Can we Withdraw PF for Home Loan?
Honestly, buying a home is a big milestone in life but it comes with a challenge of arranging funds. Especially when you are a salaried employee in India. But there’s an option to relieve this strain, your PF. You can actually use your PF for home loan under some conditions.
You can withdraw from your EPF account for home loan if:
- You are purchasing a house or flat
- Buying a plot
- Constructing a house
- Or want to repay an existing home loan
Just keep in mind that you need to have finished 3 years of continuous service to avail this option. Also, you can withdraw up to 90% of your total PF balance. The process involves you producing some documentation like property papers, loan statements, builder’s details, etc.
I hope my answer has helped you. Let me know if you have any more questions.