Use 90% Of Your PF For Home Down Payment; Know The Withdrawal Process Here
Earlier, EPFO allowed housing withdrawals after 5 years, based on limited contributions. Under Para 68-BD, members can now withdraw 90% once in a lifetime with fewer rules
In a major relief for salaried employees looking to buy a home, the government has revised the Provident Fund withdrawal rules to make the process easier. Under the updated guidelines, EPFO members can now withdraw up to 90% of their PF savings after just three years of account opening. The withdrawn amount can be used for down payments, home construction, or even EMI payments.
Previously, EPFO members could only withdraw funds for housing needs after five years, with the amount calculated based on the lower of the employer's and employee's contributions over 36 months plus interest.
The new rule, Para 68-BD of the EPF Scheme, 1952, eliminates these constraints, providing significant relief and convenience for members. However, this withdrawal facility can be utilised only once in a lifetime.
Why The PF Withdrawal Rules Were Changed
The changes aim to simplify withdrawal rules, reduce down payment difficulties, activate passive savings, and make home buying more convenient for EPFO members. Alongside the new housing withdrawal rule, several other significant updates have been introduced to improve the overall PF withdrawal process.
From June 2025, EPFO members will be able to withdraw up to Rs 1 lakh instantly through UPI and ATM in emergencies. The auto settlement limit has been increased from Rs 1 lakh to Rs 5 lakh.
Additionally, the claims process has been streamlined, reducing the number of document checks from 27 to 18 parameters. Consequently, 95 percent of claims are now settled within 3-4 days, enhancing liquidity for employees.
To withdraw PF for purchasing a house, applicants must apply online through the EPFO Member e-Sewa portal. Aadhaar, PAN, and bank details must be linked to the Universal Account Number (UAN). After logging in, navigate to 'Online Services," select 'Claim (Form-31, 19 & 10C)," and choose 'PF Advance (Form 31)." The purpose should be specified as 'Purchase of House," and the required amount must be entered.
Relevant documents, such as the sale agreement, may need to be uploaded. Once submitted, the application status can be tracked online, and upon approval, funds are credited to the bank account.
view comments
First Published:
July 15, 2025, 18:29 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
10 minutes ago
- India.com
India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister
New Delhi: Various schemes being implemented by the Centre to realise the vision of Aatmanirbhar Bharat in the pharmaceutical sector have resulted in India's exports of drugs and pharmaceuticals increasing by 92 per cent, from Rs 1,28,028 crore in FY2018-19 to Rs 2,45,962 crore in FY2024-25, the Parliament was informed on Friday. The schemes include the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme, the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, the PLI Scheme for Bulk Drugs, Scheme for Promotion of Bulk Drug Parks, and Strengthening of Pharmaceutical Industry scheme, Minister of State for Chemicals and Fertilisers Anupriya Patel told the Lok Sabha in a written reply to a question. The PRIP scheme has been launched with an outlay of Rs 5,000 crore to transform India's Pharma MedTech sector from cost- to innovation-based growth by strengthening research and promoting industry-academia linkage for research and development in priority areas in drug discovery and development and medical devices. Under this scheme, seven Centres of Excellence (CoEs) have been set up, she said. The PLI Scheme for Pharmaceuticals aims to enhance India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The minister said that the scheme has enabled enhanced investment and production in eligible products. As of March 2025, the committed investment of Rs 17,275 crore targeted over the six-year period of the scheme stands substantially exceeded with a cumulative investment of Rs 37,306 crore made by the scheme's third year, and cumulative sales of approved products of Rs 2,66,528 crore have been made, including exports of Rs 1,70,807 crore. The PLI Scheme for Bulk Drugs, which has a total budgetary outlay of Rs 6,940 crore, aims to avoid disruption in the supply of critical active pharmaceutical ingredients (APIs) used to make critical drugs for which there are no alternatives by reducing supply disruption risk due to excessive dependence on a single source. As of March 2025, the committed investment of Rs 3,938.5 crore under projects approved under the scheme for investment over the six-year production period of the scheme stands substantially exceeded with a cumulative investment of Rs 4,570 crore made by the scheme's third year, she further stated. The minister also highlighted that the government launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme to make quality generic medicines available at affordable prices to all. Under the scheme, dedicated outlets known as Jan Aushadhi Kendras (JAKs) are opened across the country to provide medicines at prices that are about 50 per cent to 80 per cent lower than those of leading branded medicines in the market. Till June 6, 2025, a total of 16,912 JAKs have been opened, and on average, about 10 to 12 lakh persons visit these Kendras daily and avail of quality medicines at affordable prices. As many as 2,110 medicines and 315 surgicals, medical consumables and devices are under the scheme product basket, covering all major therapeutic groups, such as cardiovascular, anti-cancer, anti-diabetic, anti-infectives, anti-allergic and gastro-intestinal medicines and nutraceuticals. As a result of the scheme, in the last 11 years, estimated savings of about Rs 38,000 crore have accrued to citizens in comparison to the prices of branded medicines. Further, the scheme has provided self-employment to over 16,000 persons, including over 6,800 women entrepreneurs, the minister added.
News18
18 minutes ago
- News18
Hyundai India Gets Rs 517.34 Cr Tax With Penalty Demand From GST Authority, Here's Why
Last Updated: The company said there is no impact on its financial, operational or other activities due to the order and is reviewing the order and will exercise the right to file an appeal. Hyundai Motor India Ltd on Tuesday said it has received a demand of Rs 517.34 crore from tax authorities, along with penalty, for alleged short payment of GST compensation cess on its certain SUV models. The company has received an order from Commissioner (Appeals), CGST Dept, Tamil Nadu, confirming GST compensation cess demand of Rs 258.67 crore, along with penalty of Rs 258.67 crore, on the allegation of short payment of GST compensation cess on certain SUV models for the period September 2017 – March 2020, Hyundai Motor India Ltd said in a regulatory filing. Reacting to the demand, a company spokesperson said, 'HMIL is of the view that the amendment and the clarifications given by the Central Board of Indirect Tax and Customs (CBIC) to resolve the issue faced by the industry on this matter are in favour of the company. We are in the process of reviewing the order and will exercise the right to seek a legal remedy through an appropriate forum." The company asserted that there is no impact on its financial, operational or other activities due to the order and is reviewing the order and will exercise the right to file an appeal. . view comments First Published: July 26, 2025, 08:17 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
18 minutes ago
- News18
‘Very Close To US Trade Deal': Pakistan Jumps The Gun As Washington Maintains Silence
Last Updated: Pakistan's Ishaq Dar met Marco Rubio in the US and claimed that both countries were "very close" to finalising a trade deal. However, no such timeline was given by the US. Pakistan's Foreign Minister Ishaq Dar on Friday said that his country and the United States were 'very close" to a trade deal, and it could be 'just days" before it's finalised. However, Washington did not issue any timeline for the same and maintained dead silence on Dar's claims. 'I think we are very close to finalizing a deal with the US. Our teams have been here in Washington, discussing, having virtual meetings, and a committee has been tasked by the prime minister to fine-tune now," Dar said in a discussion at the Atlantic Council think tank in Washington, news agency Reuters reported. 'It's not going to be months, not even weeks, I would say (just) days," he said. US President Donald Trump has imposed hefty tariffs on several countries, prompting nations to carry out trade negotiations with the US. He has so far announced trade deals with the UK, Indonesia, and Japan. Separate statements from the US State Department and Pakistan's foreign ministry after Marco Rubio's meeting with Dar said that the two sides discussed expanding trade and ties in critical minerals and mining. However, neither the State Department's statement nor Rubio's post on X mentioned any timeline for finalising or announcing a trade deal with Pakistan. 'Met with Pakistani Deputy Prime Minister and Foreign Minister @MIshaqDar50 today to discuss expanding bilateral trade and enhancing collaboration in the critical minerals sector. I also thanked him for Pakistan's partnership in countering terrorism and preserving regional stability," Rubio tweeted. The Pakistani foreign ministry also said that its leader 'appreciated the pivotal role" of Trump and Rubio 'in de-escalating tensions between Pakistan and India by facilitating a ceasefire." However, the US State Department statement had no mention of India. More to follow… view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
