was looking at few subsale houses in bandar kinrara, puchong. need to clarify whether we can use our epf money to pay the 2% earnest deposit, balance 8% for signing S&P, lawyer & valuation fees etc?

is there a 'zero' downpayment using only epf money if want to buy 2nd hand houses? kind of short on cash, but saw some properties going kind of cheap.

appreciate if all sifus here can show any way to do it. thanx.

Specifically talking about sub-sale, very unlikely you will be able to pay all that using your EPF money.

Basic reason being, to withdraw money from EPF, assuming your first unit that you can withdraw direct to your personal account, you will still need many documents to be able to drawdown EPF.

you need booking receipts before S&P and loan, pay 1st time
you need S&P and loan doc to apply EPF, lawyer wont do it without you paying, pay 2nd time.

Then you may have enough doc to get EPF drawdown. If leasehold, still need to wait for Land Office consent, that will easily take weeks... not so easy my fren.

better start saving more before deciding on a purchase. If it's really so good deal, maybe consider talking to family members to get initial support?

if not enough money borrow from friends and family. or take personal loan

You cant use EPF for 2% Earnest Deposit or balance of the 8% downpayment. But you should get the funds in time to pay for lawyer fee, stamp duty and valuation.

I also faced similar situation last year, so I got a FAMA loan to pay for the downpayment. After EPF credited the money into my bank account, then use it to pay back FAMA. If you want to know more about FAMA loan, please refer to your FAther and MAma.

However for housing loan, can refer to me

Regards,

another alternative is, try to negotiate with the seller, if he can just go ahead, sign the S&P, and wait till you got your EPF money after you secured a loan, then you pay him...

i know, its almost impossible to do... but a friend of mine managed to pull it off... i guess the seller and him has a big trust between each other...

You need to provide docs like SnP, earnest deposit receipt etc that you will only get after you paid those..

u will have to pay ur deposit 1st and apply to withdraw later..