EPFO set to launch Housing Scheme for Members
EPFO will launch a housing scheme next month for its over four crore members to enable them to make down payment and pay EMIs from their EPF accounts to buy homes.
“The Employees' Provident Fund Organisation (EPFO) has firmed up a housing scheme for its subscribers. The scheme is likely to be launched anytime after March 8, when voting in five poll-bound states would be over,“ a source said.
“Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period,“ he added. The subscribers as well as their employers would be required to form a group housing society which would tie up with banks and builders or sellers of homes so that EPFO members can buy homes, he said. Under the scheme, it is envisaged that there should be 20 members at least in the group housing society to avail the facility. more
“The Employees' Provident Fund Organisation (EPFO) has firmed up a housing scheme for its subscribers. The scheme is likely to be launched anytime after March 8, when voting in five poll-bound states would be over,“ a source said.
“Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period,“ he added. The subscribers as well as their employers would be required to form a group housing society which would tie up with banks and builders or sellers of homes so that EPFO members can buy homes, he said. Under the scheme, it is envisaged that there should be 20 members at least in the group housing society to avail the facility. more
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there are two types of employees.first one, who are below 58 years and others who have crossed 58 years in private sector , they are working without service breake and have attained the age up to 70 years.will EPFO SUPPORT THEM LIKE THOSE WHO ARE BELOW 58 YEARS.other thing which i would like to ask is , is there any condition that minimum amount in epf should not be less than any decided amount by epfo team. more
Feb 26
On the face of it, the scheme appears to be good and should be acceptable. The two side effects are to be dealt with before its implementation: (1) There should be no corruption in the allotment of fund; and (2) The rate of interest must not be more than the handling cost of the application. Additionally, it will be pertinent to mention that there are huge volume of complaints against EPFO for not settling the issues raised by the members from time to time. For examples, non-contribution of the employers, yearly account statements not provided, change of addresses or transfer of accounts from one employer to another employer are not effected, etc. etc. So, unless all these are settled and the EPFO comes out with a clean slate insofar as the complaints are concerned, there is no point in starting another scheme like house owning. more
Feb 26
it will help in retaining the employees and will also built belongingness in the employees. more
Feb 25
There is an option to take loan as of now to buy a house/site but the terms are very stringent. The present proposal I believe that made very simple to avail the Loan to construct a house, if so it would be really nice. At the same time there should not be any condition to form a group of 20 members or so as it doesn't make any sense and it further makes life difficult. more
Feb 25
