EPF Advance Withdrawal To Buy A Plot/hoouse

I have 2 years of service in my current company and 5 years of service in the previous company. However, I have not transferred my PF amount from the previous account to the current account. Now, I want to withdraw some amount to buy a plot/house from the present organization's PF account. Can I withdraw EPF from the present organization's PF account? Kindly help me as I need to make financial planning before I proceed. Thanks & Regards, Ravi.N

Well, if you have not transferred the PF account from your previous employer to the new employer and opened a new PF account over there, then you can withdraw the whole amount of PF that was opened in the previous company. However, if the same account has been transferred, then you can withdraw it partially.

If you have not transferred the old PF, you can either do it now and take advance from the present PF or withdraw the whole of the previous PF. For taking advance for the purchase or construction of a house, you need at least 5 years of membership in PF, and it is possible to do so once you have transferred the previous accumulations to the new one. By doing this, your pensionable service will also increase by 5 years.

Under normal circumstances, an employee who is already a member of PF is expected to transfer the old one when joining a new organization and is not expected to withdraw it. However, the transfer will take its time, and the time of the transfer's effect depends on the persons working in the PF Office. Therefore, if you need money immediately, you can go for withdrawal. By doing this, you will be losing your past service. Still, getting your claim settled also depends on how efficient the service is in the PF office.

Madhu.T.K

Dear Sir,

With the PF accumulation seen online, I was told that the withdrawal process takes only 15 days provided 2 months have passed since leaving your previous job and the previous employer has executed all the relevant documents and sent the same to the PF office.

Anyway, all the best for the best usage of your own resources.

Best wishes, Bala

Since you have only 2 years in your current company, you cannot withdraw any money for housing purposes. The only way is to transfer the funds from your previous company's account to your current account. Only then will you be able to withdraw for housing purposes. The eligibility for withdrawing for housing purposes is a minimum of 5 years of service.

Since you have not transferred your previous PF account, first transfer the account to your current account. This will give you the monetary benefit of PF accumulation. The transfer of accounts will take some time; however, thereafter, you can take a loan and refund the same in installments against the loan from your salary. In the long run, this will be beneficial without any loss.

I think you had answers to your query as all members suggested. To sum up, you have two options:

1. Withdraw old EPF.
2. Transfer the amount to the new account, then apply for a loan.

The second option is time-consuming and can be difficult as two years have already passed. Contact the local EPF office before choosing this option. You can also discuss this matter with your current HR.

Thank you,
Manish Gupta

Hi Ravi,

Can you provide your previous PF account number and current PF account number? I believe both are in Andhra Pradesh.

Regards,
Murthy

In our company, one employee has withdrawn his previous company's PF amount. Now, he has joined us and worked for around three years. He now wishes to request a PF advance. Can you please explain?

If the total service, including his previous employment, is 5 years, then he can take a partial withdrawal for the construction or purchase of a house. Nowadays, the employer does not need to do any clerical activity; the employee himself can apply online and receive the amount if he is eligible for it. Ask him to log in to the member portal and apply.