EPF members entitled to 30 pc. interest-free loans for housing

By Franklin R. Satyapalan

The Employees Provident Fund (EPF) members are entitled to interest-free housing loans of upto 30 per cent of the funds in their accounts, EPF Commissioner K. Ratnayake Weerakoon said yesterday.

He said that there were 2.1 million active members and 12 million inactive members registered with the EPF Department.

Of the 2.1 million active members, around one million have been reregistered under their National Identity card (NIC) numbers and finger prints. Thus, it would be impossible for fraudulent acts to take place with this registration system, unlike in the past when some accounts had been fraudulently withdrawn.

Weerakoon said that details of the total sums lying in member accounts were available with the Superintendent of EPF, Central Bank of Sri Lanka (CBSL) Mrs Kalyani Gunatilleke, butt all attempts made to contact her were of no avail throughout last afternoon.

He said that earlier 75 per cent of the funds credited to a member’s EPF account could be obtained for housing purposes with the Fund providing the guarantee to State and commercial banks to provide the loans for that amount to their members.

He said that following Minister of Labour Relations and Productivity Promotion Gamini Lokuge tabling a Bill, Legislation was passed to amend the EPF, under Act No. 2 of 2012 and they were now framing the regulations.

He said that members could also apply for 30 per cent of the funds credited to their accounts to be released for medical expenses at zero interest.

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