NEW DELHI: Retirement fund body EPFO will launch a housing scheme next month for its over four crore members to enable them to make down payment and pay EMIs from their EPF accounts to buy homes.
“The Employees’ Provident Fund Organisation (EPFO) has firmed up a housing scheme for it subscribers. The scheme is likely to be launched anytime after March, 8 when voting in five poll bound states would be over,” a source said.
“Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service peri-od,” he added.
EPFO cuts interest rate on PF deposits for 2016-17 to 8.65%
The subscribers as well as their employers would be required to form a group housing society which would further tie up with banks and builders or sellers of homes so that EPFO members can buy homes, he said.
Under the scheme it is envisaged that there should be 20 members at least in the group housing society to avail the facility.