
(2) for the treatment of disease
- PF account holder can withdraw the entire amount of PF for the treatment of himself or family.
- PF money can be withdrawn at any time in this situation.
- For this, proof of hospitalization for one month or more has to be given.
- Also, for this time, the Approval Leave Certificate has to be given by the employer.
- To take medical treatment from PF money, a person also has to give a certificate approved by his employer or ESI.
- To withdraw money, an application has to be made under Form 31.
(3) for marriage
- The account holder can withdraw the amount of PF for the marriage of his own siblings or his children.
- Apart from this, you can also withdraw the amount of PF for your studies or children’s education. For this, at least 7 years of work should be done.
- You have to give proof of this.
(4) For education
- In the case of education, you have to apply through your employer under Form 31. You can withdraw PF only 50 percent of the total deposit till the date of withdrawal of PF.
- Any person can use PF for education only three times in his entire service life.
(5) To buy a plot
- Your tenure should be 5 years to use PF money to buy plot. The plot should be registered in the name of you, your wife or both.
- The plot or property should not be involved in any kind of dispute nor any legal action should be going on it.
- Any person can withdraw PF money up to a maximum of 24 times of his salary to buy a plot.
- In such a situation, you can withdraw PF money only once in the total time of your job.
(6) To build a house or a flat
- In this type of situation it is necessary to complete 5 years of your job.
- Under this, any person can withdraw PF money up to a maximum of 36 times of his salary.
- For this, PF money can be used only once during the time of your job.
(7) House Renovation
- In this situation at least 5 years of your job should be completed.
- Under this, any person can withdraw PF money up to a maximum of 12 times of his salary.
- For this, PF money can be used only once during the time of your job.
(8) Pre-retirement
- Your age should be 54 years for this.
- In this situation, you can withdraw up to 90% of the total PF balance, but this withdrawal can be done only once.
