Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the Minister of State (Independent Charge), Labour & Employment, Shri Bandaru Dattatreya for facilitating “Housing for All by 2022” here today.

By taking one step forward to achieve Hon’ble Prime Minister Shri Narendra Modi’s vision of Housing for all by 2022, EPFO has amended EPF Scheme 1952 vide Gazette notification No. G.S.R. 351(E) dated 12th April, 2017 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from the provident fund to the extent of 90% of the total PF accumulation and also facilitating payment of installment of housing loan. The major objective of this scheme is to assist in building houses for workers integrating with housing programmes of the Central and State Governments.

The salient features of this scheme are:-

1. Bringing together all stake holders namely, workers, employers, financial institutions & housing agencies to provide workers’ need for Housing.

2. Forming Housing societies for collective action, ten or more members can register a society. Society will arrange housing units from public/private housing providers, apply to the concerned PF office through the society for getting Certificate of Fund & Contribution.

3. Channelizing the corpus of EPF savings to build affordable housing for the working class, withdrawal of up to 90% of accumulations in members Provident Fund Accounts is allowed.

4. Banks/Financing Agencies can make use of certificate issued by Commissioner to arrive EMI for withdrawal under Para 68 BD (3) of EPF Scheme.

5. Full/ Part repayment of loans out of monthly P.F. Contributions.

6. Eligibility condition relaxed for such withdrawal, now membership period of EPF reduced from 5 years to 3 years.

7. Members can avail interest subsidy up to 2.20 lakh in Credit Linked Subsidy Scheme (CLSS) through Ministry of Housing and Urban Poverty Alleviation through its Nodal Agency HUDCO and National Housing Bank for those members whose annual income is less that the amount specified in Pradhan Mantri Awas Yojna.

8. Individual housing loan repayment can be done by authorizing EPFO to pay installments directly to the lending agency.

PIB

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PRE – FINAL COSTING

Source: http://www.cgewho.in/KL_FAQ0001.pdf

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Retirement fund body EPFO has no plans to launch a housing scheme for its over five crore subscribers on additional contribution by its members, Parliament was informed today.

“No Sir,” Labour Minister Bandaru Dattatreya said in a written reply to the Rajya Sabha on a question whether Employees’ Provident Fund Organisation (EPFO) has chalked out a scheme for providing housing to its subscribers on additional contribution.

The idea to provide housing by EPFO on additional contribution 10 per cent of subscribers’ basic wages was mooted earlier this year by Labour Minister Oscar Fernandes during a function of the body in January.

Addressing the gathering, Fernandes who was also heading the EPFO trustee’s board had said, “EPFO can deduct extra 10 per cent of their basic wages over the mandatory contribution of 12 per cent made by them at present. The money can be used to provide them housing facility.”

The Minister had also said, “Most of the workers throughout their working life live in rented accommodation and their entire saving on retirement is spent on purchasing a house.”

At present, all workers covered under the EPFO schemes, pay 12 per cent of their basic wages toward PF contribution every month. The basic wages include basic pay and dearness allowance.

Read more at Hindu Businessline

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TO ALL BENEFICIARIES OF KOLKATA (PHASE-II) HOUSING SCHEME

On 29th August 2014 (Friday) at 10:00 Hours Shri Akhilesh Kumar, Officiating CEO, CGEWHO intends to meet the beneficiaries of Kolkata (Phase-II) Project at the Project Office.

In the meeting all the concerned officials shall remain present. All Beneficiaries, specifically who are raising queries and writing frequently to the Ministry/CGEWHO are hereby informed about the above visit.

Source: http://www.cgewho.in/kol-2.pdf

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Ministry of Housing and Urban Poverty Alleviation has recently revised the income criteria for fixing eligibility for various Housing schemes being implemented by Ministry of Housing and Urban Poverty Alleviation targeting the Economically Weaker Sections (EWS) / Low Income Group (LIG) beneficiaries. This was stated by Shri Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA), in the Lok Sabha today, in a reply to a question by Shri Suresh Angadi & Shri A. Venkata Rami Reddy.

The Minister stated that the income ceilings for the Economically Weaker Section household has been enhanced from up to Rs.5,000 per month to up to Rs.1,00,000 per annum and that of Lower Income Group has been increased from Rs.5001-10,000 per month to Rs.1,00,001 to Rs.2,00,000 per annum. It is not possible to assess the number of likely beneficiaries as the revision of income criteria is an economic parameter for determining the eligibility.

The Minister further stated that the new criteria for income revision have been conveyed to all State Governments, Union Territories and Central Nodal Agencies namely National Housing Bank (NHB) and Housing and Urban Development Corporation Ltd. (HUDCO). NHB and HUDCO in turn have informed all Banks, Financial Institutions (FIs) and Housing Finance Companies (HFCs). The notification has been uploaded on the Ministry’s website.

Revision of income criteria is only an economic parameter to decide on the eligibility of the beneficiaries entitled for availing benefits under the scheme. The housing needs of the EWS and LIG are to be addressed by various programmes being implemented by this Ministry and State Governments along with active participation of Private Sector and Banks/ Financial Institutions . However, this will enable a larger number of people to access credit and partake in various schemes, the Minister added.

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