(2)The withdrawal for the purpose specified in clause (d) and clause (dd) of sub-rule (1) of rule 68 , by any employee whose pay exceeds rupees five thousand per month, shall be subject to the following conditions:-(i)the amount of withdrawal shall not exceed one-half of the amount standing to the employee's credit or the actual cost of the house and/or of the site, whichever is less;(ii)the employee shall have completed ten years of service or is due to retire within the next ten years;(iii)the construction of the house should be commenced within six months of the withdrawal and should be completed within one year from the date of the commencement of the construction;(iv)if the withdrawal is made for the purchase of a house and/or a site for a house, the purchase should be made within six months of the withdrawal;(v)if the withdrawal is made for the repayment of loan previously raised for the purpose of construction or purchase of a house, the repayment of the loan should be made within three months of the withdrawal;(vi)where the withdrawal is for the construction of a house, it shall be permitted in two or more equal instalments (not exceeding four), a later instalment being permitted only after verification by the trustees about the actual utilisation of the earlier withdrawal;(vii)the withdrawal shall be permitted only if the house and/or site is free from encumbrances and no withdrawal shall be permitted for purchasing a share in a joint property or building or house or land whose ownership is divided;(viii)if the amount withdrawn exceeds the actual cost of the purchase or construction of the house and/or site, or if the amount is not utilised for the purpose for which it is withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71. The amount refunded shall be credited to the employee's account in the provident fund.
