EPFO to launch housing scheme

Sat 25 Feb 2017, 14:58:57
HYDERABAD:The four crore-odd subscribers of the Employees' Provident Fund Organisation (EPFO) would soon be able to make down payment and pay EMIs from their EPF accounts to buy homes.

The retirement fund body has firmed up a housing scheme for it subscribers. The scheme is likely to be launched anytime after March 8, when voting in five poll bound states would be over.
Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period.
Subscribers as well as their employers would be required to form a group housing society, which would further tie up with banks and builders or sellers of homes so that EPFO members can buy homes.
There should be 20 members at least in the group housing society to avail of the facility. According to a PTI report, subscribers would be allowed to club the benefits under various schemes of the Centre as well states such as Pradhan Mantri Awas Yojana, furthering the government's aim of housing for all.
The scheme will also help the formal sector workers prove their creditworthiness as the EPFO would provide a certificate indicating the subscribers' paying capacity and ability to repay loans.
In case of any dispute, the EPFO will have the right to stop the down payment or monthly instalment of loan on the request of executive head of the group housing society.

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