The government of India is planning to launch a special kind of housing scheme for EPFO subscribers. Employee Provident Fund Organisation (EPFO) will soon launch EPFO Housing Scheme which would enable its subscribers to buy a house through their EPFO account.
The scheme will benefit around 4 crores EPFO subscribers and allow them to make down payments and EMI to buy a house.
The scheme will help the EPFO subscribers to buy a house in an easy manner. If any EPFO member wants to buy a house then the member can take money from their EPFO account to deposit the down-payment. Besides, home loans EMI can also be deposited via PF fund.
Group housing society would be created under the scheme and further, these group housing society would tie-up with banks and builders. Besides, these group housing society would have a membership of about 20 people.
Under the scheme, a certificate would be issued to eligible EPFO subscribers which would allow the member to pay the loan. The certificate would also help the beneficiary in taking home loan from banks.