Advances from EPF Account
The members are eligible to withdraw monies as advances from their EPF Account for purposes like -
Marriage,
Higher Education,
Medical Treatment,
Purchase of Site and Construction,
Alteration / Modification of House.,
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
subject to the prescribed conditions as mentioned here below.
Note that the said advance is totally tax-free and interest-free.
Marriage
- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee’s share at the time of tendering application.
- the member should apply in Form 31 through employer
- marriage Invitation card should be submitted along with form as proof for marriage through employer.
Education
- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee share at the time of tendering application
- the member should apply in Form 31 through employer
- Bonafide certificate duly indicating the fees payable from the educational institution.
For Medical Treatment
- only for self, spouse, son, daughter, dependent father & mother
- applicable for major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain certificate from ESI or from employer that E.S.I. facility are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- Incase of TB or leprosy etc, a specialist doctor should certify
- Maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof for the said decease has to be submitted along with the application in Form 31 through employer.
For Purchase of Site and Construction there on
- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- Site should be free from encumbrances
- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is least of Basic+DA for 24 months or total contribution & Interest or total cost of site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is least of Basic+DA for 36 months or total contribution & Interest or total cost of site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of completion of construction of dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Members accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.
