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.
