EPFO Advance for House Construction: Employees Provident Fund Organization i.e. EPFO Provides various types of financial protection to its crores of subscribers.
If you are a working person coming under EPFO, then you can get money for many important works. Similarly, if you want to build your house but money is falling short, then EPFO can also give you money to build a house.
Member should be active in EPFO for 5 years
Under the rules of EPFO, if you have land available to build a house, then you can easily get advance money for building a house. However, there are certain terms and conditions for availing advance money from EPFO for building a house. If you are an active member of EPFO for 5 years and have more than Rs 1,000 in employee contribution including interest in your account, then you can get advance money for building a house.
What is the maximum amount one can get to build a house
The advance amount received for building a house has been divided according to 3 different circumstances. This amount received as advance depends on the amount deposited in your EPF account, your salary and the amount spent on building your house.
First- What is the total amount deposited in your EPF including interest. Second – your total salary of 36 months including dearness allowance and third – the total cost of building the house. Whichever amount is the least among these three, you will get that much money as advance.
