House already buy, already withdraw one time, can I withdraw again for renovation or other purpose?

I don;t think so for renovation. Second account can take out for education and medical

Clever a bit la bro... dont say renovation.. say reduce interest

yup...withdraw to pay monthly repayment.can do once per year.so, pandai-pandai la...

I tot 2nd withdrawal money will direct bank into ur loan acc?

KAEDAH BAYARAN

A. PENGKREDITAN TERUS KE AKAUN PINJAMAN PERUMAHAN
Semua bayaran pengeluaran akan dikreditkan terus ke dalam akaun pinjaman perumahan ahli / pasangan dengan syarat :-
a. Ahli / pasangan mempunyai akaun pinjaman perumahan dengan bank panel KWSP yang dilantik. (Senarai bank panel KWSP bagi tujuan pengkreditan terus ke dalam akaun pinjaman perumahan boleh diperolehi di Panduan Mengisi Borang Pengeluaran Mengurang / Menyelesaikan Baki Pinjaman Perumahan); DAN
b. Pinjaman ahli / pasangan yang dibuat dengan bank panel KWSP tersebut tidak berstatus NPL; DAN
c. Akaun pinjaman perumahan ahli / pasangan masih aktif; DAN
d. Nombor pengenalan diri ahli / pasangan selaku peminjam adalah sama dengan rekod bank; DAN
e. Bayaran dibuat dalam matawang Ringgit Malaysia (RM)
Bagaimanapun sekiranya bayaran tidak berjaya dikreditkan ke dalam akaun bank ahli disebabkan rekod pengenalan diri tidak sah atau sebagainya, bayaran akan diganti dengan cek jurubank yang akan dihantar menerusi pos berdasarkan alamat ahli di dalam borang permohonan.

http://www.kwsp.gov.my/index.php?hdl=bin&rp=1260

This post has been edited by alex_cyw1985: Nov 4 2011, 12:05 AM

I think if pay for monthly installment can credit direct to own account
http://www.kwsp.gov.my/index.php?hdl=bin&rp=1261

u mean second withdrawal direct to loan acc right
first i can choose to direct to loan acc or my saving acc right ?
I haven't withdraw any from my kwsp yet..
bought a unit of condo this year(2011).. plan to withdraw on 2013
as i know the period is 3 years right ?
sifu sifu pls verify..

1st withdrawal can go to savings acc.

But 2nd withdrawal must go to loan acc. No 2 ways about it. KWSP would check n verify before approval.

thank u takso sifu
glad to hear that
i need it for my renovation..
can't save much myself

hello all, i saw this post thru google search, i really need help on this.. i have brought a condo recently and want to take out my epf second account for renovation, as per advise by my lawyer, the second account can be taken out for this purpose.... but yesterday i heard from my fren that he failed to apply... and now the lawyer dont want to take responsibilities to help me...

so the second withdrawal is mean for the 2nd account right? so if i apply for the withdraw, the money will go to the loan account? and the 1st account is it applicable to apply for withdraw too?

Pls pls advise.... going to hang my neck at the new house edy...

You get the whole concept wrong.
2nd withdrawal does not mean EPF 2nd account.
Also, there is no such thing as purpose for renovation.

However when you do a first time withdrawal, KWSP treats it as you are using the money to get your first house. Thus the money is directly banked into your account on the assumptions that it for your down payments and other fees needed to acquire your first house.

Subsequent to that, you can actually still withdraw EPF money to ease your loan repayment. This time around, the money will be credited direct into your loan account and not your personal bank account.

TQ Sifu for replaying... maybe i explain my situation in more details 1st la... can you help me to advise what can i do later?

I actually already applied my loan and the money already given out to the previous owner.. which means i will have to start making payment to my loan by next month... so question is... will i still applicable to apply EPF withdraw?

So if yes.. then... as you mentioned... the money will credited the loan account right? But when i apply the loan... the bank actually did opened up a current account for me... there is a plan call flexi-e-loan which i can deposit money inside and it will help to reduce the loan interest... so question is... can i fill in this current account number when i apply the EPF? so that i can withdraw the money out later...

Thanks for once again....

Yes you are correct. IIRC, the withdrawal will be bank in monthly but not in one lump sump figure. I cannot confirm so because there was email circulating about the money withdrawn to reduce loan is actually directed to a floating account without interest and credited into our loan account according to our monthly repayment figure. Correct me if I'm wrong.

yup.. u may fill in dis account no into d application..
then aft tat next time, if u have any extra $$ in future u oso suggested to bank in into dis acc...dis action will help u save lots of $$ compare if u save in any others FD..

For me I using account 2 for paying my monthly installment so I can save the money and do renovation after 1 years.

Does EPF bank into your loan account in 1 lump sump figure or based on your monthly repayment amount according to whatever amount you have in your account 2?

Thanks for all the advise, really appreciate that =)

You can specific, Example your housing loan amount is 1000, but you can get your EPF account 2 for RM1000 (any amount, specific at the T&C) for 1 years to your bank. So it will deduct 12000 into your account 2 to and bank in for you in monthly for 1 years.

Like this you can save the 12000 for your renovation. This is how I do but it take some times to accumulate.

Good idea, but doesn't work. Bank doesn't allow to withdraw money deposited from EPF except for money deposited monthly by EPF. I tried withdraw total account 2 to current account. Bank don't allow to withdraw that money. hahaha

This post has been edited by nanaour: Jul 20 2015, 06:15 PM

which bank? is it all bank don't allow for lump sum deposited from EPF? only monthly installment from EPF allow withdraw?