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Now Withdraw Your EPF for Construction or Buying a Plot/Flat

Now Withdraw Your EPF for Construction or Buying a Plot/Flat

Every salaried person contributes a certain percentage towards his/her Employee Provident Fund (EPF) account every month. There is no doubt that EPF helps us get post-retirement income, but there are certain other cash needs which can be fulfilled by your EPF account.

The withdrawal under EPF to fulfill urgent cash needs is bound by certain terms and conditions. One not only needs to furnish the relevant documents but should also have a valid reason to withdraw the amount from EPF.

Let us see, where does your active EPF account help you:
1. Self, siblings or children’s marriage
2. Self or children’s education
3. Medical treatment of self, sibling, children and parents
4. For purchasing a plot
5. Construction or purchase of a flat or house
6. Repayment of Home Loan
7. Alteration or renovation of house
8. Pre-retirement withdrawal

Let’s have some more clarity on point 4, 5 and 6, which is when you are concerned about the property you have or want to buy a new one:

4. For purchasing a plot:
a. You should have completed at least five years of service.
b. The plot or property should be registered in your or your spouse’s name or should be owned jointly.
c. The agreement registered under the Indian Registration Act with the flat promoter needs to be submitted along with the application form.
d. You can draw up to 24 times of your monthly salary
e. This facility can be availed once during entire service tenure

5. Construction or purchase of a flat or house:

a. You should have completed at least five years of service.
b. The plot or property should be registered in your or your spouse’s name or should be owned jointly.
c. You can draw up to 36 times of your monthly salary
d. This facility can be availed once during entire service tenure

6. Repayment of home loan:
a. You should have completed at least ten years of service.
b. The plot or property should be registered in your or your spouse’s name or should be owned jointly.

But, withdrawal from EPF should be a well-thought decision, since you can avail this service during the entire service tenure.

Also, there are a couple of projects like Wave City at NH-24, which is spread across 4500 acres of area and offers 1 BHK and 2 BHK apartments at INR 15.99 Lakh and 24.5 Lakh respectively. So, for buying an affordable property at Wave City, there may be little need to encash your EPF which must be saved for the post-retirement life.

Not only apartments, but there are also premium and executive floors for those who desire to live a life with utmost privacy, comfort and natural surroundings.

Have any question on EPF withdrawal or Wave City? Contact our experts.

Related Articles:
Wave Executive Floors-A Comfortable & Low Rise Living in Hi-Tech City
How Mohit & Nisha Took the Firm & Perfect Home-Buying Decision!

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