Dear forum members, this is my first post so do bear with me for any nonconformities.
I was on the verge of buying a house property on resale from a resident Indian, for which a bank loan was essential. The deal was 99% finalized with all requisite due diligence in place both from our side and the bank. As part of the own contribution, I took a 90% withdrawal from my EPFO account (fully online, no physical interaction at all), and the monies were credited within 2 working days.
To my complete misfortune, the very next day the seller cancelled the deal due to a sudden COVID-related death in his immediate family. Now I have no immediate requirement for the PF loan, and with no clear idea when I will be able to zero in on a particular HP again. We took 14 months to choose this particular one as we are very fussy about many aspects.
My queries:
How can I pay it back and by when?
Can I withdraw it again as and when I choose another HP?
Can members please advise urgently as I am aware of the loss in interest income every day I leave it in my FD accounts (earning only 5%).
Thank you in advance!
CAclubindia
