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PF Withdrawl for Home Loan Prepayment in India

PF Withdrawl for Home Loan Prepayment in India

So, it’s time to repay your home loan. But wouldn’t it help to have some extra funds at hand? After all, having a few extra bucks always comes in handy. And if so, there are various ways you can take the weight of a home loan off your shoulders, even if only for a short time.

One of the ideal options is withdrawing your provident fund (PF or EPF). Essentially, it is money you and your employer put away for your retirement. However, in case you need to withdraw the money sooner, there is a solution. The EPF Scheme of 1952 allows you to withdraw up to 90% of PF for a home loan. Read further to learn more about PF withdrawal for home loan prepayment.

Conditions for PF withdrawal

PF home loan rules that determine your conditions for withdrawal are:

  • You must be in service for a minimum of 3 years.
  • The PF balance must be a minimum of Rs. 20,000.
  • PF withdrawal for a home loan is possible only once in a lifetime.
  • Your employer must sign a letter of authorisation for PF withdrawal (you can avoid this by verifying your Aadhaar Card).
  • You should be a member of a housing society with at least ten members in it.

Required documentation

Before you apply for PF withdrawal, there are certain documents required for PF withdrawal for home loan repayment.

  • Aadhaar Card (Or LoA by employer)
  • PAN Card
  • Universal Account Number
  • Bank account details
  • Phone Number

Additional Read: Top Things to keep in mind before prepaying your Home Loan

Online withdrawal

Wondering how to withdraw pf for home loan? There is a very straightforward process for online PF withdrawal. However, you must have a UAN (Universal Account Number) and an available phone number. Once these are ready – you can log into the UAN portal.

You must verify your details – such as PAN Card, Aadhaar, Family details – and approve a certificate of the undertaking. After this, you will choose the “Claim” option in the menu and fill out another form. In this form, you should specify “Home Loan” as the reason for withdrawal.

Once you apply, the funds should reflect in your account soon.

Offline withdrawal

In case you would like an offline PF withdrawal, the process is simple. All you have to do is log onto the EFPO website and download a claims form. The details you fill in are similar to the ones required on the online portal. Once filled, you can apply at a physical location and wait for a revert.

Additional Read: How to Repay Home Loan Faster

Easy home loan financing

Are you struggling with financing your home loan? Confused about future steps or the best course of action? Wondering “how much PF can I withdraw for home loans”? If yes, then reach out to Tata Capital today. 

Whether you are just browsing your options or want a home loan with a reliable lender, Tata Capital’s home loan app has your back. We offer housing loans with affordable home loan interest rates, flexibility in repayment and many other benefits. Give us a call today!

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