hi guys, wondering whether is it possible to do so as read tru forum some say can some say not, n its psble IF u do it in another way... if not mistaken during ur withdrawal they wil ask for housing loan details, s&p n account so that kwsp wil directly bank in or via cheque,cash cheque...

apprecaite feedback from those that tried and sucesfuly done so.

thx in advance... cheers...

I dun think we can withdraw EPF for Renovation.
What u mentioned are withdrawal for house purchase/ reduce housing loan.


This post has been edited by Titan_Gunners: May 24 2012, 11:13 AM

No. You cannot withdraw EPF for House Reno except IF and ONLY IF, it's your 1st house. Basically, EPF will give you $$$ in your acct 2 to help settle your 10% downpayment, etc.

And so, this $$$ will be deposited directly into your own bank accounts. So what you want to do with it, that's up to you.

But once it's been withdrawn, the next attempt to use it, nada. $$$ goes straight into your home loan account to pay off. But then, if you have those loans that allow you to withdraw extra $$$ dump in... does that mean you can take it out?

First time withdraw is direct to your bank. Rightfully is for you to style the lawyer fees, and loans. Not for renovation. And they have formula to calculate max you can withdraw from account 2.

There are few conditions I understand for EPF housing withdrawal: -

PURCHASE A HOUSE
(1) Withdraw 10% of your purchase price or entire of your EPF Account 2, whichever is LOWER for your 1-st house. Application can be submitted within 3-years from the date of signing SPA.

(2) If purchaser has enough funds upon signing SPA, then can opt for withdrawal which is deemed as reimbursement to yourself. Otherwise, EPF purchaser should submit the application ASAP to settle the sum with the developer/seller. The whole process takes you less than 2-weeks if information/document is complete upon application.

(3) The purchaser can withdraw again to reduce the housing loan after 3-years from the date of last withdrawal FOR THE SAME HOUSE;

(4) The purchaser CANNOT apply for housing withdrawal for another house unless it has been sold AND after 3-years since the last withdrawal;

MONTHLY WITHDRAWAL OF HOUSING LOAN REPAYMENT
(5) Apart from (1) to (4) above, withdrawal for paying monthly housing loan repayment can be submitted as soon as the purchaser started the 1st-repayment, with certain conditions fulfilled. This can be a different house as this withdrawal fallen in another withdrawal category.

Unofficially type. with the condition of first time withdrew, you still have loan or plan to purchase house, where they will bank the $$$ into your account.
If you withdrew before, than you will not allow any more.

So if buy a house for 200k, maximum how much we can withdraw from acc 2?

This will explained

http://www.kwsp.gov.my/index.php?hdl=bin&rp=1258

This relevant to all the withdrew from EPF
http://www.kwsp.gov.my/index.php?ch=p2memb...awscheme&ac=288

I don't understand this "you still have loan or plan to purchase house, where they will bank the $$$ into your account."

for MONTHLY WITHDRAWAL OF HOUSING LOAN REPAYMENT, what are the document need to submit?
do i need to show them the first installment transaction of bank statement or need bank to prepare a letter for EPF

which mean, 1st time withdrawer will enjoy $-to-your-saving-account instead of go straight to loan account. You can use your 1st house's SNP to withdraw money, dump into 2nd home down payment

Sure allow to withdraw into your own acc instead homeloan acc? KWSP won't allow anyhow to missused the money.

1st withdrawal, yes

"Amaun perbezaan di antara harga rumah dengan jumlah pinjaman perumahan dan tambahan 10% daripada harga rumah ATAU Semua simpanan dalam Akaun 2 masing-masing tertakluk kepada amaun maksimum yang layak dikeluarkan"

Say if your Account 2 have RM 100k,

You buy a 200k house, and you pay 20% down payment, and take 80% loan.

You can only take (what you pay for down payment) + 10% of your house. That is RM 40k + 20k. So you can take max of 60k. EPF will bank into your bank account for first time.

I remember you can take all in acc2 for the downpayment + my cash downpayment.

Down payment and cash down payment is still down payment right?

i hv paid my down payment, do i still eligible to withdraw from acct 2? this is my first house. sign S&P July 2011.

I mean, you can pay more than 20% downpayment if you have 100k in acc2.

Yes, the amount is what you plan to pay in cash + 10% of your house value. Of course if your acct don't have that much, you take all in acc2

When you said pay down payment using EPF, you must pay the down payment 1st by own money.
After having S&P, only can withdraw from EPF using S&P.
Is i understand correctly??

Yes.

Ok, at least my understanding are correct.

I am not site if your loan amount is in AmP, if not you need to bring your loan agreement too.

I learn hard way, thought can take out all my acc2 money when I buy my house, than only realized they got condition. If not I will renovate with more budget:-(

Long time ago when I make my first house withdrew, the KWSP staff keep asking me "Are you sure what to put into your loan account instead of your personal account? As you may want to use it for Renovation"....but I still insisted bank into the account lol...and I withdrew all my acct 2 $$$.

Hence I believed it allowed with unofficially.

First time they will bank into your bank account, subsequent will be direct to your loan, and in your loan have the cheque account and flexi payment, don't expect you can take the money out, is bring locked now. Earlier when bank launch this flexi loan borrower use this loophole.

I just did my kwsp withdrawal for house installment 2 months ago.. With that extra money u can save it to renovate ur house... U are gonna pay for the installment either by forking out ur own money or via kwsp

If it is for house installment, isn't that directly transferred to the bank to offset your loan amount?

As far as I am aware, the money is transferred to your personal account during 1st or 2nd unit purchase (upon selling of 1st unit). Or am I wrong?

guys, thx all for the prompt input.... however i am wondering which type of withdrwal needed so that i am able to get account 2 sum into personal account, as i think that for loan repayment monthly type and new house property wil bank into loan account instead personal...

im alr with this property for 5 yrs n done refinance... thx in advance for input...

For 1st house purchase will direct to personal acc.
For reduce housing loan will direct to loan acc.

hi Tian_Gunners bro, noted n thx, however im wondering which specific withdrawal i should opt for in this case to get acount 2 sum into own personal account as i knw diff withdrawal with diff form, as below for example...

-Perumahan Fleksibel

-Mengurang/Menyelesaikan Baki Pinjaman Perumahan

-Membeli Rumah

thx in advance, n for those who succesfuly withdrwal sum into acount 2, plz advice ya...

Based on ur statment,
im alr with this property for 5 yrs n done refinance...

You only qualify to withdraw for:
- Mengurang/Menyelesaikan Baki Pinjaman Perumahan

Fund will direct bank in into loan acc.

Ic.. thx, thats bad news thn... jz wondering by any chance to bnk into personal account.. evn to reduce loan sum... jz sad to c a sum of cash being credited n unable to utilize it... hmmm...

As bro weikee's experience, there is not way you can bank in into personal acc or,
withdraw after bank in into loan acc( this is not the same as the normal loan acc as we can dump in more $$, and having withdraw option).
To reduce loan sum, need to consider what kind of housing loan you got. Full flexi or semi flexi?? You can get the answer from your loan agent.

hi bro, thx agn for the prompt input... guess wil hv to save n wait further... cheers...

I'm not sure whether the rule change, but last time (10 years back) my 1st withdrew for reduce loan can be going into Personal or Loan account...

Perhaps should just dropby to get KWSP answer??? haahha

yupyup, no more personal loan, the borang aka form writeen there loan account d....