Government will amend EPF scheme to enable around 4 crore members of retirement fund body EPFO to withdraw up to 90 per cent of their fund for making down payments while buying homes.

The amendment in the scheme will also allow the Employees’ Provident Organisation (EPFO) subscribers to use their EPF accounts for paying equated monthly instalments (EMIs) of home loans.

The Government has taken a decision for modification in the Employees’ Provident Funds (EPF) Scheme, 1952, to add a new paragraph 68 BD. The  new proviso provides that, a member of Employees’ Provident Fund (EPF) being a member of a co-operative society or a housing society having at least 10 members of EPF, can withdraw upto 90 per cent from the fund for purchase of dwelling house/flat or construction of dwelling house/acquisition of site.

The withdrawal facility from the Provident Fund (PF) account under the Scheme will be available to only those PF members who fulfil the conditions prescribed.