Employees Provident Fund Organization (EPFO) can soon launch a new housing scheme for its members. Under this scheme, you can make payment of down payment and EMI for buying a home from your EPF account.This will benefit more than 4 Crore people of EPFO. After the spectacular performance in the four states in the five assembly elections in five states, Modi government will accelerate the decision to relieve the general public.
Under this scheme, EPFO will help its members in buying house. If an EPFA member wants to buy a home, then he will be able to get money from the PF fund to pay down payment.Besides this, he can also pay home loan’s EMIs from PF funds.
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Under the scheme, the group housing society will have to set up. After this, the group housing society will tie up with the bank and the builder. Also, membership of 20 people will be required for group housing society. EPFO will issue a certificate for the members. This will help the bank to ascertain whether the member can repay the loan or not. After that the bank will be able to provide easy loan.
News Source: http://rajasthanpatrika.patrika.com/story/business/epfo-to-launch-housing-scheme-for-over-4-crore-members-2511125.html