The Employees Provident Fund (EPF) is allowing its depositors to borrow up to Rs 5 million for the purpose of purchasing property.
According to the EPF, the provision was made by supporting Depositors Borrowing Guidelines 2021, which was approved by the EPF in 2015. To yet, the EPF has only provided loans to consumers for the acquisition of residential properties..
A loan with a maximum maturity of 15 years will be made available to the borrowers under the new provisions. Interest will be charged on the loans that will be provided against land as collateral at a rate of 7.9 percent per annum on the borrowed amount.