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EPF Housing Advance: How Much Money Can You Claim For Buying Plot, Apartment And Process To Claim The Advance Money
EPF Housing Advance
EPF Scheme 1952 allows the PF Subscribers to withdraw money under EPF Housing Advance. PF members can withdraw funds from their Employees' Provident Fund (EPF) account for the purpose of purchasing a house, constructing a house, or buying a plot of land.
EPF Housing Advance Via Umang App
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As per EPFO instructions and guidelines for the housing advances, the PF member can claim the advance money through Form 31. A Declaration Form from Member is all that is required. PF subscriber can claim the money both via EPFO Online portal and also via UMANG APP.
EPF Housing Advance: All You Want To Know
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EPF Scheme 1952 Para 68B allows for Purchase of House/flat, construction of House including acquisition of site under 6 categories and conditions. Here is all you want to know.
A. Purchase of house/flat/construction of house including acquisition of site
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Purchase of house/flat/construction of house including acquisition of site From AGENCY (defined as the central govt, state govt, cooperative society, an institution, a trust, a local body or a housing finance corporation).
Amount Admissible/ from share:
For purchase of site: 24 month’s basic wages and DA
For purchase of house/flat/construction: 36 month’s basic wages and DA
Total of employee and employer share with interest
Total cost. Whichever is least.
Payment will be made: To Agency
Membership/period required: 5 Years
B. Purchase of site for construction of dwelling house/purchase of house/flat
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Purchase of site for construction of dwelling house/purchase of house/flat from Individual
Amount Admissible/ from share:
For purchase of site: 24 month’s basic wages and DA
For purchase of house/flat/construction: 36 month’s basic wages and DA
Total of employee and employer share with interest
Total cost. Whichever is least.
Payment will be made: To Member
Membership/period required: 5 Years
C. Purchase of dwelling house/flat on ownership
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Purchase of dwelling house/flat on ownership by a promoter (defined as a promoter governed by the provision of any flats or apartment ownership act or by any other analogous or similar law of the central government or state govt as may be in force in any state or area for the time being and who intends to construct or constructs dwelling house or blocks or flat)
Amount Admissible/ from share:
For purchase of site: 24 month’s basic wages and DA
For purchase of house/flat/construction: 36 month’s basic wages and DA
Total of employee and employer share with interest
Total cost. Whichever is least.
Payment will be made: To Member
Membership/period required: 5 Years
D. Construction of house on a site owned by member/spouse/jointly by member & spouse
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Amount Admissible/ from share:
For purchase of site: 24 month’s basic wages and DA
For purchase of house/flat/construction: 36 month’s basic wages and DA
Total of employee and employer share with interest
Total cost. Whichever is least.
Payment will be made: To Member
Membership/period required: 5 Years
E. For addition/alteration/improvement in house owned by member/spouse/jointly with spouse
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Amount Admissible/ from share:
For purchase of site: 24 month’s basic wages and DA
For purchase of house/flat/construction: 36 month’s basic wages and DA
Total of employee and employer share with interest
Total cost. Whichever is least.
Payment will be made: To Member
Membership/period required: 5 Years from completion of house
F. For addition/alteration/improvement/repair in house owned by member/spouse/jointly with spouse
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Amount Admissible/ from share:
12 month’s basic wages and DA OR Employee Share with interest OR Cost Whichever is least
Payment will be made: To Member
Membership/period required: 10 years from withdrawal under sl no (e) above.
How To Claim PF Advance On UMANG APP
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Open UMANG APP on your mobile phone and look for EPFO
Tap on "Raise Claim"
Punch in your UAN Number
You will get an OTP on your registered mobile number. Punch in the OTP
Now punch in the bank account number that is seeded with your UAN
If your UAN has more than one member ID, select the member ID from where you want to withdraw money
Feed your address and other details
Choose Form 31 on claim options
Choose the purpose for which you need the advance money
Feed in the desired advance money
Click on Declaration box and furnish the Aadhaar linked OTP and submit your claim.
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