How to Use Provident Fund to Finance your House

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HOW TO USE PROVIDENT FUND TO FINANCE YOUR HOUSE
How to Use Provident Fund to Finance your
House December 8, 2017 Real Estate
Finance your House, financing a new construction
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Srishti Chandola
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For the purchase of plot or house or for the
construction of a house Under Provident Fund
scheme when an employee can withdraw the money
from the provident fund after the completion of
the contribution of over 5 years for the purpose
of the construction or/and plot or purchase of
any house. Also, the loan can be taken for the
construction of the house on the land plot owned
either by you or your wife or jointly by both.
The amount of loan would depend on the purpose
for which one is taking a loan. For the purchase
of the plot, the available loan shall actually be
restricted to over 24 months' basic salary as
well as dearness allowance (DA), subject to a
maximum of lower of either the cost of the plot
or the balance of your provident fund account. In
any case, you want to avail of the loan to buy or
construct a house, availability shall be improved
to 36 months of the dearness allowance and basic
salary with the maximum subject to the lower
balance in provident fund account as well as the
cost of the house. It is relevant to note that
property can't be purchased jointly with anybody
else for withdrawing the provident fund except
the spouse. In the case of withdrawing from the
provident fund account, the construction should
actually begin with 6 months and completed within
12 months of the withdrawal. In case one intends
to buy the ready house, buy the complete within 6
months. The withdrawal for construction and
purchase needs to be made in one or more
installments which depend on the
circumstances. For improvement or addition of
house owned by self or/and the spouse Also, you
are entitled to the withdraw money from the
provident fund account for making improvements or
additions to the house that is owned by either
you or your wife or jointly. This withdrawal can
be availed after over 5 years from the completion
of the house. It is not important that the house
for which you actually want to carry out the
improvements
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should be somewhat same, on which one has not
availed withdrawal facility. Withdrawal for the
improvement can actually be availed even if you
have not availed of withdrawal facilities for the
construction or purchase of the house. The amount
that you are eligible to withdraw for the
addition or improvement is restricted to over 12
months basic salary and dearness allowance which
subject to the lower of balance relatable to
employees share with the interest in the account
or cost of such improvement. You can avail of
withdrawal facility again only after the 10 years
from prime withdrawal which was subject to
similar eligibility criteria, the
amount. Advances from repayment of the home
loan The provident fund scheme agrees on availing
the facility for withdrawal of the repayment of
the remaining balance in the home loan which was
actually taken by either you or your spouse for
the above-mentioned purposes. The advance amount
cannot exceed over 36 months of the dearness
allowance or the basic salary. Only, this
withdrawal can be made for the loans which are
availed either by the numbers or spouse, from
specified entries such as state governments, and
governments, registered co-operative society,
nationalized, state housing board, Municipal
Corporation, public financial institutions, or
any other development authority for the purchase
of the house.
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