Not everyone has enough cash
stashed away to buy a new house in Coimbatore
outright. Most people will need to use some of their personal savings for the down payment and get a loan to cover the rest. But did you know that there is
another option? If you want to buy a home now without touching your savings, try
withdrawing from your Provident Fund (PF).
In this blog, we will
explore the conditions for withdrawing your PF savings. We'll also examine the
specific situations and factors that make a PF withdrawal applicable so you can
make the right decision.
When can you withdraw your
PF savings?
Note that you have to meet
a set of criteria to be able to do this. You can only withdraw your PF
savings to buy a new home if you meet the following conditions:
· Minimum service requirement: You need to have been employed with
your current employer for 5 or more consecutive years.
· Proper usage of funds: You can only withdraw your PF to buy a ready-to-move-in
house.
· Ownership clause: The house must be in your name or jointly
owned with your spouse.
· Withdrawal limit: You can withdraw up to 90% of your total PF
balance or the property cost, whichever is lower.
· Loan repayment option: You can withdraw PF savings to repay your
home loan, as long as it’s from a government-recognized lender.
Buy the right home
PF withdrawals are allowed
to fund ready-to-move-in homes from housing boards or builders, so be sure to
buy a new house in Coimbatore from a
trusted builder.
How much can you withdraw?
Your withdrawal limit is capped at 36 months’ basic salary plus
90% of the PF balance or DA, whichever is lower.
Ready to buy a home?
Search for a new house in Coimbatore here at JRD Realtorss. Download our app or explore our current
projects on this website. You may also call +91 81899-99999 or +91-60339-33333
to speak to one of our helpful agents.
Source: https://www.jrdrealtorss.com/blog/can-you-use-pf-withdrawal-to-purchase-a-house/
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