The Ordinary Account savings can be used to purchase a home under the CPF housing schemes. A Housing and Development Board ( HDB ) flat may be purchased under the Public Housing Scheme, or a private property under the Residential Properties Scheme. CPF savings may be used for full or partial payment of the property, and to service the monthly housing payments. Home buyers who are taking a bank loan to finance their property purchase have to pay the first 5% of the downpayment in cash. If a flat is purchased under the Public Housing Scheme, insurance under the Home Protection Scheme will be needed.
The Universal Account Number, which allows number portability between various provident funds was launched by Narendra Modi, the Prime Minister of India on the 1 st October 2014. The UAN consists of 12 digits and is meant to give a subscriber one non-changing identity regardless the establishment they are working for or the employee provident fund they are contributing to. Throughout an employee’s life, the number will remain the same no matter how many times the employee changes jobs. The EPFO has given out more than sixty million Universal Account Numbers. Activations have been recorded in close to twenty five million of those UANs.