The following are the advances which can be availed by the every EPF member by applying in F.No.31. This can also be called as partial withdrawal of EPF amount while in service.
- Illness Purpose:
The member can withdraw up to 6 months basic wages plus Dearness allowance (or) employee share with interest, whichever is less, for the purpose of illness to the member or family member. This is sanctioned under Para 68J of EPF Scheme. No service condition is required for this advance and will be sanctioned subject to availability of balance in the EPF account.
- Purchase of site purpose:
The member can withdraw up to 24 months basic wages plus Dearness allowance (or) employee and employer share with interest, whichever is less, for the purpose of purchase of site for construction of house. This is sanctioned under Para 68B(1)(b) of EPF Scheme. For availing this advance member should have completed a minimum service of 5 years in all establishments/companies.
- Purchase of house/flat/construction of house purpose:
The member can withdraw up to 36 months basic wages plus Dearness allowance (or) employee and employer share with interest, whichever is less, for the purpose of Purchase of house/flat/construction of house. This is sanctioned under Para 68B(1)(a) of EPF Scheme. For availing this advance member should have completed a minimum service of 5 years in all establishments/companies.
- Addition/alteration/improvement in house owned by member/spouse/jointly with spouse:
The member can withdraw up to 12 months basic wages plus Dearness allowance (or) employee share only with interest, whichever is less, for the purpose of addition/alteration/improvement in house. This is sanctioned under Para 68B (7) of EPF Scheme. For availing this advance member should have completed a minimum service of 5 years after availing advance for Purchase of house/flat/construction of house purpose.
- Marriage of self/daughter/son/ brother/sister (or) for post matriculation education of son/daughter:
The member can withdraw up to 50% of employee basic wages plus Dearness allowance, for the purpose of marriage of self/daughter/son/brother/sister (or) for post matriculation education of son/daughter. This is sanctioned under Para 68K (1) of EPF Scheme. For availing this advance member should have completed a minimum service of 7 years in all establishments/companies.
Conclusion:
It is advised to avail advance for purchase of site first followed by construction of house. Do not avail purchase of house first, as purchase of site will not allowed after that in general. Further it is advisable not to avail advance unnecessarily as the EPFO has been paying highest interest, which is compounded on monthly basis.