Dr.
V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO
signed a Memorandum of Understanding (MoU) in the august presence of Hon’ble
Minister, HUPA, Shri M. Venkaiah Naidu and Hon’ble Minister of State
(Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for
facilitating “Housing for All by 2022” at Ministry of Housing and Urban Poverty
Alleviation, New Delhi.
By taking one step forward to achieve Hon’ble Prime
Minister Narendra Modi’s vision of Housing for all by 2022, EPFO has amended
EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th
April, 2017 to provide assistance in acquiring affordable houses to the EPF
members by allowing withdrawal from the provident fund to the extent of 90% of
the total PF accumulation and also facilitating payment of installment of
housing loan. The major objective of this scheme is to assist in building houses
for workers integrating with housing programmes of the Central and State
Governments.
The salient features of
this scheme are:-
1. Bringing together all stake holders
namely, workers, employers, financial institutions & housing agencies to
provide workers' need for Housing.
2. Forming
Housing societies for collective action, ten or more members can register a
society. Society will arrange housing units from public/private housing
providers, apply to the concerned PF office through the society for getting
Certificate of Fund & Contribution.
3. Channelizing
the corpus of EPF savings to build affordable housing for the working class, withdrawal
of up to 90% of accumulations in members Provident Fund Accounts is allowed.
4. Banks/Financing Agencies can make use of
certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD
(3) of EPF Scheme.
5. Full/ Part repayment of loans out of
monthly P.F. Contributions.
6. Eligibility condition relaxed for such withdrawal,
now membership period of EPF reduced from 5 years to 3 years.
7. Members can av ail interest subsidy up to
2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing
and Urban Poverty Alleviation through its Nodal Agency HUDCO and National
Housing Bank for those members whose annual income is less that the amount
specified in Pradhan Mantri Awas Yojna.
8. Individual housing loan repayment can be
done by authorizing EPFO to pay installments directly to the lending
agency.
Notification:-👉 EPF-Hudco Agreement 22-06-2017
