Apr 15 2012, 12:46 AM
QUOTE(b00n @ Apr 15 2012, 12:19 AM)
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.
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 I cannot confirm so because there was email circulating about the money withdrawn to reduce loan is actually directed to a floating account without interest and credited into our loan account according to our monthly repayment figure.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.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.
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