On Tuesday 09 May 2017, the Employees’ Provident Fund Organisation (EPFO) has announced the launching of EPFO New Housing Scheme 2017 for its members. According to the scheme, the scheme will be launched for EPFO members who are working in various companies based in three districts of Kolhan- East Singhbhum, West Singhbhum, and Seraikela-Kharsawan.
In this regard, the commissioner of Regional Provident Fund (PF) said that scheme will launch specially launched to EPFO members who are required to form a society. He also said it is an ambitious scheme and we are looking forward to making it the success.
In order to take the benefit of the scheme, the candidate he or she should be an EPFO member for three years with accumulated PF balance of Rs 20,000. The registered member of the society can withdraw upto 90 percent of the accumulated amount in his or her PF account.
According to the new terms & conditions of the Employees’ Provident Fund Act, the registered member of the society can also make EMI payment for a loan from his or her PF Account.
Ashok Kumar also informed that about 10 lakh EPFO members in the three districts of Kolhan with the maximum number of members belonging to the Seraikela-Kharsawan district. Of these about two lakh members have completed the formalities of KYC.
The main objective of the scheme is to support Union government’s mission of “Housing for All by 2022” by launching a new housing scheme for its EPFO members.
Besides, the members will also be allowed to take the benefits of various schemes of Centres and states like Pradhan Mantri Awas Yojana.
The scheme will also help the formal sector workers proving their creditworthiness as the EPFO would provide a certificate indicating the subscribers’ paying capacity and ability to repay loans.
News Source: http://www.avenuemail.in/jamshedpur/epfo-launches-housing-scheme-members-kolhan-10-lakh-members-benefit/107965/