Signature on the PF form?

Question

This is in regards to the PF with drawl application form that was required to sign by the IDBI bank from where I have taken the home loan. As per the PF Team they need a certificate from the lending agency for repayment of loan. The application form has the details about the loan taken by the IBM employee details of the property number of installments pending etc. Apart for the loan details the PF team also needs a signature from the lending agency stating that the loan details mentioned by the employee are accurate and they approve that the PF amount can be credited to the loan account as and when received from the PF office. PF team will not proceed any further without the lending agencyā?Ts signature on the form. bank personel at basheerbagh branch are not signing on the PF form but gave me all the details of the home loan on their company letter head which will not be accepted by PF office. This is pemding for more than 2 months. I have escalted this to the Tier2 level within bank also but I havent got any response till date.

 

Answer 1

Ramakrishnan,

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers to provide guidance for resolution of any complain/query in respect of financial services. This site does not belong to any Bank nor a regulator, which may please be noted.

If my understanding is correct, you are an employee of IBM who has availed home loan from IDBI Bank. Now you intend to make partial/full withdrawal from your Provident Fund accumulated over a period of time. Your PF trust has a prescribed form for withdrawal that has to be signed by the lender. The form mentions that PF withdrawal amount would be directly credited into your home loan account. In my opinion, your PF withdrawal would first come in your savings/salary account and thereafter it could be transferred to home loan account. Perhaps, this could be the reason for not signing the PF form.

You will have to take up the matter with your PF trust, which can be pursued to issue a Bankers Cheque or Demand draft mentioning your name with home loan a/c number. And name of the Bank as beneficiary. This is a solution suggested for resolution of issue.

Regards

Deepak