Loan on my PF account towards purchase of house

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01-04-2012
Vijay Kumar

Loan on my PF account towards purchase of house

Hi All, I want to take loan on my PF account towards purchasing of a house. The house we are purchasing will be registered in the name of my parents. And they are declared as dependents. The sale agreement is in my mother's name. Please let me know can I still claim the PF loan? I found on the internet that the property should be titled in the name of the PF account holder/spouse or jointly. Is there any way to claim the amount? Also, my brother also want to take loan on his PF account on the same property. Will he be able to take loan? Please share the details. regards, vijay
01-04-2012
>take

In whose name the PF account is on which you want to take loan?
As per my knowledge A subscriber can take a loan from the fund in case of need. No mention of any thing about what purpose you are taking the loan. Please share the weblink where you have read that?
02-04-2012
NewsDesk

A second loan can be obtained before the end of the 6th financial year. With the following conditions –
1- Only if the first one is fully repaid.
2- If you have not defaulted on your subscriptions in any year.
02-04-2012
Master

Quote:

Originally Posted by Vijay Kumar

Hi All, I want to take loan on my PF account towards purchasing of a house. The house we are purchasing will be registered in the name of my parents. And they are declared as dependents. The sale agreement is in my mother's name. Please let me know can I still claim the PF loan? I found on the internet that the property should be titled in the name of the PF account holder/spouse or jointly. Is there any way to claim the amount? Also, my brother also want to take loan on his PF account on the same property. Will he be able to take loan? Please share the details. regards, vijay

Only the PF owner can take loan on his PF account for his needs. You can take loan for anything.

Amount of loan:
The amount of loan will be restricted to 25% of the balance including interest (which was third year before in your PF account). E.g. If your account is opened in the year 2007-08, the first loan can be taken during the year 2010-11, on the balance including interest in year 2007-08.