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Now Pay Your Home Loan with PF Deposits
April 26, 2017
The subscribers of EPDO can now fund the down payment as well the EMIs of a home loan using their EPF accounts. According to the new amendment, over 4 crore subscribers of the retirement entity EPDO can now withdraw as much as 90% of their savings in their PF accounts for buying homes.
EPFO has made an amendment to the EPF scheme by inserting a new paragraph- 68D. Since a notification has already been issued by the labor ministry, the scheme stands amended.
The withdrawal facility from the PF account is a big advantage, but there are certain conditions. For instance, the EPF subscriber must have contributed to the fund for a minimum of 3 years. Also, the facility can be availed by a person just once during their lifetime.
