Soon EPF Account Holders Can Withdraw Upto 90% For Buying Homes

New Delhi: Government will amend EPF scheme to enable around 4 crore members of retirement fund body EPFO to withdraw upto 90 percent of their fund for making down payments while buying homes, Parliament was informed on Wednesday.

"The Government has taken a decision for modification in the Employees Provident Funds (EPF) Scheme, 1952, to add a new paragraph 68 BD," Labour Minister Bandaru Dattatreya said in a written reply to Rajya Sabha on a query about Housing Scheme for the members of EPFO.

The proposed proviso also provides that "monthly instalments for repayments of any outstanding payments or interest may also be paid from the amount standing to the credit of the member, to the Government/housing agency/primary lending agency or banks concerned."

He further said that on an average, contributions have been received in respect of 3.76 crore members during the year 2015-16.