Can I withdraw money from PF to buy a new house? These are the rules
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PF Advance Withdrawal: You know that Provident Fund is the main source of savings for government and private sector employees. In which a part of the basic salary is deposited in the PF fund every month.
After this, you get interest on the deposited amount on an annual basis, but do you know that PF account holders can easily withdraw the amount deposited in their account if needed? If you are buying a new house, then you can withdraw PF money, but what will you have to do for this?
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What is the necessary condition for this?
EPFO members can withdraw money in advance from PF fund to buy property. However, those EPF members who have completed 5 years of their membership will get this benefit. Along with this, there should be at least one thousand rupees including interest in the account. Money can be withdrawn from the account under this advance.
If you are buying a new house or land, you can get 24 months’ salary including DA or total amount deposited in EPF account including interest and actual value of the plant, whichever is less.
If you meet these conditions, then…
Let us tell you that if you have been working for 5 years and have been contributing to the EPFO account for five consecutive years, then you can make partial withdrawal from EPFO with some conditions. If you want to withdraw money from PF to buy a plot or house, then you can withdraw up to 24 times the monthly salary and up to 36 times the monthly salary for both buying and building a house.
If you want to repair your house, then you can withdraw an amount equal to 12 times your monthly salary. Apart from this, you can also withdraw the contribution and interest amount of both you and your employer.
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