How to Get EPF Loan from EPF Account Balance Amount?
One can partially withdraw from your EPF while in your service for repaying the house loan, marriage, treatment, subject to the prescribed conditions. The advance or withdrawal money from the EPF account must be avail after putting in at least 5 years o experience.
The amount that can be withdrawn depends on the purpose, depends on the same reason but there are some rules and reasons to get the EPF advance amount from the EPF account.
The below are the rules and reasons for the EPF advance amount withdrawal from the EPF account.
Rules and Reasons to get the EPF loan from EPF account. The government has given different conditions and situations to be satisfied to withdrawal specified amount from the EPF account before the retirement. The below are the rules and reasons to get the EPF loan from the EPF account.
EPF Education Loan:
This reason is used only three times in the entire life of an employee.
- For this reason employee has to complete his 7 years of service.
- For each time 50% of the employee contribution can be withdrawn each time and this money is used for the employee or for children.
EPF Medical Treatment Loan:
There is no limit on no. of times to take the advance amount for this reason. Any employee can withdraw the amount when they need.
- One can use this option for employee/ wife/husband/ children and parents.
- The patient must be hospitalized more than one month or if the patient is the employee he/she must have take the leave from the organization.
- For this reason you can take up to 6 months of his wages or salary.
- For the cases like TB, cancer and heart ailment advance is given even no hospitalized condition also.
This reason can be used for 3 three times in the entire life of an employee.
- To avail advance amount for this reason employee must complete minimum 7 years of service.
- Each time 50% of the employee contribution must be withdrawn.
- This amount can be withdrawn for yourself, daughter, son, brother or sister.
Purchase or construction of home Loan:
One can withdraw the advance PF amount from the EPF account for only one time.
- To avail the advance amount for this reason employee must have completed 5 years in service.
- And the property should be registered in the name of the self or jointly with the spouse where the property should not have any joint owner of the property.
Purchase of the Plot Loan:
Any employee can withdraw the PF money from the EPF account for buying a plot of land and this reason is avail only for one time.
- To avail the PF advance money for this reason employee should have minimum of 5 years of service.
- The property should be free from any dispute o encumbrances to avail this facility. To avail this facility the property should be registered and a proof of registration must have to submit.
- The maximum permissible amount is 2 times of monthly wages.
- The house or plot should be in the name of the employee or in the name of the spouse or should be the jointly with the spouse.
These are the reasons and rules to get the PF amount in advance.
Then how to apply for EPF advance from EPF account through online?
How to apply for EPF advance from EPF account through online?
EPFO (Employees Provident Fund Organization) has made an online facility to withdraw the EPF advance for various purposes.
The below are the steps to follow to apply for EPF advance from EPF account through online:
- To withdraw the EPF advance from the EPF account through online first of all login into the EPFO members portal. By using the following link you can access the UAN member’s portal. https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- Then the home screen of the EPFO will be displayed on the screen. Login into the UNA member portal by using the UAN number and password.
- Then the UAN member account will open in that go to the ‘online services’ tab on the main menu of the home page and select the “claim to generate an online request for advance”.
- Then the new page will open in the next screen. In that you have to enter all the required details like name, father name, aadhar number, PAN card number, bank details and the date of joining of your company.
- Check all the details you entered once again and “proceed for online claim” a new page will open. In that choose for the option called “I want to apply for” and select the “PF advance form 31 from the drop down menu.
- And next you have to fill the purpose for which purpose you are claiming the advance. From the drop down list and in the next field you have to enter the amount you want to take it as advance and give your current address.
- After that you have to sign the disclosure by clicking on the left hand side on the bottom of the box.
- And then click on the option called “get Aadhar OTP”. After that you will receive the OTP (one time password) to your registered mobile number enter the received number in the box provided and click on “Validate OTP and Submit claim form”.
- Then the request to claim for the advance amount from your EPF account is completed.
By following this process employees can apply for EPF amount through online.