PF withdrawal for buying home
I have about 9 lac in my PF account. where employer contribution is 4 lac and employee contribution is 5 lac. I have to pay 10 lac for the flat (under construction) that i have bought last year around June 2016. I was told that i can withdraw the whole amount of 9 lac. I am wondering that with new PF rules, whether i will be able to withdraw 9 lac or not.
Some clarity from members will help.
Right now there is no clear picture. However,you may directly contact with P.F.Office of your area for proper information and guidance. After getting information from them please inform the members for their future reference. more
You may need to discuss with the finance department in your organization to know about the criteria for withdrawing the PF for purchase of apartment. There are some guidelines such as number of years ( 5, 7 and 10 ) for various types of investments such as marriage, buying a flat, repayment of loan etc.. and also percentage of amount you can withdraw. It may differ from company to company, so it would be good to clarify your finance department on what is the guidelines followed in your company. more
U Can avail Advance against PF accumulation for buing nuw home. Use Form 31 you will get you contribution refund. more
New rule is applicable for future contributions and not to old one. You can apply for part withdrawal for home loan with out any hassles. more
You can withdraw the amount taxfree if you your PF account is more than 5 years . The new provisions in the current budget is only for contributions made from APril 1 2016. more