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> KWSP account 2 withdrawal, need help ... (Financial)

kamaUshUsh
post Jun 23 2011, 01:08 PM


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Hi,

I bought a house with my wife ... the snp is with 2 names, but the housing loan is under my name only.

This is my 1st property, but it is not for my wife. The snp signed somewhere around June 2009.

Both of us have not withdraw any money from epf.

Now, as far as i know, i can withdraw 10% of the house price, from account 2.

My problem is ... whether my wife can withdraw the money as well?

from kwsp site:-

» Click to show Spoiler - click again to hide... «


any1 can help me out here ?
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kkl123
post Jun 23 2011, 01:12 PM


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What i know

should be not a problem ...


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kamaUshUsh
post Jun 23 2011, 01:26 PM


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lol .. izit .... i hope no problem also. because i need the cash. if not, i have to re plan my financial management. anyway ... will ask them straight away later. But hopefully you guys can give me some hint. even if cannot, maybe some workaround ?
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WaCKy-Angel
post Jun 23 2011, 01:30 PM


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I believe should have no prob..

Same like LHDN if you are married you and ur spouse share the tax, so i guess should be same for EPF..

Anyhow why dont u just ring them up huh?
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aiskrimcup
post Jun 23 2011, 01:45 PM


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i think should be no problem since your wife name is in the s&p.
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hlliew
post Jun 23 2011, 01:49 PM


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Hi,

No problem for the withdrawal and as long as this is your first withdrawal for house, it will consider as first house.

Also you have to make sure your home loan acc has 2 names also, because KWSP will pay direct to your bank. If you only have one name, then you have to check with KWSP.

Cheers.
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kamaUshUsh
post Jun 23 2011, 02:35 PM


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my loan account got my name only, snp got 2 names. this withdrawal is base on loan account or snp ?
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spikyz
post Jun 23 2011, 02:43 PM


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seen and heard ppl do the same. should be okay.
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CKHong
post Jun 23 2011, 04:18 PM


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QUOTE(hlliew @ Jun 23 2011, 01:49 PM)
Hi,

No problem for the withdrawal and as long as this is your first withdrawal for house, it will consider as first house.

Also you have to make sure your home loan acc has 2 names also, because KWSP will pay direct to your bank. If you only have one name, then you have to check with KWSP.

Cheers.
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kwsp direct pay to the bank ? not give us cheque or bank in to our account ah ?
since we need to sign SPA first then only can request to get the money from account 2.. means that we already paid the 10% of the downpayment...Is it kwsp put the money into the bank and then act as semi flexi loan ??
sorry .. noob on kwsp withdrawal
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22222222
post Jun 23 2011, 04:31 PM


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QUOTE(CKHong @ Jun 23 2011, 04:18 PM)
kwsp direct pay to the bank ? not give us cheque or bank in to our account ah ?
since we need to sign SPA first then only can request to get the money from account 2.. means that we already paid the 10% of the downpayment...Is it kwsp put the money into the bank and then act as semi flexi loan ??
sorry .. noob on kwsp withdrawal
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canlah...jz redraw as monthly repayment ....the money will go to your acc....but very slow lah....monthly by monthly.....

or else

u can redraw all money from acc 2 to ur loan acc, after that do a Top up loan on existing property.....fast but needed to pay lawyer fee on the top up loan.


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CKHong
post Jun 23 2011, 05:52 PM


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eh~ i thought i can get a lump sump from my account 2 as i borrowed money from my parents to pay some of the 10% downpayment...
means i can only redraw as monthly repayment nie ah.. kenot get one lump sum ? without have to pay the lawyer fee~
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22222222
post Jun 23 2011, 06:23 PM


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QUOTE(CKHong @ Jun 23 2011, 05:52 PM)
eh~ i thought i can get a lump sump from my account 2 as i borrowed money from my parents to pay some of the 10% downpayment...
means i can only redraw as monthly repayment nie ah.. kenot get one lump sum ? without have to pay the lawyer fee~
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For first time redraw, yes u can get a lump sum . The calculation as below

=> (price of property + another 10% price of property) - (90% loan amount {if your loan is 90%}) = maximum amount that you are eligible to withdraw. If the amount in your account 2 is less than this eligible amount, then you can max out your account 2 loh.

For TS case, since he/she oledi buy the house long time ago...she/he oni can either through installment redraw or lump sum redraw and bank to loan acc.
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CKHong
post Jun 23 2011, 06:37 PM


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oh oh.. thank u for ur clarification... haha.. i straight away bring my own question inside and kacau TS thread.. sori TS.. tongue.gif

This post has been edited by CKHong: Jun 23 2011, 06:38 PM
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