EPFO subscriber? Provident Fund may help you buy cheap home before 2019 polls!

Are you an Employees Provident Fund Organisation (EPFO) subscriber? Here's a good news for you. The EPFO has reportedly prepared a draft housing scheme for its subscribers. 

According to a report by Hindi Daily, the Navbharat Times, the EPFO has prepared the draft housing scheme plan, which will be submitted to the Central Board of Trustees (CBT) for approval during its meeting to be held next month. 

Once approved by the CBT, the EPFO will start working on the housing project. The report says that EPFO housing scheme may be launched before the 2019 Lok Sabha elections. 

The housing scheme will benefit lakhs of EPFO subscribers across the country. Only EPFO subscribers will be able to take benefit of the housing project. 

The report says that a subscriber having the EPFO account for a minimum of three years will be able to book a house under the scheme, provided they don't have already booked a house in their name. Moreover, the subscribers will be allowed to withdraw up to 90 per cent of the Provident Fund money to buy a house under the project. They will also be able to pay EMI on the loan amount through the PF account. 

The report quoted EPFO member Virjesh Upadhyay as saying that they want to make cheap houses available for subscribers. To get the the terms and conditions ready, EPFO is working with the government. 

As per the draft, EPFO will set up a national housing association, which will do land acquisition in states on discounted rates. Builders will be contacted for developing the housing projects. EPFO will also provide loans for buying the houses.  

The number of EPFO subscribers have gone up in recent years. As many as 8.95 lakh new subscribers were enrolled with EPFO in August this year. 

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There are around six crore EPFO subscribers in the country. The EPFO manages a corpus of over Rs 10 lakh crore. In June this year, EPFO had allowed subscribers to withdraw 75% of the accumulated corpus one month after losing a job.