Employees Provident Fund Organisation, EPFO has signed a Memorandum of Understanding with the Housing and Urban Development Corporation, HUDCO to enable members of its housing scheme to avail subsidy and interest subvention under the Pradhan Mantri Awas Yojana.
Under the housing scheme, the EPFO allows its subscribers for withdrawing up to 90 per cent of their EPF accumulations to buy homes. The MoU was signed yesterday in New Delhi in the presence of Union Housing and Poverty Alleviation Minister M Venkaiah Naidu and Labour and Employment Minister Bandaru Dattatreya.
Speaking on the occasion, Mr Naidu said EPFO members can avail interest subsidy upto two lakh twenty thousand rupees in Credit Linked Subsidy Scheme through HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.
Labour Minister Dattatreya said the eligibility condition has been relaxed for such withdrawal and now membership period of EPFO reduced from five years to three years.