EPFO New Rule: Hello, our dear friends, the central government has made a very big change in the Employee Provident Fund i.e. EPF rules. This change has been made by the government recently. Under this change, it will now be very easy for salaried class people to buy a house.
Yes, you are hearing absolutely correct and confirmed news. Let us tell you that if you are thinking of buying a house for the first time, then you will be able to easily withdraw up to 90 percent of the funds from the EPFO account for the down payment. Due to this, buying a house will now seem very easy for everyone.
The news is coming out that the change that has happened is boosting the demand in the housing sector. But it is advisable to take a decision keeping in mind the safety of the retirement fund.
90% fund withdrawal allowed
We would like to inform you that under Para 68-PD of EPF Scheme, EPFO member is allowed to withdraw full 90% of funds from PF account.
But the big news is that this amount can be withdrawn only on the condition of buying a new house or paying the loan for the construction work. Your account must be at least 3 years old, this is the new rule.
EPFO made a very big change
We would like to inform you here that earlier this facility was given only when the account was 5 years old. Along with this, the withdrawal limit was also fixed. Earlier, whatever was less than the total contribution of 36 months and the cost of the property was being withdrawn.
And if the member was involved in any housing scheme, then there was no permission to withdraw money from PF. Para 68-BD has been added in the AAP scheme in 1992.
Now all these conditions have been removed and the first time home buyer will be given the benefit of this facility only once.
Some important changes related to PF withdrawal
The first change is that the facility of instant withdrawal of up to ₹ 100000 from PF account will be started, due to which you will be able to withdraw money immediately in case of emergency
The second change is that earlier claims up to ₹ 1,00,000 were automatically settled but now the limit has been increased to ₹ 5 lakh
Third change: Earlier, documents were verified on 27 parameters but now the claim will be processed on only 18 points. In 95% of the cases, the claim is being settled in about 3 to 4 days.
The fourth change is that the process of withdrawing money for education and marriage has become easier.
