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> Redeem EPF Account 2 money, need some help here

kamaUshUsh
post Jun 8 2010, 01:11 AM


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Hi,

my situation is like this:-

me n my gf owned a house, the loan ... is under my name only.

now the question is... can i redeem my epf account 2 money for the 10% deposit ?

Thanks.
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almeizer
post Jun 8 2010, 02:10 AM


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I wonder u already owned a house under ur name but u want withdraw EPF account 2 for 10% deposit ... Buying 2nd house? or u withdraw the EPF to pay the loan?

If u wanted to use EPF for paying deposit for new house, then it's possible but I think limited to first house only.

This post has been edited by almeizer: Jun 8 2010, 02:11 AM
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kamaUshUsh
post Jun 8 2010, 09:46 AM


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QUOTE(almeizer @ Jun 8 2010, 02:10 AM)
I wonder u already owned a house under ur name but u want withdraw EPF account 2 for 10% deposit ... Buying 2nd house? or u withdraw the EPF to pay the loan?

If u wanted to use EPF for paying deposit for new house, then it's possible but I think limited to first house only.
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i already owned the house, together with my gf. but the loan, is only my name.
no 2nd house...

and i want to withdraw my account 2 money (10% deposit) from my epf, is that possible?

btw, i signed my snp on june 2009, so within 3 years, means until june 2012 i still can withdraw this money ?

This post has been edited by kamaUshUsh: Jun 8 2010, 09:46 AM
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eimane
post Jun 8 2010, 10:00 AM


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I need to draw my EPF soon as well...in my case... already bought a house in Dec last year...I want to draw for purpose of renovation...I know it is not possible...but any other reason I can use to draw my EPF?
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Shazzac
post Jun 8 2010, 11:49 AM


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QUOTE(kamaUshUsh @ Jun 8 2010, 09:46 AM)
i already owned the house, together with my gf. but the loan, is only my name.
no 2nd house...

and i want to withdraw my account 2 money (10% deposit) from my epf, is that possible?

btw, i signed my snp on june 2009, so within 3 years, means until june 2012 i still can withdraw this money ?
*
Seriously dun understand ur question.

If you already own the house, it is only possible to withdraw EPF Account 2 to pay off the loan. Why do you need a 10% deposit for a house you already own?


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uniquesoul
post Jun 8 2010, 11:52 AM


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If i'm buying a 2nd house with my partner. Can both of us w/draw the epf $$$?
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dvinez
post Jun 8 2010, 11:52 AM


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i have the same thinking too, i bought the house last year (9 months ago) under me & my gf name without using epf.

can we withdraw it now, so i can use it for car or maybe 2nd house.
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kamaUshUsh
post Jun 8 2010, 12:06 PM


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QUOTE(Shazzac @ Jun 8 2010, 11:49 AM)
Seriously dun understand ur question.

If you already own the house, it is only possible to withdraw EPF Account 2 to pay off the loan. Why do you need a 10% deposit for a house you already own?
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ohh ... sorry for the confusion here.

okie, dun bother about the 10% deposit thing 1st. put it this way, i bought a house, with my gf. then the housing loan is under my name only. right now, i need cash ... for renovation .. or maybe other purposes .. like investment on other things. so from what i know, since this is my 1st house, i can withdraw money from my epf account 2, which is the amount of withdrawal is equivalent to 10% of my house price.

so my 1st question is :-

1) can i withdraw the money ? house 2 names, but the loan is my name.

2) withdrawal period. snp signed on June 2009, when is my due date ? 3 years after, means ... June 2012?

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shizham
post Jun 8 2010, 12:37 PM


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QUOTE(kamaUshUsh @ Jun 8 2010, 12:06 PM)
ohh ... sorry for the confusion here.

okie, dun bother about the 10% deposit thing 1st. put it this way, i bought a house, with my gf. then the housing loan is under my name only. right now, i need cash ... for renovation .. or maybe other purposes .. like investment on other things. so from what i know, since this is my 1st house, i can withdraw money from my epf account 2, which is the amount of withdrawal is equivalent to 10% of my house price.

so my 1st question is :-

1) can i withdraw the money ? house 2 names, but the loan is my name.

2) withdrawal period. snp signed on June 2009, when is my due date ? 3 years after, means ... June 2012?
*
Quoted from EPF site...

Kelayakan Memohon

(i) Warganegara Malaysia; ATAU

(ii) Warganegara Malaysia yang telah membuat pengeluaran di

bawah Pengeluaran Meninggalkan Negara sebelum 1 Ogos

1995 dan kemudian memilih untuk mencarum semula dengan

KWSP; ATAU

(iii) Bukan warganegara Malaysia yang :

* Menjadi ahli sebelum 1 Ogos 1998; ATAU

*
Mendapat taraf Penduduk Tetap (PR)
Anda belum mencapai umur 55 tahun pada tarikh permohonan diterima oleh KWSP; DAN

Anda mempunyai simpanan sekurang-kurangnya RM500.00 di dalam Akaun 2.

Extracted from http://www.kwsp.gov.my/index.php?ch=p2memb...nenbmenenenenen


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b00n
post Jun 8 2010, 01:35 PM


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Whenever you haven't withdraw the money from EPF; yes, you are eligible.

You may refer to these posts of mine here: http://forum.lowyat.net/topic/879991?author=b00n

Or basically go through this same topic. http://forum.lowyat.net/topic/879991

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sonerin
post Jul 4 2010, 05:32 PM


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QUOTE(uniquesoul @ Jun 8 2010, 11:52 AM)
If i'm buying a 2nd house with my partner. Can both of us w/draw the epf $$$?
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Yes you can withdraw the money from EPF. There are condition of 2nd house withdrawal. If your first house you bought already withdrawn from EPF, then you need to dispose of your first house before withdrawing again. If you first house is bought without using the EPF, then the withdrawal of EPF is consider for 1st house only.
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Moonguy
post Jul 5 2010, 10:07 PM


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I have just applied for EPF Account II withdrawal and FYI you are not allowed to withdraw the money for renovation or for other usage. It is strictly ONLY meant for reducing your current home loan. The cash will be directly credited to your home loan account anyway. sad.gif
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sonerin
post Jul 6 2010, 07:30 AM


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QUOTE(Moonguy @ Jul 5 2010, 10:07 PM)
I have just applied for EPF Account II withdrawal and FYI you are not allowed to withdraw the money for renovation or for other usage. It is strictly ONLY meant for reducing your current home loan. The cash will be directly credited to your home loan account anyway. sad.gif
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If you withdraw the money for the second time for the same house then it is to reduce home loan only. However if you withdraw for the first time to buy house the money goes into your own personal account. This apply as well for buying 2nd house with additional condition.
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sam0919
post Jul 6 2010, 12:21 PM


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mayb u can check with ur current chargee bank the letter offer c whether r there stated " the bank is not allow u to withdraw the prepayment / extra payment which u withdraw from epf to offset the loan for own consumption purpose. " if there are no such clause, then try to withdraw the EPF amount offset ur loan principle and at the same time withdraw out for own use..

wonder is this possible as i know few banks did stated such clause that not allow the borrower to withdraw the extra payment which u dump in with ur epf money.

This post has been edited by sam0919: Jul 6 2010, 12:22 PM
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chun5113
post Jul 6 2010, 02:59 PM


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QUOTE(kamaUshUsh @ Jun 8 2010, 09:46 AM)
i already owned the house, together with my gf. but the loan, is only my name.
no 2nd house...

and i want to withdraw my account 2 money (10% deposit) from my epf, is that possible?

btw, i signed my snp on june 2009, so within 3 years, means until june 2012 i still can withdraw this money ?
*
As far as i know, as long as the S&P have your name, u can withdraw the epf to pay for the down payment. My question is, are u purchase the house from developer? or individual? How come after signing S&P, they never chase for the down payment? I was thought that normally during signing s&p, u must pay the down payment?


Added on July 6, 2010, 3:05 pm
QUOTE(uniquesoul @ Jun 8 2010, 11:52 AM)
If i'm buying a 2nd house with my partner. Can both of us w/draw the epf $$$?
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As long as the S&P having your name and your partner name, both of u are allowed to withdraw the EPF. If the S&P only have your name, then the partner have to prove the relationship with you i.e marriage certificate.

This post has been edited by chun5113: Jul 6 2010, 03:05 PM
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chilskater
post Jul 6 2010, 03:50 PM


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i plan to do the same..i got 10% diskaun (meaning that deposit of the house)..can i still withdraw $$ from EPF II account for renovation, furniture n etc..?1st house, 1st timer and single..
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