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Govt eases PF rules to allow withdrawal for house purchase

By TIOL News Service

NEW DELHI, APR 25, 2017: THE Government has made certain amendments to the Employees’ Provident Funds Scheme, 1952 so as to allow withdrawals for financing purchase of a house. However, the amount of withdrawal shall not exceed 90% of the employer's and employee's contribution together with interest.

A withdrawal for the said purpose will not be granted if the member has membership of the Fund for less than three years or has previously made such withdrawal or where the amount standing to the credit of the member is less than Rs. 20,000/-.

If the withdrawal exceeds the amount actually spent for the purpose for which it was sanctioned, the excess amount shall be refunded by the member to the Fund in one lump sum within 30 days of the finalization of the purchase, or the completion of the construction of, or necessary additions or alterations to a dwelling house or flat, as the case may be. The amount so refunded shall be credited to the employer’s share of contribution in the member’s account in the Fund to the extent of withdrawal granted out of the said share and the balance, if any, shall be credited to the member’s share of contribution in his account.

In the event of the member failing to get allotted a house or flat or in the event of the cancellation of an allotment made to the member by the Cooperative Society, the Central Government, a State Government, or any Housing Agency under any Housing Scheme or any promoter or builders to which the amount so withdrawn has been given the member shall be liable to ensure the refund of the amount to the Fund in one lump sum in such manner as may be specified by the Commissioner, within a period not exceeding fifteen days from the date of such cancellation or non-allotment. The amount so refunded shall be credited to the employer’s share of contributions in the members account in the Fund, to the extent of withdrawal granted out of the said share, and the balance, if any, shall be credited to member’s own share of contributions in his account.


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