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Financial KWSP withdraw for housing renovation, Is it possible?

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Raydeeyo
post Apr 15 2012, 12:11 AM

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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...
Raydeeyo
post Apr 15 2012, 12:37 AM

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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.
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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... tongue.gif

Thanks for once again....
Raydeeyo
post Apr 15 2012, 01:14 AM

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Thanks for all the advise, really appreciate that =)

 

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