Purchase a Plot of Land | EPF Housing Loan Scheme
EPF provides it’s members the ability to purchase a plot of land by making use of EPF Housing Loan scheme
As per Para 68-B of the EPF scheme, a PF member should satisify the critieria listed below to be eligible for this scheme
- Should have completed 5 years of Service
- This can be used only once (If it had been already used for purchasing a house, it cant be used again)
- EPF will provide upto 32 times the wages of the PF member (Basic+DA)
- Amount would be paid to the individual
- Property should be in the name of member or member’s spouse
Form 31 is the claim form that is used for submitting the Loan application.
Note : EPF will provide the loan amount only among the low of these 3
- Total EPF Share or Contribution
- 32 times the wages (Basic+DA)
- Total cost of House
If anyone among this is lower, only that amount would be provided from EPF corpus!