You can soon withdraw 90% of PF to make down payment for your house

EPFO subscribers would have to form a co-operative society with at least 10 members for the facility

Government will amend EPF scheme to enable around 4 crore members of retirement fund body EPFO to withdraw up to 90% of their fund for making down payments while buying homes, Parliament was informed on Wednesday.

The amendment in the scheme will also allow the Employees’ Provident Fund Organisation (EPFO) subscribers to use their EPF accounts for paying equated monthly instalments (EMIs) of home loans.

Under the new proposed provision in the EPF scheme, EPFO subscribers would have to form a cooperative society with at least 10 members for availing the facility.

“The Government has taken a decision