(3)100 per cent of such contribution, if the period of membership of the employee in the fund is 15 years or more ;(ii)the employee shall have completed five years of service or is due to retire within the next ten years;(iii)the withdrawal shall be permitted only if the house and/or site is free from encumbrances;(iv)no withdrawal shall be permitted for purchasing a share in a joint property or a building or a house or land whose ownership is divided except where a site is owned jointly with the spouse;(v)where the withdrawal is for construction of a house, the payment of the withdrawal may be sanctioned in such number of instalments (not exceeding four) as the trustees of the fund think fit;(vi)where the withdrawal is for the construction of a house, the construction of the house should be commenced within six months of the withdrawal and should be completed within twelve months of the withdrawal of final instalment;(vii)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a house and/or a site for a house, the purchase should be made within six months of the withdrawal;(viii)if the amount withdrawn exceeds the actual cost of the purchase or construction of the house and/or site or if the amount is not utilised for the purpose for which it is withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such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 and the amount so refunded shall be credited to the employee's account in the fund.
