Now a housing scheme for EPFO: To launch post March 8

Employees' Provident Fund Organisation (EPFO), a retirement fund body, is planning to launch a housing scheme to enable its over four crore subscribers, to make down payment and pay EMIs from their RPF account to buy homes in the next month.

Under the scheme, which is likely to be launched after March 8 polls, the EPFO will act as a provider for its subscribers to buy homes during their service period. Forming a group housing society will be required by the subscribers as well as their employers. This would further link up banks and builders of houses, so that EPFO members purchase their own homes.

There should be at least twenty members in the group housing society to avail the facility. Pradhan Mantri Awas Yojana and various other schemes of the centre will be allowed to clubbed or put together in the EPFO initiative. However, according to reports, the EPFO will have the right to stop the down payment or monthly installment of loan, on the request of executive head of the group housing society.