Low cost housing scheme on anvil

    Houses For Retirement Fund Body EPFO
    In its attempt to provide low cost housing units to over five crore PF subscribers, the government is currently working on a scheme to build houses for retirement fund body EPFO. In this connection, it is exploring the possibility to introduce a scheme allowing its subscribers to pledge their future PF contribution to buy such houses. A report of the expert committee on housing facility for the subscribers was also presented to the trustees for their perusal. The committee has unanimously recommended a scheme to facilitate subscribers to buy houses where they will get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (Equated Monthly Installment) payment. Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment, said government sources.
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