EXAMPLE 1 (Individual Purchase)
Encik Sallehuddin purchased a house costing RM75,000.00 and obtained a housing loan of RM60,000.00. He has an EPF savings of RM18,000.00 in Account II. Therefore the amount of savings he can withdraw is :
Encik Sallehuddin purchased a house costing RM75,000.00 and obtained a housing loan of RM60,000.00. He has an EPF savings of RM18,000.00 in Account II. Therefore the amount of savings he can withdraw is :
Price of The House
|
RM 75,000.00
|
Housing Loan
|
RM 60,000.00
|
Difference Between Price of The House and Housing Loan
|
RM 15,000.00
|
Additional 10% of The Price of The House
|
RM 7,500.00
|
Amount Eligible For Withdrawal
|
RM 22,500.00
|
Balance in Account II
|
RM 18,000.00
|
Amount That Can Be Withdrawn
|
RM 18,000.00
|
Since the balance in Account II is only RM18,000.00 which is less than the amount that
he is eligible to withdraw i.e. RM22,500.00, Encik Sallehuddin can only withdraw RM18,000.00.
EXAMPLE 2 (Individual Purchase Without Housing Loan)
Encik Amirul purchased a house costing RM125,000.00. He did not take any housing loan to purchase the house. He has paid RM35,000.00 to the developer. His savings in Account II is RM60,000.00.
EXAMPLE 2 (Individual Purchase Without Housing Loan)
Encik Amirul purchased a house costing RM125,000.00. He did not take any housing loan to purchase the house. He has paid RM35,000.00 to the developer. His savings in Account II is RM60,000.00.
Price of The House
|
RM 125,000.00
|
Housing Loan
|
NIL
|
Difference Between Price of The House and Housing Loan
|
RM 125,000.00
|
Additional 10% of The Price of The House
|
RM 12,500.00
|
Amount Eligible For Withdrawal
|
RM 137,500.00
|
Balance in Account II
|
RM 60,000.00
|
Amount That Can Be Withdrawn
|
RM 60,000.00
|
Since Encik Amirul has only RM60,000.00 in Account II, he can only withdraw all of his savings in Account II.
EXAMPLE 3 (Joint Purchase)
Encik Amir and Puan Syuhada purchased a house costing RM100,000.00 and they obtained a housing loan of RM100,000.00. The total savings in Account II for Encik Amir is RM9,000.00 and for Puan Syuhada is RM3,600.00.
Price of The House
|
RM 100,000.00
|
Housing Loan
|
RM 100,000.00
|
Difference Between Price of The House and Housing Loan
|
NIL
|
Additional 10% of The Price of The House
|
RM 10,000.00
|
Amount Eligible For Withdrawal By The Couple
|
RM 10,000.00
|
Balance in Account II of Encik Amir
|
RM 9,000.00
|
Balance in Account II of Puan Syuhada
|
RM 3,600.00
|
Amount That Can Be Withdrawn By Encik Amir
|
RM 9,000.00
|
Amount That Can Be Withdrawn By Puan Syuhada
|
RM 1,000.00
|
Total Amount That Can Be Withdrawn By The Couple
|
RM 10,000.00
|
Since both members obtained 100% housing loan, the total amount eligible to be withdrawn by the couple is only 10% of the price of the house, i.e. RM10,000.00. The EPF will firstly process withdrawal application from Encik Amir amounting to RM9,000.00 plus dividend and followed by withdrawal application from Puan Syuhada to make up the amount not exceeding RM10,000.00.
EXAMPLE 4 (Purchase Of A Housing Lot And Building A House Simultaneously)
Encik Nasaruddin purchased a piece of land costing RM80,000.00 on 1st January 2002 and obtained a loan of RM70,000.00. On 1st May 2002, he has signed an agreement to build a house on that land with construction cost of RM200,000.00. He has obtained a housing loan of RM100,000.00 to build the house. The calculation for withdrawal by Encik Nasaruddin is as follows :
Encik Nasaruddin purchased a piece of land costing RM80,000.00 on 1st January 2002 and obtained a loan of RM70,000.00. On 1st May 2002, he has signed an agreement to build a house on that land with construction cost of RM200,000.00. He has obtained a housing loan of RM100,000.00 to build the house. The calculation for withdrawal by Encik Nasaruddin is as follows :
Price of The Land
|
RM 80,000.00
|
Construction Cost of The House
|
RM 200,000.00
|
Total Construction Cost of The House and Price of The Land
|
RM 280,000.00
|
Total Loan To Purchase The Land and To Build The House
|
RM 170,000.00
|
Difference Between Construction Cost of The House and Price of The Land with The Total Loan
|
RM 110,000.00
|
Additional 10% of The Price of The House
|
RM 28,000.00
|
Amount Eligible For Withdrawal
|
RM 138,000.00
|
Balance in Account II
|
RM 150,000.00
|
Amount That Can Be Withdrawn
|
RM 138,000.00
|