Dear Sir/Madam,
I am K.Kannan working with a company from 2004 to till now. Now I am planning to purchase a new flat, So I am planning to withdraw PF. For example my PF Account Balance is 1,50,000. In which how much fund can I withdraw. Also need your advise what are all the necessary action should be taken for PF withdrawal. Awaiting for your reply
From India, Bangalore
I am K.Kannan working with a company from 2004 to till now. Now I am planning to purchase a new flat, So I am planning to withdraw PF. For example my PF Account Balance is 1,50,000. In which how much fund can I withdraw. Also need your advise what are all the necessary action should be taken for PF withdrawal. Awaiting for your reply
From India, Bangalore
Dear Kannan
1.A MEMBER OF PF CAN TAKE LOAN FROM PF AFTER CONTINUE SERVICE OF 5 YEARS.
2.THE LOAN IS GIVEN FROM ONLY MEMBERS SHARE OF CONTRIBUTION.
THE LOAN TAKEN CAN NOT BE REPAYED BUT,IF THE MEMBER WANTS TO REPAY THE SAME HE HAS TO REPAY THE SAME WITH INTEREST.
3.A MEMBER CAN TAKE LOAN FROM PF DUE TO FOLLOWING REASON:
FOR HIS /HER MARRIAGE.
FOR DAUGHTER MARRIAGE
FOR CONSTRUCTION OF HOUSE OR RENOVATION OF HOUSE
FOR HIGHER STUDIES
DURING LAY OFF OR LOCK OUT OF THE FACTORY
4. FORM 31 WILL BE APPLICABLE TO TAKE LOAN/ADVANCE FROM EPFO.
HOPE THIS WILL SOLVE YOUR ISSUE.
From India, Madras
181.A MEMBER OF PF CAN TAKE LOAN FROM PF AFTER CONTINUE SERVICE OF 5 YEARS.
2.THE LOAN IS GIVEN FROM ONLY MEMBERS SHARE OF CONTRIBUTION.
THE LOAN TAKEN CAN NOT BE REPAYED BUT,IF THE MEMBER WANTS TO REPAY THE SAME HE HAS TO REPAY THE SAME WITH INTEREST.
3.A MEMBER CAN TAKE LOAN FROM PF DUE TO FOLLOWING REASON:
FOR HIS /HER MARRIAGE.
FOR DAUGHTER MARRIAGE
FOR CONSTRUCTION OF HOUSE OR RENOVATION OF HOUSE
FOR HIGHER STUDIES
DURING LAY OFF OR LOCK OUT OF THE FACTORY
4. FORM 31 WILL BE APPLICABLE TO TAKE LOAN/ADVANCE FROM EPFO.
HOPE THIS WILL SOLVE YOUR ISSUE.
From India, Madras
Hi Krishna, Thanks a lot You mean to say - I can withdraw from Employee Contribution only With Form 31 need to submit any declaration. Thanks with regards K.Kannan
From India, Bangalore
From India, Bangalore
The rule position is as follows:
Reference - Para 68B
Purpose: For the purchase of dwelling House or ready built flat/construction of dwelling House.
Eligibility 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.
Amount that can be withdrawn: 1. 36 months Basic wages + DA or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: Declaration signed by the member and employer alongwith Form 31.
From India, Madras
Reference - Para 68B
Purpose: For the purchase of dwelling House or ready built flat/construction of dwelling House.
Eligibility 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.
Amount that can be withdrawn: 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: Declaration signed by the member and employer alongwith Form 31.
From India, Madras
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PF Partial Withdrawal - Instructions_Fo rm31.PDF
Guide Lines for PF Withdrawal.doc