EPF Withdrawal For Repay Housing Loan/Modifying Existing House/Purchasing
Members can withdraw the existing amount to be used in repaying an already prevailing house loan. However, there certain procedures and criteria that one is required to carefully follow.
The first benchmark is that he or she should have a minimum of at least 10 years in the EPF. The second condition is that a person should have at least one or more number or installments, the final condition is that he or she is required to use form 31, which is a declaration form by the member.
The Amount is entitled to 36 months of basic salary wages plus DA, total employer and employee share together with the interest or even the entire outstanding amount of the loan. The decision is made according to amount which is lower.
For improving or even modifying a house, member or a spouse can withdraw a certain amount of money. The first benchmark is that he or she should have at least ten years of EPF membership and the house should be at least more than five years old. Second condition is that he or she should have one or even more number of installments and finally the document required is form 31, which is a declaration from the registered member.
One is entitled to 12 months of the basic salary wages plus DA or shares together with interest of the employee or even the total repair cost. They consider whichever amount that is lower.
It is important to note that here the employers share is not included in the calculation
For acquiring a site or even a flat, a member should have at least five years of EPF membership, have one or even more number of installments, they require form 31 document that is declaration form by a member.
If you are purchasing a site for construction purposes, you are entitled to 24 months of basic salary wages plus DA or even the entire amount of purchasing.It all depends on which is lower.