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PF withdrawal for Property Purchase: Fulfilling the dream of buying a new house has now become easier. Now the PF fund will also help you in fulfilling this dream. If you are going to buy a new house, then you can withdraw from the Provident Fund (PF) for this work. However, you can withdraw only a part of it.

We will tell you how you can withdraw from the PF fund and what is the EPFO rule regarding this.

What does the rule say

According to the EPFO rule, PF holders can make partial withdrawals for buying a house, building a house, or repair work. However, for this, they have to fulfill some conditions.

Partial withdrawal can be done only by those PF holders who have been contributing to EPFO for at least 5 years.

To buy a house, you can withdraw 24 times your monthly salary and dearness allowance from the PF fund.

For home repairs, you can withdraw 12 times your monthly salary.

How to apply

You can request a partial withdrawal from PF both online and offline. In the application, you will have to attach documents related to buying or constructing a house. You can apply online by visiting the EPFO portal and the Umang App. For this, you will also have to fill out Form-31.

Benefits of partial withdrawal

Partial withdrawal from PF is completely interest-free. This means that you do not need to take any extra loan for this. In partial withdrawal, you use the amount deposited by you only. Apart from this, if you take a loan from the bank, then you need security or a guarantor. There is no need for this at the time of partial withdrawal from the PF fund.

Keep these things in mind.

After partial withdrawal, your PF balance will be reduced. For partial withdrawal, you will have to follow the rules and conditions of EPFO. Let us tell you that once you withdraw, you will not be able to withdraw from this work for 5 years.