Hi All,
Request your opinion on the below-mentioned issue. An employee had taken a PF advance earlier for house construction, and now we have received another request asking for repayment of a loan for the new flat purchase (this is separate from the one which has been constructed). We are stuck as to whether the PF advance can be released only for repaying the loan for the earlier property or if it can also be availed for the new flat purchase as requested by the employee.
Request your kind suggestion.
Regards,
Keshav Reddy
From India, Bangalore
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45Request your opinion on the below-mentioned issue. An employee had taken a PF advance earlier for house construction, and now we have received another request asking for repayment of a loan for the new flat purchase (this is separate from the one which has been constructed). We are stuck as to whether the PF advance can be released only for repaying the loan for the earlier property or if it can also be availed for the new flat purchase as requested by the employee.
Request your kind suggestion.
Regards,
Keshav Reddy
From India, Bangalore
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PF advance will not be available if the second application is submitted before five years of the first sanction. As far as company HR is concerned, you can just send it to the PF Office, and the sanctioning or rejection is their call. If rejected, they will give a valid reason for rejection.
Regards, Madhu.T.K
From India, Kannur
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Regards, Madhu.T.K
From India, Kannur
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PF Online Advance PPT.pdf
PF Advance rule.doc