Now EPFO members can get housing subsidy of Rs. 2.67 lakh. However it is only through HUDCO tie up. Earlier we reported that EPFO members could get housing loan. But now EPFO and HUDCO came together with another scheme. Moreover here HUDCO is Housing and Urban Development Corp.
EPFO and HUDCO plan
Employees Provident Fund Organisation joined HUDCO for this housing subsidy. Therefore EPFO members can have credit linked subsidy. While this subsidy is only up to Rs. 2.67 lakhs. Hence EPFO subscribers can now buy homes.
Even they can buy homes under PMAY or Pradhan Mantri Awas Yojana. You can also know about EPFO members can submit Aadhaar card by 30th June 2017 and 30th September 2017 for North-East States.
What is PMAY?
PMAY is short form for Pradhan Mantri Awas Yojana. Moreover Prime Minister Narendra Modi started this program. And due to this program people can get affordable housing. On other hand beneficiaries get credit linked subsidy under this scheme of PMAY.
Apart from this subsidy depends on income levels of beneficiary. Hence after looking at all things only authorities will give this subsidy to applicant.
What is HUDCO?
On other hand HUDCO means Housing and Urban Development Corp. Besides it is nodal agency. And this implements credit linked subsidy scheme. But it will be only for economically weak sections. While it also includes middle or lower income groups.
Thus in some manner every person will benefit. And they can dream of a home by 2022. It is because of this also that Government of India came up with different schemes. And one of them is below MoU. Now you can claim your EPF balance online. While for this you read steps to claim EPF using Aadhaar card online download.
Memorandum of Understanding for ‘Housing for all by 2022’
Labour Minister Mr. Banadaru Dattatreya was present when authorities signed MoU or Memorandum of Understanding. In addition Mr. M. Venkaiah Naidu, Minister of Urban Development, Housing and Urban Poverty Alleviation was also present.
Whereas EPFO Central Provident Fund Commissioner V P Joy and HUDCO CMD M Ravi Kanth signed MoU. Moreover because of this MoU people will get double benefits. As they get benefits of PMAY and Housing Scheme of EPFO.
Best schemes for Employees Provident Fund Organisation members
As you know EPFO announced one housing scheme. With this EPFO members will benefit a lot. As EPFO announced housing scheme 2017 for EPFO members. In this way EPF subscribers can buy either house or flat. Or they may also buy property. However they must follow some procedure.
With all these developments it is clear that EPFO subscribers will get many benefits. Even Ministry of Labour aims to let members of retirement fund organisation buy house. Therefore EPFO subscribers can apply for housing subsidy through HUDCO which amounts to Rs. 2.67 lakhs.