Retirement fund body Employees' Provident Fund Organisation (EPFO) has signed Memorandum of Understanding (MoU) with Housing and Urban Development Corporation (HUDCO) to enable its members avail credit-linked subsidy of up to Rs 2.67 lakh for buying affordable homes under Pradhan Mantri Awas Yojana (PMAY). The MoU will club the benefits of the Housing Scheme introduced by the EPFO for its subscribers and PMAY. Under the housing scheme, the EPFO allows its subscribers from societies for withdrawing up to 90% of their EPF accumulations to buy homes.
HUDCO finances social housing and residential real estate through primarily lending to State Governments and their agencies, which, in turn, extend the finance to or utilise the finance for the ultimate individual beneficiaries.
