Here is Everything You Need to Know About the EPFO Scheme

by Dynamix Group Writer

Buying a home was once arguably the most important decision of one’s life (besides marriage) and is probably the biggest investment for any of us. But the “New India” has shown a very different approach to home buying, with more and more people choosing to stand on their own feet and trying to purchase a house of their own, as soon as possible. This has also been as a result of lucrative features and facilities being provided by innovative developers like Jayvardhan Goenka of the Dynamix Group.

The government of India has also focussed on giving a much-needed push to the housing sector with the popularity of the term “Affordable Housing”. Under this and the Pradhan Mantri Aawas Yojna, the government has brought the concept of housing for all to life and pumped some new adrenaline into the realty sector of the country that had seen a bit of a struggle in the recent years, particularly with new moves like Demonetization and the Goods and Services Tax (GST).

Various new policies have been introduced to assist home buyers. However, one needs in-depth fiscal planning to guarantee 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 savings 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 which veteran developers like Jay Goenka, Dynamix Group would also like to be answered.

Let us help you with solutions to some of the most common queries on the EPFO housing scheme:

1. Are there any benefits of subscribing to the EPFO?

Yes. It is an additional source for helping EPFO subscribers to fund their new home. You can not only reduce your loan amount, but also get your interest on home loans reduced.

2. Am I eligible?

To withdraw EPF for purchasing a home, you must be a subscriber of the EPFO scheme for 3 consecutive years.

3. What is the permissible limit of withdrawal?

You can take out a maximum of 90% of your collected EPF for buying a home.

4. How is the disbursement done?

The payment will 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 resign from your job, the amount available in your EPF account is depleted. EPFO is not liable in this case.

We hope that the above-mentioned information will help you get some clarity on the EPFO Scheme and take you a little closer to your dream house that you have been wanting since forever.

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Created on Jan 21st 2020 23:47. Viewed 332 times.

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