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An EPF account cannot be treated like any other savings bank account. There are certain specified criteria under which withdrawal is permitted from an EPF account. An individual need to furnish all relevant documents and satisfy the necessary requirements in order to be eligible for premature withdrawal from the account. While most of us know that EPF is an effective tool that helps generate a corpus for life after retirement, many of us are unaware that we can withdraw from the EPF account to meet urgent cash requirements.
The new rules also provide that that monthly installment towards home purchase can also be paid from provident fund deposits. The monthly installments will be directly paid to to the government, housing agency, primary lending agency or the bank concerned. If the member fails to get allotted a flat or in the event of the cancellation of an allotment, the amount so withdrawn has to be refunded in one lump sum within a period not exceeding fifteen days from the date of such cancellation or non-allotment.
For whose marriage can EPF subscribers avail loan facility : Mostly, after marriage loan facility can be availed from Self, children or siblings:
- You should have completed a minimum of seven years of service.
- The maximum amount you can draw is 50% of your contribution (12% of the basic salary).
- You can avail of it three times in your working life.
- You will have to submit the wedding invite or a certified copy of the fee payable to the educational institution.
Who is eligible to take EPF Marriage Loan
The person who have completed seven years of service and he can withdraw 50% of EPF account. loan advance can be taken three times in the entire service.
EPF Marriage Loan – Documents required:
- Composite claim Form 1 set
- A copy of Aadhaar card (front and back side). Marriage invitation card (Original). Cancelled Cheque leaf with IFSC Code and employee’s name printed on it.
- If there is no name printed, then bank statement is required. Please ensure that the joint account details (except spouse) not to be used for PF withdrawal. If a joint account is given for withdrawal, then proof of relationship issued by the government to be attached.
- Proof of the education or wedding required to be submitted, such as a valid copy or a bonafide certificate of the payable fees, or the wedding invitation.
- In case of marriage, the individual needs to apply using Form 31 through his/her employer.
EPF Marriage Loan – Where to submit application form?
To claim your money, you have to submit an instruction form, telling the administrator what to do with the money (i.e. whether to transfer it to another fund or pay it out to you). You must get this form from your HR department, and attach required supporting documents (eg copy of your ID and proof of banking). EPFO does away with mandatory revenue stamps on PF withdrawal claims. …
Henceforth, one-rupee revenue stamp will not be required for most of the claim forms as in 97 per cent cases of PF settlement, the payment is made through National Electronic Fund Transfer (NEFT)