Hello,
My friend has been been working in current organization for last 4 years. He bought property last year in May and taken major loan from Private MNC bank. His organization has maintained PF in Government account.
He has query on EPF policy :
- Since he has not completed 5 years of service, can he seek PF withdrawal.
- In case he wants to prepay loan, can he do from PF withdrawal.
- After he attains 5 years in service, is there any option to seek PF withdrawl to prepay loan he has taken.
- If yes, what documentation is needed to do PF withdrawl.
- If PF withdrawl is not possible, is there a procedure so that he can seek loan against PF balance.
Regards,
Ravy
From United States, Lincolnshire
My friend has been been working in current organization for last 4 years. He bought property last year in May and taken major loan from Private MNC bank. His organization has maintained PF in Government account.
He has query on EPF policy :
- Since he has not completed 5 years of service, can he seek PF withdrawal.
- In case he wants to prepay loan, can he do from PF withdrawal.
- After he attains 5 years in service, is there any option to seek PF withdrawl to prepay loan he has taken.
- If yes, what documentation is needed to do PF withdrawl.
- If PF withdrawl is not possible, is there a procedure so that he can seek loan against PF balance.
Regards,
Ravy
From United States, Lincolnshire
One can avail advance from the fund for payment of loan provided he has completed 10 years of membership of the fund and the member should have taken loan from the Govt body viz Cooperative Society, Housing Board, Nationalized Banks, Public Financial Institutions, Municipal Corporation or a body similar to the Delhi Development Authority solely for the purposes specified in sub-paragraph (i) of Paragraph 68-B.
Section 68-B of Employees Provident Fund Scheme talks on Withdrawal from the Fund for the purchase of a dwelling house/flat or for the construction of a dwelling house including the acquisition of a suitable site for the purpose.
A certificate from the lending authority furnishing the details of loan and outstanding amount have to be furnished along with Form 31 to avail advance for payment of loan.
Regards,
Suresh
From India, Bangalore
34Section 68-B of Employees Provident Fund Scheme talks on Withdrawal from the Fund for the purchase of a dwelling house/flat or for the construction of a dwelling house including the acquisition of a suitable site for the purpose.
A certificate from the lending authority furnishing the details of loan and outstanding amount have to be furnished along with Form 31 to avail advance for payment of loan.
Regards,
Suresh
From India, Bangalore
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