PF withdrawal for house construction!!!!

[manju123]

Hello Everyone,

First of all thanks to all who referred contractors, now i am about to finalize one in next few days.

Now,I wanted to get some information on PF withdrawal process. Anybody had experience on same like - problems in online or is there some agents I need to contact for easy processing. Property is jointly owned by me and my brother.

Regards
Manju

[shastri.vs]

Hi Manju,
Even I want to withdraw PF for construction purpose. My agent has given following list of docs I need to submit,
1. Latest Payslip
2. Sale Deed
3. Absolute Sale deed
4. Approved plan by BBMP
5. Receipt paid for Licence to construct of house
6. Khata Certificate
7. Notary of self Affidavit
8. Property Tax paid Receipt
09. Certificate by BBMP
10. Encumberance Certificate for 13 years including 2014 / 2015
11. Estimated Cost for construction
12. Xerox of Chequeleaf

Is there any guys in this board who have one it? pls guide.

[Chida_gs]

Hi,

You can submit the Partial PF Withdrawal form to your Employer, they will help in processing your form for PF advance

Eligibility for PF withdrawal for House Construction:
1.Minimum 5 years of PF membership.
2.Should not availed any House or Flat purchase/House or Flat-Renovation or Alteration/Repayment of housing loan/Housing construction advance earlier in previous employment.
3.If Site purchase advance, was taken earlier, then the advance can be availed only for the house is being constructed on the site for which advance was taken previously.
4.Property should be in the name of Self/Spouse/Joint ownership with spouse.


List of Document required to submit :
1) Copy of sale deed registered in the name of Employee/Spouse/Jointly (with spouse only)
2) Upto date EC - Encumbrance certificate
3) Copy of the approved/sanctioned plan
4) Estimation or Agreement for Construction/Renovation/Alteration of house/flat

There is one clause where in you need to submit "Copy of Completion Certificate" within the 12 months of PF Advance disbursal, Else you will be penalized with 2 % interest Per annum for the amount disbursed and recover the Full amount. This Clause don't know will work till now considering Indian PF Office members work culture & validation

Hope this help.

[shastri.vs]

Hi Chida,
Thanks for the inputs.
How many days it takes to get money after application?
What is the maximum amount we can withdraw?

regards

[arunthl]

Hi, I have attached different forms relating to that.

Its all moved to online now since few days. Worth checking with your HR/Payroll team on this.

[manju123]

Hi all,

In my case the property is jointly owned by me and my elder brother, but i read above it should be with only spouse, still am I eligible?

[arunthl]

I don't think you can withdraw the money in case of Jointly owned.
But you know, we in India can do anything get going with xxxx money. End of the day, if you bribe, they do it for you I suppose.

But, sad to say this:-(

[Chida_gs]

Hi,

@ Shastri -- It depends on your Employer, How fast the employer submit your forms to the PF office, If the PF account is within Karnataka it will take max 30 days (Sometimes within 15 days), Go and check directly with PF office itself for more information.

You can leave Balance INR 1000 in your PF account & can withdraw rest of the Amount.

@ Manju123 - Since you are also also Joint owner of the Property, You can also apply for the PF withdrawal showing your details in the Sale Deed.

[manju123]

Thanks all for your replies.

[pc_murali]

Hey recently, I tried to withdraw my PF amount for construction purpose (~15 lacks). Applied through employer at KR puram PF office, after ~10 days got the call from one person (he said his name is Chandru) saying that he is from PF office. he asked 2% commission for processing my PF withdrawal application. I did not agree and the application rejected couple of times (saying some bull-shit reasons tired again). Finally I changed my company then I withdrew my PF amount completely.

be careful with those people.