Discover the Secret to Home Ownership with This Savings Plan

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In April last year, the Labor Department of the Government of India launched a scheme to help middle-class working people who have dreams of owning a home.

Home Ownership Savings Plan

In April last year, the Labor Department of the Government of India launched a scheme to help middle-class working people who have dreams of owning a home. While the project of constructing more than two crore houses under the ‘Pradhan Mantri Awas Yojana’ announced by the central government earlier is in place, e-commerce to buy one’s own house is underway. P. A scheme that uses F savings has been introduced.

Labor Department

Based on the above scheme, various concessions are also provided by the Government of India to help the middle class. Bank loans have been simplified and interest rates have been reduced. In pursuance of this, the Union Labor Ministry has announced new incentives for the benefit of monthly salaried employees.

Prior to this, five years was e. P. F. Employees whose money has been deducted are equivalent to their 36-month salary (Basic and T. a sum added) c. P. There was a facility to take the money from the F savings for the purchase of a house. E. for 24 months for the purchase of land for the construction of the house. P. There was also the facility of receiving the f savings amount.

Regulation

In this case, in order to buy a house, e. P. It has been announced that 90 per cent of the f savings amount can be withdrawn. There are certain restrictions on receiving that amount. P. F’s office has decreed. Accordingly, 10 or more beneficiaries have to form a cooperative society and register it properly. their c. P. A minimum of three years should have been deducted from f account. On the basis of this scheme e. P. F will pay the amount for the purchase of the plot or the construction of the house to the concerned cooperative society, housing agency or builders. c. P. No amount will be paid in the hands of F members.

Apartments

The offer came into effect from the third week of April last year. Under this scheme, 10 people working in the same office can jointly buy apartments. In case of failure to buy a house or flat due to some reason, the amount paid within 15 days is e. P. The government has also notified a rule that it has to be refunded to F. Also, to pay the loan amount in full or in part, their monthly e-commerce. P. There is also optional permission to use any amount.

Co-operative Society

A beneficiary can benefit from this scheme only once in his/her lifetime. Four crore people are likely to be benefitted from this scheme. Moreover, there is a situation where the employees come together to form a workers’ cooperative society and buy houses, plots and apartments.

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