There is good news for working people who are planning to buy a house for the first time. EPFO has changed its withdrawal rules. Now, it has become easier to take out more money from your PF account to buy a house.
As per the new rules, EPFO members can now use their PF money to buy a house after just 3 years of opening their PF account. Earlier, the rule allowed withdrawal only after 5 years. A new rule, Para 68-BD, has been added to the EPF Scheme 1952. Under this rule, members can withdraw up to 90% of the money in their PF account. This amount can be used for the down payment or EMI of a house.
Withdrawing Money from EPFO is Now Easier
After changes in the rules under Para 68-BD of the EPF Scheme, 1952, EPFO members now have more options to use their money. The biggest change is that members can now withdraw money after just 3 years of opening their PF account.
However, the rule also says that money for buying a house can be withdrawn only once in a lifetime. Experts believe this change will help lakhs of working people who dream of owning a house. They can now use their PF money to make a down payment and buy a home. This move is also expected to boost the real estate market by increasing demand for houses.
More Relief for PF Account Holders
Auto Settlement Limit Increased:
Earlier, EPFO used to settle claims automatically up to ₹1 lakh. Now, this limit has been raised to ₹5 lakh, which means faster and easier access to your money.
Claim Process Made Easier:
Earlier, 27 types of document checks were needed to approve a claim. Now, only 18 checks are required. As a result, 95% of claims are now being settled within 3 to 4 days.
EPFO Is Growing Fast
EPFO now has over 7.5 crore active members across India. The organization is expanding quickly. With 147 regional offices, EPFO is adding around 10 to 12 lakh new members every month.