EPF Advance for Marriage: Are you saving money for your daughter’s wedding? You can take out money in advance from your PF or EPF account for it.
You can also withdraw money for other big expenses or emergencies. Here are the government rules for withdrawing money from EPF.
You can withdraw money from your EPF account for
1) Marriage
2) Buying land
3) Renovating your home
4) Facing unemployment
5) Your children’s weddings
You can withdraw in advance after being an EPF member for 7 years.
When can you claim an advance?
For EPF advance for marriage, including your own, your child’s, or your sibling’s marriage, you can withdraw up to 50% of the money.
EPFO rules for buying a house or repaying a home loan
You can use money from your PF to buy or repay a home loan. The house must be registered in your or joint name.
You need a record of PF contributions for at least ten years. There’s no tax on the amount withdrawn after five years of continuous service.
Here’s how to withdraw money from PF
1) Go to www.epfindia.gov.in and click on Online Advance Claim.
2) Sign in to the UAN Member Portal with your UAN and password.
3) Click on ‘Online Services’ and select the form for PF advance withdrawal (Form-31).
4) Enter your bank account’s last 4 digits and verify.
5) Proceed for Online Claim, select PF Advance, choose your reason, enter the amount, and upload a scanned copy of the check.
6) Get Aadhaar OTP, enter the OTP received on Aadhaar linked mobile.
7) Your claim is filed. The money will arrive in a few days.
Remember, once you withdraw money, you cannot put it back. To avail EPF advance, submit Form 31 to your employer.
They will verify and submit it to EPFO for approval. Once approved, the money will be deposited into your bank account.
