Hi Can anyone please let me know the procedure for applying loan against my PF as I am getting married by end of Jan’10. Regards Vikram.B
From India, Bangalore
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From India, Bangalore
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You have to complete 7 years of continuous service. You have to fill up Form No. 31 with a wedding card as proof of marriage. If you have completed 7 years, then you can get 60% of the fund from your Total PF contribution.
Regards, Rajesh Borade.
9765559109
From India, Pune
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Regards, Rajesh Borade.
9765559109
From India, Pune
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Dear Hiten,
There are provisions for taking 'Advance' from PF accumulation while in service. Details mentioned below will help you. Your tenure and reason for which you need an advance need to be looked into.
Regards,
Hiten
Advances from PF Account
The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment, etc., subject to the prescribed conditions as mentioned below. Note that the said advance is totally tax-free and interest-free.
Marriage
- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- a maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application.
- the member should apply in Form 31 through the employer
- the marriage invitation card should be submitted along with the form as proof of marriage through the employer.
Education
- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- a maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application
- the member should apply in Form 31 through the employer
- a Bonafide certificate duly indicating the fees payable from the educational institution.
For Medical Treatment
- only for self, spouse, son, daughter, dependent father & mother
- applicable for a major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement, or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain a certificate from ESI or from the employer that E.S.I. facilities are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- In case of TB or leprosy, etc., a specialist doctor should certify
- The maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof of the said disease has to be submitted along with the application in Form 31 through the employer.
For Purchase of Site and Construction thereon
- Should have completed 5 years of services
- members' contribution with interest should not be less than 1,000
- The site should be free from encumbrances
- The site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is the least of Basic+DA for 24 months or total contribution & Interest or the total cost of the site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- members' contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of the member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is the least of Basic+DA for 36 months or total contribution & Interest or the total cost of the site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of the completion of the construction of the dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Interest of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Members' accumulation with interest or Outstanding Principal plus interest, which is sought to be repaid, whichever is less.
From India, New Delhi
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32There are provisions for taking 'Advance' from PF accumulation while in service. Details mentioned below will help you. Your tenure and reason for which you need an advance need to be looked into.
Regards,
Hiten
Advances from PF Account
The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment, etc., subject to the prescribed conditions as mentioned below. Note that the said advance is totally tax-free and interest-free.
Marriage
- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- a maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application.
- the member should apply in Form 31 through the employer
- the marriage invitation card should be submitted along with the form as proof of marriage through the employer.
Education
- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- a maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application
- the member should apply in Form 31 through the employer
- a Bonafide certificate duly indicating the fees payable from the educational institution.
For Medical Treatment
- only for self, spouse, son, daughter, dependent father & mother
- applicable for a major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement, or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain a certificate from ESI or from the employer that E.S.I. facilities are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- In case of TB or leprosy, etc., a specialist doctor should certify
- The maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof of the said disease has to be submitted along with the application in Form 31 through the employer.
For Purchase of Site and Construction thereon
- Should have completed 5 years of services
- members' contribution with interest should not be less than 1,000
- The site should be free from encumbrances
- The site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is the least of Basic+DA for 24 months or total contribution & Interest or the total cost of the site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- members' contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of the member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is the least of Basic+DA for 36 months or total contribution & Interest or the total cost of the site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of the completion of the construction of the dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Interest of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Members' accumulation with interest or Outstanding Principal plus interest, which is sought to be repaid, whichever is less.
From India, New Delhi
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Please go through EPFO on Google.
Normally, after completion of 5 years of continuous service in the same organization, an employee will be eligible for an EPF loan. The employee will then need to fill out Form-31 (Advance from the Fund) to access a maximum of 50% of their total fund.
From India, Hyderabad
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Normally, after completion of 5 years of continuous service in the same organization, an employee will be eligible for an EPF loan. The employee will then need to fill out Form-31 (Advance from the Fund) to access a maximum of 50% of their total fund.
From India, Hyderabad
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Hi, Thanx for the information. Looking forward for more stuff from you n all members here... Jayshree
From India, Bharat
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From India, Bharat
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Dear Vikram,
Many congratulations on your forthcoming marriage. May God bless you with joy and happiness in your marriage.
For your PF loan, you have to complete 7 years of continuous service. If you meet the eligibility criteria, then you have to fill out Form No. 31 with the wedding card as proof of marriage.
Thanks and good luck.
Neelima
From India, Delhi
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Many congratulations on your forthcoming marriage. May God bless you with joy and happiness in your marriage.
For your PF loan, you have to complete 7 years of continuous service. If you meet the eligibility criteria, then you have to fill out Form No. 31 with the wedding card as proof of marriage.
Thanks and good luck.
Neelima
From India, Delhi
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If vikram fill up from no 31 & submitted marriage invitation then how many days he will get the money? With reg, Gaurang
From United States, Detroit
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From United States, Detroit
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Dear Gaurang, After submission of Form 31 with epf deptt, amount will be credited with 3-7 working days.
From India, Delhi
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From India, Delhi
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Procedure for PF Loan.doc
Withdrawal of PF for housing loan 5.6.2012.pdf