Joint EPF withdrawal for purchase of plot or house

Ask the Community Payroll
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1

Hi Community,

One of our employee and spouse wants to withdraw PF for purchase of plot or house.
Can both apply showing the same purpose and what is the maximum amount they can get in this withdrawal?

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Employees’ Provident Fund Organisation (EPFO), the retirement fund body allows subscribers to withdraw money from Employees’ Provident Fund for specific purposes. Partial withdrawal is allowed for marriage, education, purchase or construction of a house, purchase of land, home renovation, repayment of home loans and 12 months before retirement.

  1. Marriage: An EPFO member can withdraw up to 50% of the money from the EPF account for his or her own marriage, the marriage of his or her daughter, son, sister or brother. However, the person should have completed contribution to EPF for seven years.

  2. Education: EPFO members can withdraw money for the post-matriculation education of his or her son or daughter under certain conditions. The member is required to have completed seven years’ membership of the EPFO.

  3. Purchase or construction of a house: EPFO members can withdraw money for construction of house or purchase for site of the house. The member is required to have completed five years’ membership of the EPFO.

  4. Home Renovation: The member can withdraw partially from PF when he or she wants to repair or alter the residence. It can be availed two times:

a) Five years from completion of house

b) Ten years from availing the above

  1. Medical purposes: PF money can be partially drawn for medical purposes. It is applicable for medical treatments of self, spouse, children, and parents. There is no lock-in period or minimum service period for this type of withdrawal.

  2. Repayment of home loans: The EPF subscriber is allowed to withdraw from the corpus for repayment of outstanding principal and interest towards a home loan under certain conditions.

However, to withdraw the amount, at least 10 years of service completion is required

  1. Retirement

A person can withdraw his or her entire provident fund corpus after completing 58 years of age. The employee is allowed to withdraw up to 90% of the provident fund balance

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Hi Anisha,

Yes, both husband and wife can withdraw PF for purchase of plot or house. One need to complete 5 years as EPFO member. For house purchase its a one time withdraw till you are EPFO member. Almost 70-80% of amount you may get an approval.

I hope have answered your quires.

Regards
Arpana

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