Hello,
I want to withdraw a partial PF amount for the purchase of a flat in Bangalore. If I can get a partial withdrawal, it will be helpful. Do I need to talk to my HR Manager for this?
a) Is it possible?
b) How to get a partial amount, say up to 1 lakh
c) Detailed procedure
From India, Bangalore
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I want to withdraw a partial PF amount for the purchase of a flat in Bangalore. If I can get a partial withdrawal, it will be helpful. Do I need to talk to my HR Manager for this?
a) Is it possible?
b) How to get a partial amount, say up to 1 lakh
c) Detailed procedure
From India, Bangalore
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Hi Mahesh To buy flat you can take PF loan. But you can’t withdraw part payment. You better discuss with your HR
From India, Bangalore
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653From India, Bangalore
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Dear Mahesh,
If you have completed five years of service and have not less than Rs. 20,000/- as your share of contribution in the P.F. account, you can apply in Form 16, and the P.F. Department will sanction a loan to the extent not exceeding your share of contribution standing to the credit in the P.F. A/C.
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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If you have completed five years of service and have not less than Rs. 20,000/- as your share of contribution in the P.F. account, you can apply in Form 16, and the P.F. Department will sanction a loan to the extent not exceeding your share of contribution standing to the credit in the P.F. A/C.
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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please go ahead with the advise of Mr. Mahesh. Congratulation for your would be new address. All the best.
From India, Surat
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From India, Surat
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Isn’t is FORM 31 for advance/withdrawl from PF pls correct me if m wrong. regards, sanjeev
From India, New Delhi
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From India, New Delhi
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Mr. Sanjeev,
Form 31 is for the withdrawal of funds to repay loans obtained from financial institutions, including for the purchase or construction of a house, as per Para 68BB of the EPF Scheme. Form 16 is used for withdrawing P.F. for purchasing or constructing a house, as per Para 68B of the EPF Scheme 1952. Kindly confirm.
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Form 31 is for the withdrawal of funds to repay loans obtained from financial institutions, including for the purchase or construction of a house, as per Para 68BB of the EPF Scheme. Form 16 is used for withdrawing P.F. for purchasing or constructing a house, as per Para 68B of the EPF Scheme 1952. Kindly confirm.
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Hi Mr. B. Saikumar,
I think Mr. Sajeev is right, as we also use Form 31 for whichever loan is being applied for from the PF authorities, and no objection has been received from the PF authorities so far. If Form 16 is for the withdrawal of PF for purchasing or constructing a house, then I think Form 31 also needs to be enclosed with it. Please clarify if I am wrong.
Thanks.
From India, New Delhi
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I think Mr. Sajeev is right, as we also use Form 31 for whichever loan is being applied for from the PF authorities, and no objection has been received from the PF authorities so far. If Form 16 is for the withdrawal of PF for purchasing or constructing a house, then I think Form 31 also needs to be enclosed with it. Please clarify if I am wrong.
Thanks.
From India, New Delhi
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I Beleive that currently seven years continuous service is required for applying to loan / advance against PF. Regards
From India, Mumbai
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From India, Mumbai
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Dear all, Pls ignore my comments if it seems to be incorrect, actually I am pursuing DLL to (completing in May12) thru Annamalai and looking to gain exposure from this forum. regards, sanjeev
From India, New Delhi
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From India, New Delhi
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Form 31 is the common form for all types of advances/withdrawal for specified purposes from the fund (other than final settlement). Under Para 68B of the EPF Scheme you can avail of advance/withdrawal for the purpose of purchase of flat. You must, however, fulfill the following conditions: 1. Membership – 5 years.
2. Minimum balance in Employees share Rs.1000
3. Property should be free from encumbrances
No second advance is allowed.
The amount of advance/withdrawal will be - 1. 36 months Basic wages + DA or
2. amount available in Provident Fund account (Both shares) or
3. Cost of house/construction –
Whichever is the least.
Documents required is:-
Declaration signed by the member and employer alongwith Form 31.
From India, Madras
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2. Minimum balance in Employees share Rs.1000
3. Property should be free from encumbrances
No second advance is allowed.
The amount of advance/withdrawal will be - 1. 36 months Basic wages + DA or
2. amount available in Provident Fund account (Both shares) or
3. Cost of house/construction –
Whichever is the least.
Documents required is:-
Declaration signed by the member and employer alongwith Form 31.
From India, Madras
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Dear Sir,
You can withdraw a partial amount from the PF by applying for a PF Loan in Form-31 for the purpose of purchasing a flat. The requirements to obtain the loan should be fulfilled. Please obtain Form-31 from the P.F. Office and carefully review the instructions provided in the form before taking action accordingly. You can expect to receive the amount within one month.
D. Gurumurthy
LL, HR & IR Consultant
Hyderabad.
From India, Hyderabad
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You can withdraw a partial amount from the PF by applying for a PF Loan in Form-31 for the purpose of purchasing a flat. The requirements to obtain the loan should be fulfilled. Please obtain Form-31 from the P.F. Office and carefully review the instructions provided in the form before taking action accordingly. You can expect to receive the amount within one month.
D. Gurumurthy
LL, HR & IR Consultant
Hyderabad.
From India, Hyderabad
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Dear All,
As per EPFO Section 68B member can get Advance from fund for House/Flat Purchasing.
The member is going to purchase flat on his spouse name . We applied Form 31 As per procedure.
PF official told , Property should be in member’s name or jointly with spouse or others .
I gone through website, I didn’t get any clarification
Can you please clarify ? What exactly rule is saying
P.Packiaraj
From India, Bangalore
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As per EPFO Section 68B member can get Advance from fund for House/Flat Purchasing.
The member is going to purchase flat on his spouse name . We applied Form 31 As per procedure.
PF official told , Property should be in member’s name or jointly with spouse or others .
I gone through website, I didn’t get any clarification
Can you please clarify ? What exactly rule is saying
P.Packiaraj
From India, Bangalore
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Provident Fund - Excluded Employee - Definition.pdf