look news india
EPF Partial Amount Withdrawal: Many times in life, such situations arise when you need a lot of money and for this a person has to take a loan. But if you are employed and contribute to EPFO every month, then if needed, you can make a partial withdrawal from EPFO even during the job and meet the need of money. EPFO allows members to withdraw money even during the job under many conditions. Know here in which situations you can make a partial withdrawal from the EPF account.
for house or land
If you have been contributing to the EPFO account for five consecutive years, then you can make partial withdrawal from EPFO with some conditions. If you want to withdraw money from PF to buy a plot or house, then you can withdraw up to 24 times the monthly salary and for both buying and building a house, you can withdraw up to 36 times the monthly salary.
EPFO Housing Scheme is also an option
If you want, you can withdraw 90% of the total amount of EPFO under EPFO Housing Scheme to fulfill your needs like buying a house etc. But for this, you must be a member of a cooperative with 10 members or a society formed for housing purpose. Also, contribution to EPF for three years is necessary. But if the PF money in your PF account is less than 20 thousand, then you cannot take advantage of this scheme.
For home renovation or repaying home loan
After contributing to EPF continuously for 5 years, you can also withdraw money for home renovation. This amount can be up to 12 times the monthly salary. If the employee has worked for at least 3 years, he can withdraw money to repay the home loan. In such a case, he can withdraw up to 90% of the PF balance.
for medical treatment
There is no condition regarding the period for emergencies like treatment of critical illness, permanent disability due to accident during work, closure of company, etc. If the EPF account holder wishes, he can withdraw the entire amount of EPF for the treatment of himself or his family, but for this he will have to provide proof of hospitalization for one month or more.
for marriage and education
If your sister, daughter, son or any family member is getting married or you want to make a partial withdrawal from EPF for your or your children's education, then in both cases you must have 7 years of service. After 7 years of service, you can withdraw up to 50 percent of your contribution along with interest.
on leaving the job
If the company remains closed for more than 15 days, the employee can withdraw his entire EPF amount at any time. If you have lost your job or have quit your job and want to withdraw money after a month, you can withdraw up to 75% of the amount. When you get a new job, the remaining amount will be transferred to your new EPF account. But if you remain unemployed for two consecutive months, you can withdraw the entire PF amount.
