New Delhi: The employees‘ Provident Fund organization (EPFO) is working on a suggestion to offer lowvalue housing to its extra than 5 crore subscribers.
“The EPFO is running on the inspiration to offer low price housing to its subscribers, so as to arise fordialogue within the meeting of its trustees anticipated sometime subsequent month,” a source said.
earlier this month, Labour Minister Bandaru Dattatreya had in the Lok Sabha said the authorities is exploring the possibility for presenting a appropriate low price housing scheme for personnel‘ Pension Fund subscribers.
He was replying to a question whether or not the government or the retirement fund body haveintroduced/proposes to introduce a scheme to allow its subscribers to pledge their future PF contributions to buy low value houses.
closing yr, the idea changed into additionally on the agenda of EPFO’s trustees meeting held onSeptember 16.
A document of an expert committee on housing facility for the subscribers become also supplied to the trustees for their perusal.
The committee had unanimously encouraged a scheme to facilitate subscribers to buy houses wherein they may get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (equated monthly instalment) price.
underneath the proposed scheme, there might be a tripartite settlement with EPFO, the member and thebank/housing employer for pledging destiny PF contributions as EMI payments.
The panel had counseled that the subscribers will purchase a residing unit with loans from bank or housing finance agencies and hypothecation of property in favour of the latter.
but, the panel had advised this scheme for those EPFO subscribers who are low profits formal employeesand couldn’t buy a residence at some point of their entire carrier duration.
