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The retirement fund agency EPFO will launch a housing plan next month for its more than four crore members to enable them to make payments and pay EMIs from their EPF accounts to buy houses.
“The Employee Pension Fund Organization (EPFO) has signed a housing scheme for its subscribers, which will be launched any time after March 8, when voting in five states surveyed ends,” a source said.
“Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their tenure,” he added. Subscribers, as well as their employers, would be required to form a group housing partnership that would be tied even more with banks and builders or home sellers so EPFO members can buy homes, he said.
Under the scheme it is expected that there should be at least 20 members in the housing society group to make use of the facility. The source said that subscribers would be allowed to group benefits under various schemes of the center as well as states like Pradhan Mantri Awas Yojana under the EPFO initiative to promote the goal of housing governance for all.
The plan will also help workers in the formal sector to test their creditworthiness, as the EPFO would provide a certificate that would indicate subscribers’ repayment capacity and repayment capacity.
The source said that in case of any dispute, the EPFO would not be a party to the legal battle and the group housing society would solve its problems either with the banker or builder or home seller.
In the event of any dispute, the EPFO shall have the right to stop the initial payment or monthly installment of the loan at the request of the chief executive of the group housing society.