How EPF Can Assist You Buy Your Dream Home – 5 things You Should Know
In the article we’ll be discussing a important topic that’s “How EPF can assist you buy your Dream Home – 5 things you should know” let’s talk about it in detail:
Buying a house is once in a lifetime decision, and is perhaps one of the biggest investment for any of us. Various new policies have been introduced to assist home buyers. However, one needs in depth financial planning to make sure the right funding for their home purchase.
One the latest schemes is the EPF housing scheme that allows EPFO subscribers to use 90% of their saving in EPF for EMI payments or for financing their down payment. The new scheme has raised a lot of questions in the mind of home buyers.
Let us assist you with solutions to some of the most common queries on EPFO housing scheme:
1. Are there any advantages of subscribing to the EPFO?
Yes. It is actually additional source for helping EPFO subscribers so as to fund their new home. Moreover, you can not only reduce your loan amount but even get your interest on home loans reduced.
2. Am I eligible?
To withdraw EPF for purchasing a home, you actually need to be a subscriber of the EPFO scheme for three consecutive years.
3. What is the permissible limit of withdrawal?
You can withdraw a maximum of 90% of your accumulated EPF for purchasing a home.
4. How is the disbursement done?
The payment will actually be done directly to the banks or the Housing Society that you have mentioned, and not to your account.
5. What if I leave my job?
In case you leave or resign from your job, the amount available in your EPF account is depleted. EPFO is not liable in this case.
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