EPF members can withdrawal upto 90% of PF accumulation to Housing Loan

EPF members can withdrawal upto 90% of PF accumulation to Housing Loan

EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952

Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the Minister of State (Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for facilitating “Housing for All by 2022” here today.

By taking one step forward to achieve Hon’ble Prime Minister Shri Narendra Modi’s vision of Housing for all by 2022, EPFO has amended EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th April, 2017 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from the provident fund to the extent of 90% of the total PF accumulation and also facilitating payment of installment of housing loan. The major objective of this scheme is to assist in building houses for workers integrating with housing programmes of the Central and State Governments.

The salient features of this scheme are:-

1. Bringing together all stake holders namely, workers, employers, financial institutions & housing agencies to provide workers’ need for Housing.

2. Forming Housing societies for collective action, ten or more members can register a society. Society will arrange housing units from public/private housing providers, apply to the concerned PF office through the society for getting Certificate of Fund & Contribution.

3. Channelizing the corpus of EPF savings to build affordable housing for the working class, withdrawal of up to 90% of accumulations in members Provident Fund Accounts is allowed.

4. Banks/Financing Agencies can make use of certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD (3) of EPF Scheme.

5. Full/ Part repayment of loans out of monthly P.F. Contributions.

6. Eligibility condition relaxed for such withdrawal, now membership period of EPF reduced from 5 years to 3 years.

7. Members can avail interest subsidy up to 2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing and Urban Poverty Alleviation through its Nodal Agency HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.

8. Individual housing loan repayment can be done by authorizing EPFO to pay installments directly to the lending agency.

Source : PIB

Comments

Post a Comment

Popular posts from this blog

Granting 7th CPC Allowances to the employees of Autonomous Organizations, Statutory Bodies – Finmin issued orders on 26.7.2017

Granting 7th CPC Allowances to the employees of Autonomous Organizations, Statutory Bodies – Finmin issued orders on 26.7.2017 Revision of Rates of Allowances to the employee working in Quasi-Government Organizations, Autonomous Organizations, Statutory Bodies -regarding F.No.1/2/2016-E-III(A) Government of India Ministry of Finance Department of Expenditure North Block, New Delhi dated the 26th July, 2017 OFFICE MEMORANDUM Subject : Revision of rates of Allowances – extension of Government decisions on the recommendations the 7th Central Pay Commission in respect of employees of Quasi-Government Organizations, Autonomous Organizations, Statutory Bodies set-up by and funded/controlled by the Central Government-regarding. The undersigned is directed to invite attention to this Department’s OM of even number dated 13/1/2017, regarding extension of revised pay scales based on the recommendations of the 7th Central Pay Commission in respect of employees of Qunsi-Go
Read more

7th CPC National Anomaly Committee Meeting Agenda Items – July 2017

Image
7th CPC National Anomaly Committee Meeting Agenda Items – July 2017 AGENDA ITEMS FOR THE MEETING OF NATIONAL ANOMALY COMMITTEE The Secretary General, Confederation addressed to Com.Shiv Gopal Mishra, Secretarystaffside, NJCM on the items to take up in the Anomaly Committee meeting…. Ref: Confdn/JCM NC/Anomaly/2016-19 Dated – 03.07.2017 To Shri Shiv Gopal Mishra Secretary National Council, Staff Side (JCM) 13-C, Feroz Shah Road New Delhi – 110001 Dear Comrade, Sub: – Agenda items for the meeting of the National Anomaly committee. Ref:- Ministry of Personnel, PG and Pensions, Department of Personnel & Training OM No. 11/2/2016-JCA dated 09.09.2016 and 29.10.2016. Please refer to the above mentioned OMs of Department of Personnel & Training. Three copies (Triplicate) of the proposed agenda items for the meeting of National Anomaly Committee is enclosed herewith. The same may please be included in the items to be Submitted to Deputy Secretary (JCA), M
Read more

Flexi fare in Premium Trains

Flexi fare in Premium Trains Railways regularly monitor earning and occupancy of all trains including trains under flexi fare scheme. Review of all existing schemes is a continuous and ongoing process to effect further improvement. Accordingly, an interim review of the flexi fare scheme has been made and the following changes were made with effect from 20.12.2016 :- (i) 10% rebate in basic fare on vacant berths/seats after preparation of first chart in Rajdhani, Shatabdi and Duronto trains. (ii) Tatkal quota has been reduced in flexi fare trains from maximum 30% to 10% of the total available berths. (iii) Discounted fare has been offered in T. No. 12015/12016 New Delhi-Ajmer Shatabdi Express for the passengers travelling between Jaipur-Ajmer and Ajmer-Jaipur and in T.No. 12007/12008 Chennai Central-Mysuru Shatabdi Express for the passengers travelling between Bengaluru-Mysuru and Mysuru- Bengaluru. Operating cost of running of passenger services is increasing year after year
Read more