Hi All, Understand that I can withdraw upto 24 months basic towards purchase of properties, can anyone please help me to understand below; currently I have 8 plus years’ service, now how does the 24 months basic wage is calculated. Is it 24 times of basic at the time applying for the withdrawal or 24 times of initial basic or 24 times average basic for the entire service period?
From India, Trivandrum
From India, Trivandrum
PF Withdrawal Reason Withdrawal Limit
For buying a plot 24 months’ basic salary and DA
For constructing a house 36 months’ basic salary and DA
For buying a ready-to-move house- 36 months’ basic salary and DA
For home improvement/renovation 12 months’ basic
salary and DA
For repayment of housing loan 36 months’ basic salary
and DA
An employee who has completed at least five years of contribution to his provident fund account, can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you or by your wife, or jointly by both. The eligible amount of withdrawal would depend on the purpose for which you are withdrawing the money. For purchasing a plot, the amount available for withdrawal shall be restricted to 24 months’ basic salary and dearness allowance (DA). The amount of withdrawal, however, shall in no circumstances exceed the cost of the plot.
Hope this clarifies
From India, Pune
3124For buying a plot 24 months’ basic salary and DA
For constructing a house 36 months’ basic salary and DA
For buying a ready-to-move house- 36 months’ basic salary and DA
For home improvement/renovation 12 months’ basic
salary and DA
For repayment of housing loan 36 months’ basic salary
and DA
An employee who has completed at least five years of contribution to his provident fund account, can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you or by your wife, or jointly by both. The eligible amount of withdrawal would depend on the purpose for which you are withdrawing the money. For purchasing a plot, the amount available for withdrawal shall be restricted to 24 months’ basic salary and dearness allowance (DA). The amount of withdrawal, however, shall in no circumstances exceed the cost of the plot.
Hope this clarifies
From India, Pune
Thank you for your replay @Nathrao , But can you kindly clarify .. Ex: I get 36 times the wages as an eligibility of PF withdrawal.. for Ex: Say i get 36*52000= 18Lakhs above. But in the initial stages of my career my basic was very less...but these days different , right now I completed 8 plus yrs of total corporate service. how does the s basic wage is calculated ???How does the exact calculations go ? please kindly clarify ..
From India, Trivandrum
From India, Trivandrum
As per epfo scheme, para 68 b,
The various loan criteria for house purchae loans etc
Is
For purchase of
site: 24 month’s
basic wages and
DA/for purchase of
house/flat/construc
tion: 36 month’s
basic wages and DA
OR
Total of employee
and employer share
with interest
OR
Total cost.
Whichever is least
The amounts at actual in accumulation is to be considered.
From India, Vadodara
The various loan criteria for house purchae loans etc
Is
For purchase of
site: 24 month’s
basic wages and
DA/for purchase of
house/flat/construc
tion: 36 month’s
basic wages and DA
OR
Total of employee
and employer share
with interest
OR
Total cost.
Whichever is least
The amounts at actual in accumulation is to be considered.
From India, Vadodara
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Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc