New Delhi. The changes that the government has recently made in the rules of the Employees Provident Fund Organization (EPFO) is no less than a major relief for crores of private employees. Especially for those who are dreaming of buying their house for the first time, but the system of money has been a big challenge for down payment.

Now after just 3 years, the benefit of PF withdrawal

Earlier, the facility of withdrawing money to buy a house from EPF account was available only to those employees who have contributed for at least 5 years. But now this deadline has been reduced to 3 years. That is, if you have opened your EPF account three years ago, then you can withdraw money to buy a house from your PF.

Para 68-BD: Revenge Rule, increased options

Under the new rule of Para 68-BD added to the EPF scheme, 1952, employees can now withdraw up to 90 % of the amount deposited in their PF account. This withdrawal amount can be used in works such as home down payment, EMI payment, or construction of new houses.

Conditions and limitations of withdrawal

The maximum limit of withdrawal will be based on the total contribution of 36 months of employee and employer, including interest, or whatever is lower out of the total cost of property. This facility will be available only once in life, so that its misuse can be prevented. If an employee is part of a housing scheme, he will also be allowed to withdraw with this new rule – which was not before.

Can prove to be a game changer for the middle class

Real estate experts believe that this change will not only give new energy to the real estate sector, but will also relieve families who have been living in a rented house for years and dreaming of buying their house. Now there will be no need to take loans from here and there for down payment. The amount of PF will prove to be helpful for them.