Recently I found a news related to buying home or property using your EPF money. This is just a speculation so far as there is no official confirmation from EPFO India. But still I am thinking to share the news as this is published in one of the leading daily like NDTV.com.
In last few years, Govt is trying to use the EPF money in various ways. There were many changes in EPF rules and it is also expected that there might be many more in coming days. One of such speculation is this one
What is This Buy Home Using EPF Money?
Govt is working on a housing scheme for members of the Employees’ Provident Fund Organisation (EPFO). Now members will be allowed to pledge their PF accumulations to buy homes,” Labour Secretary Shankar Aggarwal told PTI. This is just a statement without any solid circular to implement such plans in action.
EPF is one of the most trusted source of money mainly people are accumulating as retirement fund. There are many EPF accounts where huge amount of money is sitting idle and Govt is trying to make this money flow by offering a housing scheme with lower interest rate compared to current home rate in India.
Most probably in case EPF members will agree to avail this scheme, they have to sacrifice their future EPF contribution as EMO for the house. Mainly the lower income group are the targeted group to get benefits form this scheme, in case it’s get implemented.
This is just a news and I have referred the source from NDTV.com as well. So read this as an information and don’t spread anything negative. As soon as there will be something official, I will update the article with more information so that you can be really beneficial.