QUOTE(modjo69 @ Oct 27 2014, 03:58 PM)
Hi guys, has anyone here tried to withdraw from EPF account 2 for this SOVO or any other SOVO/ SOFO successfully?
I was told that they only allow for SOHO.
Whats the major diffrence?
SOHO stands for Small Office Home Office,
SOFO stands for Small Office Flexible Office
SOVO stands for Small Office Versatile Office.
It is important for property buyers to note that SOHOs are properties with commercial titles, but are also afforded legal protection from the Housing Development (Control and Licensing) (Amendment) Act 2007 (HDA).
The Housing Development (Control and Licensing) Act 1966 Section 3A basically states that the minister may “from time to time, by order published in the Gazette, prescribe any type of accommodation to be a housing accommodation. In the event of any doubt as to whether a housing accommodation falls within the meaning of this Act, the Minister’s decision shall be final and shall not be questioned in any court”.
In addition to this, according to Section 3 of the Act ‘housing accommodation,’ “includes any building, tenement or messuage which is wholly or principally constructed, adapted or intended for human habitation, or partly for human habitation and partly for business premises and such other type of accommodation as may be prescribed by the Minister from time to time to be a housing accommodation pursuant to section 3A.”
The Act also makes it clear that a “housing development” envelopes the collection of money, the construction and erection of more than four units of housing accommodation over or under any land.
To be clear on the type of property being purchased and whether it is afforded legal protection from the Housing Development Act, buyers should check on the development’s property title type, the allowable purpose of the property, and whether it falls within the purview of the Housing Development Act.
SOHO projects will execute the standard schedules of the HDA.
SOFOs and SOVOs, and the likes of Flexi Suites and Designer Suites, all fall under office/commercial properties and their usage is deemed to be for office/commercial use. In line with making the office cosier with the comfort of a home feel, most SOFOs and SOVOs have fully-fitted bathrooms, likened to that of residential properties, and are even equipped with a pantry. These properties do not fall under the scheduled agreement as in the HDA (although most agreements are pretty similar), and therefore buyers do not have the same protection under the Act. It is wise to research the track record of the developer and to read the agreements.http://www.iproperty.com.my/news/7982/gett...o-sofo-and-sovo
TERMS OF WITHDRAWAL
You are eligible to apply if:
1. You buy or build a residential house (type: bungalow / terrace / semi-detached / apartment / condominium / studio apartment / service
apartment / townhouse / SOHO) or a shop lot with residential unit.
2. You have a housing loan for purchasing or building a house with any of the following financial institutions:
• Financial Institutions licensed under the Banking and Financial Institutions Act 1989 (BAFIA)
Central / State government or any other government financial agencies
• Member’s employers
• Cooperatives / Cooperative Companies with license (approved by Malaysian Cooperative Commission, Ministry of Entrepreneur and
• Licensed insurance companies approved by the Central Bank of Malaysia
• Loan providers allowed by the EPF
3. You still have an outstanding loan balance from an approved financial institution for the purpose of buying or building a house.
4. The property must be charged as collateral for the housing loan.
5. You have been registered as the owner of the property.
6. Application can be made ONCE A YEAR from the previous housing loan withdrawal dates.
7. Refinance the property:
i. The considered loan balance refers to the original housing loan balance with the first loan financier or latest loan balance, whichever is lower.
ii. If the loan involves more than one financier, the redemption letter will be compared against the latest balance to determine the amount eligible
for this withdrawal.
iii. You are not eligible for this withdrawal if the original loan balance is fully settled.
8. This withdrawal is subject to the following conditions:
i. If you have never made any withdrawal to buy or build a house before, you may withdraw for any house; OR
took fromhttp://www.kwsp.gov.my/portal/documents/10..._D8_Jun2014.pdfThis post has been edited by clio86: Nov 18 2014, 05:57 PM