Epf Withdrawal For Housing Loan Repayment

The withdrawal is done through the from 31 form for epf partial withdrawal. Question i have been asking. Is it always wise to do epf withdrawal from account 2 for home mortgage capital repayment or in layman terms reducing housing loans.

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The commissioner issues a certificate specifying the monthly contribution of the last 3 months.

Epf withdrawal for housing loan repayment. 36 times of monthly salary or total. Epf withdrawal for repay housing loan modifying existing house purchasing sponsored links. The withdrawal amount sanctioned for this reason. Epf allows members to make a partial or full withdrawal from their savings to pay for specific needs under medical housing loans and education.

However there certain procedures and criteria that one is required to carefully follow. Monthly repayment amount to bank. Repayment of home loan. The maximum withdrawal amount is capped at lower of a 36 months of basic salary dearness allowance da and b outstanding loan amount.

Is it good to withdraw pf for a home loan. Members can withdraw the existing amount to be used in repaying an already prevailing house loan. She he needs to. An employee can prepay the home loan by withdrawing the pf amount.

Follow these simple steps to utilize your epf for repaying your home loan as per the updated epf withdrawal rules a pf member can apply for the loan through the housing society to the epf commissioner in the format prescribed in annexure 1. Epf withdrawal rules for home loan repayment a member can withdraw up to 90 per cent of the total epf amount to pay back home loans provided the house is in the name of the member or is held jointly with a spouse. One can withdraw from pf epf account for loan repayment in two ways offline and online. The move to allow withdrawal of epf to finance housing loans is a new one which would benefit about five million active epf contributors.

Epf withdrawal for housing loans reduction aye or nay. Generally if the mortgage interest rate far exceed 5 epf dividend return then it is advisable to apply for epf withdrawal. You spouse has a housing loan account with a panel bank appointed by the epf. All withdrawal payments will be credited directly into yours or your spouse s housing loan account when you meet the following criteria.

Those who want to opt for offline mode are required to submit a physical application. Contributors who previously found it monetarily tight to buy a property can now consider doing so with this new withdrawal scheme. Your spouse s loan with the epf panel bank is not in the non performing loan npl status. If you want to withdraw from epf for repayment of housing loan you must have completed 10 years of service.

For the withdrawal the employee should have reached at least 10 years of service. However to apply for this withdrawal service of at least 3 years is required.