There are crores of account holders under the Employees Provident Fund in the country. The government has made many such big changes under the rules of the Employees Provident Fund (EPF). Due to which the account holders will be able to fulfil their dream of buying a house.
Under the new rules, employees can withdraw up to 90 per cent of the amount in the PF account. Along with this, the amount can be withdrawn for MI or for building a house. However, some conditions have to be met; only then will he benefit from the new rule being available.
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Crores of accounts have been opened under the Employees Provident Fund Organization, due to which the government is continuously increasing the benefits here. So with the new change, the dream of the employees’ home will be fulfilled.
At the same time, inflation has increased a lot in today’s time, due to which it takes a huge budget to buy a house. Now lakhs of employees will benefit from the government relaxing the rules of PF.
Now you can withdraw up to 90% of the money.
The Employees Provident Fund Organisation has added a new provision, Para 68-B, D in the EPF Scheme, 1952, due to which in the future the member can withdraw up to 90% of the amount from his PF account after 3 years. This amount can be spent othe n down payment of the ongoing loan of the house, EMI payment or construction of a new house. However, here the account has to be operated for 3 years first.
Let us tell you that the minimum period for withdrawal from the PF account is 5 years. Apart from this, the withdrawal amount could be withdrawn up to the contribution of the employee and the employer for 36 months and the interest received on it, whichever is less. The new rules of EPF are especially a relief for those salaried employees who want to buy a house for the first time.
The facility will be available only once
This facility is very helpful for salaried employees; however, the condition here is that a member can avail of it only once in their lifetime. So this important decision of the government will not only boost the real estate sector, but the middle class who are employed will be able to buy their own house. This update of the government’s rules will affect the retirement money received by the employee, because the employee can withdraw and use the money here in advance, which will lead to less money in the future.