BUSINESS
EPFO: What are the rules for withdrawing money from your PF account for house purchase or renovation? Know these rules too
There's no need to explain much about PF; everyone in today's world is familiar with the term. Today, we're discussing how much money can be withdrawn from PF if we want to buy a house or renovate it. Therefore, it's crucial to understand the specific rules and conditions for taking an advance from your PF account. It's especially important to understand the specific circumstances under which you can withdraw the amount and the number of withdrawals.
How much can you withdraw?
According to a post on EPFO's social media platform, if you want to buy a house, purchase a plot, or build a house, you can withdraw up to 90 percent of your PF balance, a facility you can now avail five times.
What are the rules for renovation?
If you want to repair or renovate your home, the EPFO allows you to withdraw an advance. However, you must have completed at least five years of continuous service.
The maximum withdrawal amount is 12 months' basic salary and dearness allowance. If you previously withdrew for renovation, you can apply again after 10 years.
PC- Newsbytesapp.com
