Hey,
In my opinion, PF Advance Form 31 is a blessing in disguise for all the employees. And I have a perfectly valid reason for believing so. But before I tell you why I believe so I would like to tell you what is PF advance Form 31.
Form 31 is an advance form that is submitted to claim partial or full PF withdrawal from the EPF account of an employee. If the KYC of your account is up-to-date, you do not need to go through your employer to claim your PF. You can directly submit Form 31 to EPFO. This is the exact reason why I believe it is a blessing in disguise. But this blessing can be showered under certain circumstances only with a prescribed withdrawal limit and other conditions. This can be the answer to what is the meaning of PF advance Form 31.
Now that you know what is the meaning of PF advance Form 31, let’s see the situation in which withdrawals can be made through Form 31.
| Sl. No. | Purpose of Withdrawal | Withdrawal Limits | Minimum Service Required | Other Conditions |
1. |
Education purposes |
Can withdraw up to 50% of the employee's contribution along with interest. |
7 years |
All the expenses incurred for the education of children post their matriculation. |
2. |
Marriage purpose |
Can withdraw up to 50% of the employee's contribution along with interest. |
7 years |
All the expenses incurred in the marriage of children, siblings, or self. |
3. |
Purchase of new house/ land |
For the purchase of a house, you can withdraw up to 36 times the basic monthly salary along with DA, or the total cost of the house, whichever is lower. For the purchase of new land, you can withdraw up to 24 times the basic monthly salary along with DA, or the total cost of the land, whichever is lower. |
5 years |
The owner of the new house or land should be you, or your spouse or you must own it jointly with your spouse. |
4. |
House Renovation Purpose |
You can withdraw up to 12 times the basic monthly salary along with DA, or the total cost of renovating the house, whichever is lower. |
5 years |
It can be availed only twice and only after 5 years of building/buying the house. |
5. |
Loan Repayment Purpose |
You can withdraw up to 12 times the basic monthly salary along with DA, or the total remaining principal and interest of the loan, whichever is lower. |
10 years |
The agency from which the loan is taken must provide a certificate indicating the remaining principal and interest amount. |
I hope now you have a clear understanding of what is pf advance form 31 and when you can withdraw PF through Form 31.
Invest your PF amount on Home Loans and buy the home of your dreams at NoBroker. Read more: What is Form 19 in PF? How to Withdraw Pension Contribution in EPF Online?Your Feedback Matters! How was this Answer?
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What is PF Advance Form 31?
Ramesh
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3 Year
2022-04-25T18:48:58+00:00 2022-04-25T18:49:00+00:00Comment
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