EPFO Housing Scheme – Finally, Employees Provident Fund Organisation (EPFO) has launched an ambitious housing scheme named as EPFO Group Housing Scheme to benefits subscribers and members. The scheme will benefit the active users of EPF by providing them a facility to purchase a house/flat through their PF accounts.
EPFO Group Housing Scheme
The scheme will allow the PF (Provident Fund) subscribers to pay the monthly payment, EMIs and instalments of home loan taken to buy house or plot through subscribers/members PF accounts and they can utilise up to 90% of their deposits. To pay their EMIs and instalments, central government had amended the EPF Act 1952.
Earlier, the provision was issued in the Gazette Notification and the implementation process begun from 12th April 23017 and about 4 crore members of EPFO will get the benefits of EPFO housing scheme.
Payments & Instalments Through PF Account
The instalment and payment of home loans would directly be paid through their PF accounts. Beneficiary who will take home loans to purchase houses/plots from banks and payments/EMIs for the home loan would directly be transferred to banks.
- To get the benefits of EPFO Group Housing Scheme, a subscribers will have to become a member of 10 subscribers society which would be created for the purpose of co-operative housing.
- The subscribers who have been contributing EPF from at least 3 years would be eligible to pay the payments of home loans.
- The subscribers whose EFP contribution is not active from last three years, will not be eligible for the scheme.
- The scheme will benefit the member only at once and member whose EPF account balance is less then Rs. 20,000 will not be eligible.
Claim Your Funds Online
There are about 122 EPFO regional offices, of which 110 offices are connected to central server and remaining 12 will be connected soon. The main purpose of online claim settlement so that they can claim their funds online. The implementation process of this facility would be completed within 2 months.
Benefits of PMAY Subsidy Scheme
If the beneficiary’s annual income is in the limits of central government housing mission (Pradhan Mantri Awas Yojana), then he/she will be eligible to get a subsidy of Rs. 2.20 lakh under the scheme.