Section 68BC(1) in The Employees' Provident Funds Scheme, 1952
(1)Notwithstanding anything contained in paragraph 68-B or 68-BB, where a member desires to purchase a dwelling house/ flat, including a flat in a building owned jointly with others (outright or on hire purchase basis), or for construction of a dwelling house including the acquisition of a suitable site for the purpose, from the Central Government, a State Government, or a Housing Agency under a Housing Scheme as notified by the Central Provident Fund Commissioner from time to time, may apply in such form and in such manner, as may be prescribed by the Commissioner, for withdrawal from the amount standing to the credit of the member in the Fund, and the Commissioner, or where so authorised by the Commissioner, any officer subordinate to him, on receipt of such application may sanction such amount not exceeding the members own share of contributions with interest thereon (and the employers share of contributions with interest thereon to his credit) or the cost of the acquisition of the proposed property whichever is less by debiting to the members account:Provided that no withdrawal under this paragraph shall be granted unless-(i)the member has completed five years membership of the Fund; and(ii)the share of contributions with interest thereon in the amount standing to the credit in the Fund of the member/ or together with the spouse who is also a member, is not less than twenty thousand rupees:Provided further that the Commissioner may, on sufficient grounds being shown through an application from a member in this regard, reduce the period as stipulated in (i) above to three years for withdrawal from the amount standing to the credit of the member in the Fund, for the repayment, wholly or partly, of any outstanding principal and/ or interest of a loan obtained in the name of the member or spouse of the member or jointly by the member and spouse from any Government or a Housing Agency under Housing Scheme so notified, solely for the purposes specified in this proviso and the Commissioner, or where so authorised by the Commissioner, any officer subordinate to him, on receipt of such application may sanction such amount not exceeding the member's own share of contributions with interest thereon along with with the employers share of contributions with interest thereon, or the amount requested by the member or the outstanding balance in the loan account, whichever is less, by debiting to the members account:Provided also that, where a member desires that monthly instalments for the repayment, wholly or partly, of any outstanding principal and/ or interest of a loan obtained in the name of the member or spouse of the member or jointly by the member and spouse, solely for the purposes specified in this proviso, may be paid from the amount standing to the credit of the member in the Fund, he may apply in such form and in such manner, as may be prescribed by the Commissioner and on receipt of such an application, the Commissioner or where so authorised by the Commissioner, any other officer subordinate to him may make payment by the 15th of each month on behalf of the member to the Government or a Housing Agency concerned, as the case may be:Provided also that when the membership of the member ceases to exist, or, where the amount standing in the credit of the member's account is not sufficient to pay the monthly instalment for any month, the Commissioner or where so authorised by the Commissioner any other officer subordinate to him shall not be liable to pay the monthly instalment or any late fee and/ or interest, if any monthly instalment could not be remitted in time.
