Saw a low cost flat at Bandar Mahkota Cheras selling at 43 k, 650 sq feet.
Disadvantage: 5th floor
Lelong reserve price is from 40500 (2nd Floor) onwards.
INTRODUCTION
This withdrawal allows you to withdraw your savings in Account II to part finance the purchase of a house as follows :-
Individual purchase ; or
Joint purchase with spouse, family members or other individuals.
This withdrawal also allows you to purchase a house from the developer, an individual or public auction.
WITHDRAWAL ELIGIBILITY
You are eligible to apply if :-
You are a :
Malaysian citizen ;
Non-Malaysian citizen with Malaysian Permanent Resident (PR) status ;
Malaysian citizen who has withdrawn your savings under Leaving The Country Withdrawal before 1 August 1995 and subsequently made an election to re-contribute to EPF ; or
Non-Malaysian citizen (Expatriate) who became a member of the EPF before 1 August 1998.
You have not reached 55 years of age on the date the application is received by EPF.
You still have savings in Account II.
CONDITIONS FOR WITHDRAWAL
You have purchased a house (house types : bungalow / terrace / semi-detached / flat / condominium / apartment / studio apartment / service apartment / town house) or a shophouse with a dwelling unit ; and
You financed the purchase of the house by obtaining a housing loan from any financial institution approved by EPF
OR
You purchased the house by cash ; and
You have executed the Sales and Purchase Agreement not more than three years on the date the application is received by EPF ; and
You have never withdrawn your EPF savings for housing
OR
You purchased a second house - You have withdrawn your EPF savings for housing before this but you have sold the house and subsequently purchased another house (you must produce the proof of sale of the first house).
You wish to purchase a house by way of hire purchase from any authority authorised by EPF.
You purchased a piece of land and build a house on it simultaneously (the date of Land Purchase Agreement with the House Construction Agreement must be within 6 months).
However, you are not eligible to make withdrawal for the purpose of :-
Purchasing a piece of land or a housing lot only.
Renovate, repair or make extensions to an existing house.
AMOUNT ELIGIBLE FOR WITHDRAWAL
You can withdraw your savings based on the following, whichever is lower :
Individual Purchase
The difference between the price of the house and the housing loan
with an additional 10% of the price of the house
OR
The balance available in Account II.
Joint Withdrawal With Spouse, Family Members or Other Individuals
The difference between the price of the house and the housing loan
with an additional 10% of the price of the house,
OR
The balance available in Account II of all applicants
subject to the maximum eligible amount as stated above.
If you obtained a full housing loan (100%), you are eligible to withdraw as much as 10% of the price of the house OR the balance available in Account II, whichever is lower.
If you purchased a house by cash, you are eligible to withdraw as much as the price of the house with an additional 10% of the price of the house OR the balance available in Account II, whichever is lower.
You can choose to determine the amount you wish to withdraw from your savings in Account II, subject to the maximum amount eligible for withdrawal. You will be required to complete "Surat Akujanji Pilihan Amaun Pengeluaran" for this purpose.
EXAMPLE 1 (Individual Purchase)
Encik Sallehuddin purchased a house costing RM75,000.00 and obtained a housing loan of RM60,000.00. His total EPF savings in Account II is RM40,000.00. Therefore the amount of savings that 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
Maximum Amount Eligible For Withdrawal RM 22,500.00
Balance Available in Account II RM 40,000.00
The Amount That Can Be Withdrawn RM 22,500.00
Since the maximum amount he is eligible to withdraw is lower than his total savings in Account II, Encik Sallehuddin can withdraw RM22,500.00 only.
EXAMPLE 2 (Individual Purchase By Cash)
Encik Amirul purchased a house costing RM125,000.00. He did not take any housing loan to finance the purchase. He has paid RM35,000.00 to the developer. His total savings in Account II is RM60,000.00.
Price of The House RM 125,000.00
Housing Loan NIL
Difference Between The Price of The House and Housing Loan RM 125,000.00
Additional 10% of The Price of The House RM 12,500.00
Maximum Amount Eligible For Withdrawal RM 137,500.00
Balance Available in Account II RM 60,000.00
The Amount That Can Be Withdrawn RM 60,000.00
Since Encik Amirul has RM60,000.00 only in his Account II, he can 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. Encik Amir has RM20,000.00 in his Account II and Puan Syuhada has RM3,600.00 only in her Account II.
Price of The House RM 100,000.00
Housing Loan RM 100,000.00
Difference Between The Price of The House And Housing Loan NIL
Additional 10% of The Price of The House RM 10,000.00
Maximum Amount Eligible For Withdrawal By The Couple RM 10,000.00
Balance Available in Account II for Encik Amir RM 20,000.00
Balance Available in Account II for Puan Syuhada RM 3,600.00
The Amount Chosen To Be Withdrawn By Encik Amir RM 7,000.00
The Amount That Can Be Withdrawn By Puan Syuhada RM 3,000.00
Total Amount That Can Be Withdrawn By The Couple RM 10,000.00
Since both members obtained 100% housing loan, the maximum amount that can be withdrawn by this couple is 10% of the price of the house only, i.e. RM10,000.00 to cover for side cost. Applications will be processed according to the amount they choose to withdraw respectively, by completing "Surat Akujanji Pilihan Amaun Pengeluaran".
1. PURCHASE FROM DEVELOPER
i) Member's Identification Card/Smart Card or Police/Military Identification Card :
For Police/Military Identification Card holder, please produce a letter from Police/Military Department confirming your Identification Card number.
For Smart Card holder, please produce a photocopy of your Smart Card and
affix your right and left thumb impression on the copy.
ii) Sales and Purchase Agreement (with the names of all applicants for joint purchase) that is executed not more than 3 years on the date the application is received by the EPF;
iii) Housing Loan Approval Letter or Housing Loan Agreement (if application is submitted after one year from the date of Loan Agreement);
iv) Member's individual Savings Account book or individual Current Account statement which are still active; and
v) If members self-finance the purchase of the house, they are also required to submit the following documents :
Letter from the developer confirming the purchase paid in cash;
Payment receipt of not less than 20% from the purchase price of the house;
Letter requesting the progress payment of at least 20% together with the
Architect Certificate.
2. PURCHASE FROM AN INDIVIDUAL/PUBLIC AUCTION
i) Documents as in A(i) to (iv) under Purchase From Developer;
ii) Deed of Title/Deed of Assignment in the name of the member/vendor to confirm the
particulars of vendor and to check the restriction on the property;
iii) Letter authorising the transfer of title from the developer/Land Office, if applicable;
iv) For purchase from public auction, Form 16F (Public auction Form);
v) If members self-finance the purchase of the house, they are also required to submit the following documents :
Deed of Assignment in the member's name or Form KTN 14A;
Letter confirming the purchase paid in cash from the lawyer in charge of the sales and purchase ; and Payment receipt of not less than 20% from the price of the house.
