EPFO Rules for Advance: EPFO provides advance withdrawal facility to its members for marriage, education, construction of house, repayment of home loan and unemployment. In this article we are going to tell you about the rules for withdrawing money from PF.
Every person needs money. Many times we have to take the help of loan for this. If you work in the formal sector, your PF is deposited every month. Many facilities are provided to PF members by EPFO, of which advance at the time of need is also one of them. However, some rules have been fixed for this, according to which you can withdraw advance from PF account. In this article we will know when and how much money you can withdraw from PF.
Rules for withdrawing money from PF
From PF, you can withdraw money for buying land for the house, renovating the house, home loan, marriage of a family member or yourself, children’s education, loss of job, treatment of yourself or a family member. Let us know its rules.
If any member of the family or yourself is admitted in the hospital for more than a month or has to undergo any serious illness or surgery. Then you can withdraw money equal to six months’ salary from your PF account.
Even if there is a marriage of a family member or oneself, money can be withdrawn from PF. However, the condition for this is that you must have completed 7 years in the job. You can withdraw money from PF only up to 50 percent of your contribution.
The facility to withdraw money from PF is given even after leaving the job. If for some reason your company is closed for more than 15 days or you have not gone to work for more than two months, then you can withdraw your entire share deposited in PF.
You can also withdraw advance from PF to buy a house. This advance can be maximum equal to your 36 months salary. The condition for this is that 5 years of service should be completed.
You can also withdraw money from PF to buy land for building a house and for repairing the house. This facility is available after five years of starting the job. You can withdraw money equal to 24 months’ salary to buy land to build a house and 12 months’ salary to refurbish the house.
To repay the home loan, you can withdraw money equal to 36 months’ salary. However, for this you must have completed 10 years in the job.
Advance can be withdrawn from PF to complete one’s own and children’s education. For this you should have completed 7 years of service. In this, you cannot withdraw more than 50 percent of your contribution.
