EPFO housing scheme in place

New Delhi: Retirement fund body EPFO will launch a housing scheme next month for its over four crore members to enable them to make downpayment and pay EMIs from their PF accounts to buy homes.

"The Employees' Provident Fund Organisation (EPFO) has firmed up a housing scheme for its subscribers. The scheme is likely to be launched anytime after March 8 when voting in five poll bound states would be over," a source said.

"Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period," he added.

The subscribers as well as their employers would be required to 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, he said.

Under the scheme it is envisaged that there should be 20 members at least in the group housing society to avail themselves of the facility.

The source said that the subscribers would be allowed to club the benefits under various schemes of the Centre as well as states such as the Pradhan Mantri Awas Yojana under the EPFO initiative for furthering government's aim of housing for all. The scheme will also help formal sector workers to prove their credit worthiness.