Want to buy a house or a plot, you are short of capital, do this work, the money will be saved.

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EPFO gives house building advance for buying a house.

PF account holder can also take advance to buy a plot.

You can apply online for house building advance.

New Delhi. Everyone dreams of having their own house. Nowadays home loan has become a big help to fulfill this dream. There are some people who have already saved some capital to buy a house or a plot. They manage the remaining amount by taking loan from banks or borrowing from friends and relatives. If you are employed and your PF is deducted, then you can also take money from Employees Provident Fund Organization i.e. EPFO. Employees Provident Fund Organization provides EPF subscribers the facility of withdrawal of money in the form of House Building Advance (EPFO House Building Advance). You can take this advance to buy a house or buy land for a house.

PF advance is a good way to manage money for people who are facing financial crunch to buy property. According to the Employees Provident Fund Scheme 1952, an employee can withdraw PF money to buy a house, plot and construct a house. Both the company and the employee deposit some money in PF every month.

Also read- You are a housewife, neither do you work nor do any business, still you have to file income tax return! Know the rules

Account must be 5 years old
House building advance can be taken only by an EPF account holder whose account is five years old. Also, at least Rs 1000 along with the interest on his share should be deposited in his PF account. If a person wants to withdraw PF money to buy a plot to build a house, 24 months' basic salary including dearness allowance (DA), the amount deposited in the EPF account with interest or the cost of the plot, whichever is less. Yes, that amount can be withdrawn from the PF account.

apply online
PF account holder can apply online to get house building advance from EPFO. Application can be made by filling Form 31 through Umang App or EPFO ​​website. If you are applying through Umang app, then first enter your UAN number. After this click on 'Get OTP'. Enter the OTP received on the registered mobile number. After this select Form 31 and give the reason for taking advance. Fill in the amount of advance you require. Now upload the photo of your bank account cheque. Then submit.

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Tags: EPF Advance, Epfo, Personal finance, PF account