EPF/EPFO Subscribers Low Cost UAN Housing Scheme
All the subscribers of the EPFO will may soon get low cost housing solutions provided by the central govt. very soon. There are around 5 crore EPFO subscribers in the country right now and the numbers are increasing. The developments on the low cost housing project for EPFO members are in initial stage and the Govt. is working on the implementation technique of housing for these EPFO subscribers. Last year in the month of September, a meeting was organized by the members of EPFO and the matter of housing for the EPFO subscribers was raised.
Target group of the low cost housing scheme
The Govt. wants to provide low cost housing to the EPFO subscribers who fall under the low income category. Around 70 per cent of the total number of subscribers of EPFO is being targeted by the Housing Ministry for this housing project. Those subscribers of EPFO who fall under the low income to mid – level income categories will be targeted first and provided housing. But the Govt. has also suggested that after this housing project assigned to the beneficiaries, they cannot buy any other house while in service.
Use of Provident Fund for EMI payment of housing
The EPFO subscribers, if provided with the low cost housing will have easy repayment procedures for the house loans they will take for the housing project. They can pay their monthly installments very easily from the accumulated funds of their EPF accounts. Earlier, the EPFO subscribers could only withdraw their EPF capital in case of maturity or as loans. But under this new housing scheme, they can pay for the loans of the new low cost houses provided by the govt. with their PF accounts also. They can easily draw advanced funds from their EPF account to invest in the housing. A joint agreement between the EPFO subscriber, the bank or the housing agency and the EPFO authority will take place regarding the advance withdrawal from PF account for paying housing EMIs.
Collaborations with financial institutions and housing authorities
The Govt. is trying to make feasible collaborations with several banks and financial institutions which will issue loans to the EPFO subscribes so that they can buy the low cost housing. The loans will have easy installment plans and low interests. The public housing authorities like the HUDA and DDA are also being collaborated for this low cost housing scheme for the EPFO subscribers.
Important information about the housing project of EPFO subscribers:
|Sl. No.||Attributes||Related Data|
|1||Nature of beneficiaries||Subscribers of Employees Provident Fund Organization|
|2||Total no. of EPFO subscribers||5 crore|
|3||Governing authority||Ministry of Housing and Urban Poverty Alleviation|
|4||Mode of EMI payment for houses||Through EPF accounts|
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