You can easily repay home loan with EPF money. But while doing this, some things should be kept in mind. We are going to tell about this in this article.
To fulfill their dream of owning a house, people often resort to home loan. Because of this, every month a large part of their income is spent on home loan. In such a situation, many employed people plan to repay home loan with EPF money. If you are also thinking like this then you must keep some things in mind.
Keep these things in mind while repaying home loan with EPF money?
- If you are thinking of repaying your home through EPF, then first of all you should calculate how much amount you need. You should withdraw the same amount from EPF.
- One should avoid withdrawing the entire amount from EPF. This has a very negative impact on your retirement planning.
- EPF is one of the schemes with the highest interest rate. If you are thinking of repaying your home loan due to high interest, then you should consider other options like balance transfer, loan consolidation etc.
- While withdrawing money from EPF, tax rules should also be understood well. Many times you may have to pay taxes etc. on withdrawing money from EPF.
After repaying the home loan, take these documents
If you have paid your home in full. So you should take the property documents from the bank. Along with this, an NOC should also be taken from the bank, on which it is written that you have paid your home loan in full. You do not owe the bank any dues and the bank has no problem with the sale and transfer of the property.
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