Govt. to Launch Low-Cost Housing Scheme for 4 Crore EPFO Subscribers

March 15, 2017 | Last Modified: March 15, 2017 at 6:45 pm

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.

Source: http://rajasthanpatrika.patrika.com/story/business/epfo-to-launch-housing-scheme-for-over-4-crore-members-2511125.html