EPFO( Employee’s Provident Fund Organization, India) is all set to launch EPFO Housing Scheme 2021 under Pradhan Mantri Awas Yojana for over 4 Crore members next month. As per the latest update by EPFO officials, by March 8, EPFO will launch a Housing Scheme that allows Employees to pay Down Payment as well as EMIs from the EPF. Yes, every month a fixed portion of salary is deducted in the form of EPF which is saved and retrieved by the employee at the time of retirement. Employees can now use this EPF before the retirement to pay monthly installments and Down Payment from their collective EPF amount for EPFO Awas Yojana.
The EPF Housing Scheme 2021 will be valid only if subscribers and employers 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 under EPFO Awas Yojana. For this, at least 20 members are to be included as the members of society, else benefits won’t be availed.