Buy home first time The job profession preparing is good news for the people. EPFO has changed its withdrawal rule. After this, it has become easier to withdraw more money than PF to buy a house. Let us tell you that now EPFO members use PF money to buy a house after 3 years of opening their PF account. Let us tell you that the newly added para 68-BD of the EPF scheme in 1952 allows EPFO shareholders to withdraw up to 90% of the amount deposited in the EPFO account. This 90% withdrawal amount can be used for down payment or EMI payment to buy a house. Previously, EPFO members were allowed to withdraw money after 5 years.
Withdraw money from EPFO now easier
After a change in the rules of Para 68-BD of EPF Scheme, 1952, EPFO shareholders have now got several options to use their money. The biggest change in the new rule, permission to withdraw money after 3 years of opening an account. However, withdrawal facility is given to a member only once in life to buy a house. Expert says that this change of EPFO will help millions of jobbers dreaming of home. They will be able to withdraw the house by withdrawing money from their PF and buy a house. This will also fulfill his dream of buying a house. Its effect will appear on the real estate market. Demand for houses will increase.
PF account holder also got this relief
- Auto settlement limit increased: Earlier claims up to Rs 1 lakh were automatically dealt with. Now this limit has been increased to ₹ 5 lakh. ,
- Claim process was easy: Earlier 27 document verification was required, now only 18 parameters would be settled. Now in 95% of cases, the claim is being disposed of in 3-4 days.
- EPFO has more than 7.5 crore active members across the country. This organization is constantly increasing. EPFO is adding 10 to 12 lakh new members every month through its 147 regional offices spread across the country.
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