The biggest support for employed people in India is their PF, i.e., Provident Fund. It is not just a saving, but a guarantee of your bright future. Every month, a part of your salary and the company’s contribution together strengthen this fund. The attractive interest received on it also makes it an excellent investment option. But do you know that you can also withdraw money from this fund if needed? Yes, now EPFO has made some important changes in the rules of withdrawing PF to fulfill big dreams like buying a house, which will benefit millions of employees.
Buying a house from PF has become even easier now
Are you dreaming of building your own home? Now this dream is closer to reality than ever! EPFO has made a big change in the rules for withdrawing funds for PF account holders to buy or build a house or pay its down payment and EMI. Now you can withdraw up to 90 percent of your PF fund for these needs. This is a great relief, especially for those who are thinking of buying a house in big cities.
Earlier, at least 5 years of job experience was required to withdraw PF for home-related expenses. But now this period has been reduced to just 3 years. This means that now you can give wings to your dream of a house at the beginning of your career. This change is very beneficial for those young professionals who want to buy their house as soon as possible.
One important thing you should know
You can use the option of advance withdrawal to buy a house from the PF only once. Therefore, think well before making any decision. This is an important financial decision, and it is very important to use it wisely.
Other big and important changes of EPFO
EPFO is making its rules easier not only for buying a house, but also for emergencies:-
Emergency withdrawal
It is common to need money in a medical or personal emergency. In such dire circumstances, now PF account holders will be able to withdraw an advance of up to ₹ 1 lakh immediately. This facility can help you a lot in difficult times and provide you with immediate financial assistance.
Facility to withdraw PF from UPI and ATM soon
EPFO has also indicated that in the future, PF funds can also be withdrawn through UPI and ATM. This step will make the process of PF withdrawal even faster and convenient. Now, you will not have to go through complicated processes; you will be able to withdraw your money with just a few clicks or at an ATM.
Why are these changes necessary
These changes made by EPFO are a big step towards the financial empowerment of employees. These will not only help you fulfill your dream of owning a house but will also provide immediate assistance in unexpected emergencies. This shows that EPFO is understanding the changing needs of its account holders and is constantly working for their convenience. Now, a PF account has become not just a retirement fund, but also a powerful medium to meet your current needs.