Saturday, 18 March 2017

A Comment on allowing PF members draw 90% fund to buy Home

My Comment on an article "You may soon be able to withdraw 90% of your EPF money to buy your Dream Home" published in the Dated 15/03/2017.

"But what about the case where there is no such cooperative society formed? He will be deprived of this facility to buy his home as he can't pay the down payment. 

People always lack funds to meet the down payment for buying their new homes. So, PF is the only reserve that they can rely on to meet this burden. The rest of the amount is facilitated through housing loans.

All residential projects may not be having these cooperative societies to enable one become a member of it and then apply for his PF withdrawal. So, how can they avail this facility of drawing 90% of funds if they get excluded by this clause of 90% withdrawal of PF being allowed only to members of societies?"

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