Employees Provident Fund Organization (EPFO), retirement fund body, is all set to launch a housing scheme for its more than 4 crore members next month. This scheme will allow the members to make down payments and EMIs from their Employee Provident Funds (EPF) accounts, when buying homes.
This housing by EPFO scheme is expected to launch after the voting in the five poll bound states is done with, that is, after 8th march. With the help of this scheme, EPFO will encourage the subscribers to buy homes for themselves till the time they are in their service period.
All the subscribers and their employers would have to form a group housing society. This group housing society would then get collaborated with builders, banks or sellers of homes to make the EPFO members buy homes. The condition to avail the facility is that there should be at least 20 members in the group housing society.
The subscribers would be even allowed to club the benefits of various other schemes like PMAY under this housing scheme initiative of EPFO so that the vision of Housing for all by 2022 can be achieved.
The formal sector workers will also get helped in showing their credit worthiness through this housing scheme. This will benefit them because EPFO would be providing a certificate showing the subscribers’ paying capacity.