Hi Friends,
I am planning to take a PF loan for a house purchase (a flat in Navi Mumbai). How much can I get, what is the calculation to determine the maximum loan amount, and what is the repayment procedure? Is it similar to a normal loan (like EMI), or is the repayment automatically deducted from the salary? Do we have the option to choose the number of years to repay the amount?
Please brief me on the loan taking and repayment procedures.
Thanks,
Anantha
From India, Mumbai
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1I am planning to take a PF loan for a house purchase (a flat in Navi Mumbai). How much can I get, what is the calculation to determine the maximum loan amount, and what is the repayment procedure? Is it similar to a normal loan (like EMI), or is the repayment automatically deducted from the salary? Do we have the option to choose the number of years to repay the amount?
Please brief me on the loan taking and repayment procedures.
Thanks,
Anantha
From India, Mumbai
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Dear Friend,
As per P.F. norms, if any employee has continuous service of five years, he is eligible for taking a loan. The employee receives only a percentage of the amount prescribed by P.F. authorities from his and the Employer's P.F. contributions (12% + 3.67%). Please note that P.F. authorities will not give any loan on the EPF amount (8.33%).
Regarding interest and loan concerns, they will not charge any interest, and the loan amount does not need to be repaid. They simply deduct the same amount at the time of withdrawal, and the balance will be paid to the employee.
In your case, if you have the above-stipulated service, you can take the loan by using Form No. 31, which can be downloaded from this site http://epfindia.nic, and you have to submit the required documents along with the form.
For more information, please go through the above-mentioned site to get detailed information.
From India, Hyderabad
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As per P.F. norms, if any employee has continuous service of five years, he is eligible for taking a loan. The employee receives only a percentage of the amount prescribed by P.F. authorities from his and the Employer's P.F. contributions (12% + 3.67%). Please note that P.F. authorities will not give any loan on the EPF amount (8.33%).
Regarding interest and loan concerns, they will not charge any interest, and the loan amount does not need to be repaid. They simply deduct the same amount at the time of withdrawal, and the balance will be paid to the employee.
In your case, if you have the above-stipulated service, you can take the loan by using Form No. 31, which can be downloaded from this site http://epfindia.nic, and you have to submit the required documents along with the form.
For more information, please go through the above-mentioned site to get detailed information.
From India, Hyderabad
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Hi, Let me know what percentage of deposited amount of (12%+3.675) can be with drawn against housing loan what document required. Regards Bijoy
From India, New Delhi
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From India, New Delhi
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Dear All, Before one month one of my new question was how to surrendered P.F & ESIC code in respective dept.but till date no body reply it.Please help me in this regard. Best Regards Bijoy
From India, New Delhi
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From India, New Delhi
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Dear Friend,
To my knowledge, PF & ESI codes would be surrendered at the time of company closing. I think the company has to inform the respective departments by writing a formal letter. In order to write a letter, the company has to surrender the original certificates. If you consult the respective department PROs, they will tell you the procedure on how to do the same. My sincere advice is to go to your company's PF and ESI office and meet the aforementioned officials to ask your queries. I am sure they will help you.
From India, Hyderabad
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To my knowledge, PF & ESI codes would be surrendered at the time of company closing. I think the company has to inform the respective departments by writing a formal letter. In order to write a letter, the company has to surrender the original certificates. If you consult the respective department PROs, they will tell you the procedure on how to do the same. My sincere advice is to go to your company's PF and ESI office and meet the aforementioned officials to ask your queries. I am sure they will help you.
From India, Hyderabad
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Withdrawal of PF for housing loan 5.6.2012.pdf
Procedure for PF Loan.doc