Government has announced to provide subsidy in interest of home loan of upto Rs. 2.67 lakh for applicants of PMAY (Pradhan Mantri Awas Yojana). This provision has been issued in Gazette Notification & has been implemented on 12 April 2017. EPFO (Employees Provident Fund Organization) has associated with HUDCO (Housing & Urban Development Corporation) to provide convenience in getting subsidy on interest to EPFO Members.
EPFO Housing Scheme
As announced by government, employees working in organized sectors can use 90% of their total provident fund. Applicants will be able to pay their monthly EMI’s of their home loan by their monthly contribution.
A MoU (Memorandum of Understanding) has been signed between Commissioner of Central Provident Fund V.P. Joy & Chairman & Managing Director of HUDCO M. Ravikant to make affordable houses easily available for needy people.
According to the EPFO notification of March 2017, the new rate of PF contribution will be as follows:
EPFO Members can buy affordable house under PMAY by using 90% amount of their provident fund.
Authority has decided to provide interest subsidy according to candidates income level.
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