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> EPF withdrawal to reduce house loan

kelvinfixx
post Jun 27 2012, 01:58 PM, updated 3 years ago


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I plan to take out my money from EPF to reduce my house loan.

Will the money bank into my bank loan or a cheaque to me?
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avatar77
post Jun 27 2012, 02:00 PM


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they will issue cheque. But i heard no they can even bank into your account. But i dunno how they verify that la..
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wufei
post Jun 27 2012, 02:01 PM


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provide your bank statement
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funnybone
post Jun 27 2012, 02:01 PM


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They can bank into your bank a/c directly
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kelvinfixx
post Jun 27 2012, 02:02 PM


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Usually how long does it takes to get the money?
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avatar77
post Jun 27 2012, 02:06 PM


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within 2 weeks

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ecin
post Jun 27 2012, 02:43 PM


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bank-in easier
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blackJax
post Jun 27 2012, 02:56 PM


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first time withdrawal on account 2 can be used for reducing housing loan and to do renovation. means u can get cheque under ur name
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investgal
post Jun 27 2012, 03:00 PM


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what documents required for withdrawal?
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blackJax
post Jun 27 2012, 03:08 PM


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applicable for Malaysia Only. not for foreigner

docs:
snp not more than 2 years
ic.
epf withdrawal form (you can download or request from the counter number)
bank book front copy

if withdrawal to help spouse, additional docs:
marriage cert
latest balance loan housing loan statements no more than 3months
(need to request from bank. some charges apply. 20-30. they need about 2weeks to process this)

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kenji1903
post Jun 27 2012, 03:16 PM


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QUOTE(blackJax @ Jun 27 2012, 02:56 PM)
first time withdrawal on account 2 can be used for reducing housing loan and to do renovation. means u can get cheque under ur name
*
i asked few months back, the EPF customer service said that the money will go directly to the loan account

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investgal
post Jun 27 2012, 03:25 PM


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Just check KWSP website: http://www.kwsp.gov.my/index.php?ch=p2memb...mbers_wdrawtype

There are few types:
Withdrawal to Reduce / Redeem Housing Loan
Withdrawal to Purchase a House
Housing Loan Monthly Instalment Withdrawal

For first time withdrawal, and house is purchasing from developer, is it I should go for "Withdrawal to Purchase a House"?

I want one time withdrawal..

Thanks. smile.gif

This post has been edited by investgal: Jun 27 2012, 03:26 PM
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ecin
post Jun 27 2012, 03:31 PM


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Yes, "Withdrawal to Purchase a House" ...
You can withdraw the one lump sum within 3-years of SPA signed date ...
Don't need to download first doesn't matter, just make sure you bring everything there, so you wouldn't need to go for 2nd time
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blackJax
post Jun 27 2012, 03:33 PM


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QUOTE(kenji1903 @ Jun 27 2012, 03:16 PM)
i asked few months back, the EPF customer service said that the money will go directly to the loan account
*
for first time withdrawal on account 2, can request cheque to b put under ur name
otherwise for helping spouse withdrawal, the cheques must directly to loan account
or second withdrawal
or the change the policy recently? (1-2months)


Added on June 27, 2012, 3:36 pm
QUOTE(ecin @ Jun 27 2012, 03:31 PM)
You can withdraw the one lump sum within 3-years of SPA signed date ...
*
i was told not more than 2 years snp at KWSP HQ and also at shah alam kwsp. ????

This post has been edited by blackJax: Jun 27 2012, 03:36 PM
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kelvinfixx
post Jun 27 2012, 03:40 PM


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I don't know why limited to 3 years of SPA signed?
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kenji1903
post Jun 27 2012, 04:02 PM


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i just called EPF, just need the IC, EPF form and the loan balance statement from the bank for 1st time withdrawal for loan reduction...
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AMINT
post Jun 27 2012, 04:31 PM


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if buy 2nd house and S&P within 1 year can withdraw epf and transfer to bank account? Have already withdrawed last time for 1st house.
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kenji1903
post Jun 27 2012, 04:36 PM


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QUOTE(AMINT @ Jun 27 2012, 04:31 PM)
if buy 2nd house and S&P within 1 year can withdraw epf and transfer to bank account? Have already withdrawed last time for 1st house.
*
can withdraw provided first house is sold/changed name/destroyed/etc...
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dino10chels
post Jun 27 2012, 04:41 PM


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QUOTE(kenji1903 @ Jun 27 2012, 04:36 PM)
can withdraw provided first house is sold/changed name/destroyed/etc...
*
u can only withdraw 2 times only if im not mistaken

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hellokitty82
post Jun 27 2012, 04:42 PM


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for the question the money is bank in directly to bank loan a/c or cheque...depends on which bank. some bank, able to bank in directly to LOAN a/c. some may not. in the case that bank dont bank in one, then the cheque will issue to your BANK loan a/c. not your saving a/c. so no matter how, you are unable to withdraw the money for other purpose. Im saying about 2nd and above withdrawal for reduce housing loan. smile.gif
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ecin
post Jun 27 2012, 04:46 PM


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QUOTE(kelvinfixx @ Jun 27 2012, 03:40 PM)
I don't know why limited to 3 years of SPA signed?
*
I also don't know why, but all the while within 3-years since so long ago.
http://www.kwsp.gov.my/index.php?hdl=bin&rp=1246
=> refer to 2.1, 2.2, 2.3, 2.4 1.

Other things like what kind of documents need to submit also stating inside, but you lose nothing to bring all, rather than have to go back for 2nd time. Cheers

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kelvinfixx
post Jun 27 2012, 04:47 PM


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QUOTE(hellokitty82 @ Jun 27 2012, 04:42 PM)
for the question the money is bank in directly to bank loan a/c or cheque...depends on which bank. some bank, able to bank in directly to LOAN a/c. some may not. in the case that bank dont bank in one, then the cheque will issue to your BANK loan a/c. not your saving a/c. so no matter how, you are unable to withdraw the money for other purpose. Im saying about 2nd and above withdrawal for reduce housing loan. smile.gif
*
Are you sure, they will bank into your bank loan account?
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hellokitty82
post Jun 27 2012, 04:49 PM


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QUOTE(kelvinfixx @ Jun 27 2012, 04:47 PM)
Are you sure, they will bank into your bank loan account?
*
depends on which bank and if not wrong, if you see the withdrawal form, there is a list of bank. for those banks not listed, they will issue cheque. but under your loan a/c.
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kelvinfixx
post Jun 27 2012, 04:49 PM


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QUOTE(kenji1903 @ Jun 27 2012, 03:16 PM)
i asked few months back, the EPF customer service said that the money will go directly to the loan account
*
Are you sure, they will go into loan account, not saving account?
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kenji1903
post Jun 27 2012, 04:50 PM


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QUOTE(dino10chels @ Jun 27 2012, 04:41 PM)
u can only withdraw 2 times only if im not mistaken
*
yeah... 2 loans only... cos they have record liao...


Added on June 27, 2012, 4:52 pm
QUOTE(kelvinfixx @ Jun 27 2012, 04:47 PM)
Are you sure, they will bank into your bank loan account?
*
yes direct... that's what the bank and EPF told me also

This post has been edited by kenji1903: Jun 27 2012, 04:52 PM
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dino10chels
post Jun 27 2012, 04:52 PM


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QUOTE(kenji1903 @ Jun 27 2012, 04:50 PM)
yeah... 2 loans only... cos they have record liao...
*
then if wanna buy 3rd 1 sure have to pay more cash lo...
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kelvinfixx
post Jun 27 2012, 04:53 PM


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Can I buy 2nd subsales house using EPF?
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kenji1903
post Jun 27 2012, 04:54 PM


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QUOTE(kelvinfixx @ Jun 27 2012, 04:49 PM)
Are you sure, they will go into loan account, not saving account?
*
few years back (before 2009), yes, they'll issue you a cheque...
after that, direct to the loan account... cannot withdraw... banker said got some clients did that (withdraw out from the loan), EPF found out, kena penalty, vomit out the amount and blacklisted both client and approver banker


Added on June 27, 2012, 4:55 pm
QUOTE(ecin @ Jun 27 2012, 04:46 PM)
I also don't know why, but all the while within 3-years since so long ago.
http://www.kwsp.gov.my/index.php?hdl=bin&rp=1246
=> refer to 2.1, 2.2, 2.3, 2.4 1.

Other things like what kind of documents need to submit also stating inside, but you lose nothing to bring all, rather than have to go back for 2nd time. Cheers
*
that's for pembelian rumah lar bro doh.gif


Added on June 27, 2012, 4:56 pm
QUOTE(dino10chels @ Jun 27 2012, 04:52 PM)
then if wanna buy 3rd 1 sure have to pay more cash lo...
*
but if you have never withdrawn before, there's no way to check how many props you have bought brows.gif

This post has been edited by kenji1903: Jun 27 2012, 04:56 PM
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kelvinfixx
post Jun 27 2012, 05:10 PM


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I am just hoping to get the money for 1st house to buy a sub sales house, then sell off my first house. But it seems impossible...
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kenji1903
post Jun 27 2012, 05:17 PM


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QUOTE(kelvinfixx @ Jun 27 2012, 05:10 PM)
I am just hoping to get the money for 1st house to buy a sub sales house, then sell off my first house. But it seems impossible...
*
why not just withdraw direct to buy the subsale house?
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kelvinfixx
post Jun 27 2012, 05:24 PM


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QUOTE(kenji1903 @ Jun 27 2012, 05:17 PM)
why not just withdraw direct to buy the subsale house?
*
I need money to pay 10% deposit.
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tikaram
post Jun 27 2012, 05:25 PM


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If can, pls avoid withdraw EPF money.

This money is for your retirement /old age.
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kelvinfixx
post Jun 27 2012, 05:27 PM


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QUOTE(tikaram @ Jun 27 2012, 05:25 PM)
If can, pls avoid withdraw EPF money.

This money is for your retirement /old age.
*
Yes, Agreed. But BN government will SOnglap it clean before u retire with the money.
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hellokitty82
post Jun 27 2012, 05:32 PM


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QUOTE(kelvinfixx @ Jun 27 2012, 05:27 PM)
Yes, Agreed. But BN government will SOnglap it clean before u retire with the money.
*
laugh.gif laugh.gif laugh.gif
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AMINT
post Jun 27 2012, 05:37 PM


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I am scared to say this but we also dunno if epf really got the money like they show in everybody's statement.
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kenji1903
post Jun 27 2012, 06:06 PM


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QUOTE(tikaram @ Jun 27 2012, 05:25 PM)
If can, pls avoid withdraw EPF money.

This money is for your retirement /old age.
*
EPF won't be enough for your retirement, sorry to break your hopes bro...

also, you won't know if the EPF money will still be there for your retirement rclxms.gif

This post has been edited by kenji1903: Jun 27 2012, 06:07 PM
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hellokitty82
post Jun 27 2012, 06:34 PM


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suggest to withdraw the money from EPF to reduce housing loan. reason is...housing loan interest that you pay is higher than the interest you earn from EPF. long term point of view, you will have interest saving. rolleyes.gif


Added on June 27, 2012, 6:34 pmsomemore, now, you can withdraw to reduce house loan EVERY year.

This post has been edited by hellokitty82: Jun 27 2012, 06:34 PM
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gunh
post Jun 27 2012, 07:09 PM


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What if the SnP was signed more than 3yrs ago, and this is the 1st time application to withdraw account 2 to reduce the existing loan? Possible?
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kenji1903
post Jun 27 2012, 07:21 PM


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QUOTE(gunh @ Jun 27 2012, 07:09 PM)
What if the SnP was signed more than 3yrs ago, and this is the 1st time application to withdraw account 2 to reduce the existing loan? Possible?
*
i called EPF and i specifically asked about SPA, she said not needed for 1st time application
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gunh
post Jun 27 2012, 07:39 PM


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QUOTE(kenji1903 @ Jun 27 2012, 07:21 PM)
i called EPF and i specifically asked about SPA, she said not needed for 1st time application
*
What does that mean? SPA can be longer than 3yrs?
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kenji1903
post Jun 28 2012, 07:40 AM


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QUOTE(gunh @ Jun 27 2012, 07:39 PM)
What does that mean? SPA can be longer than 3yrs?
*
bro, you read my post above, the 3 years SPA is for withdrawal to buy new house from developer... for principal reduction, SPA does not come into the picture
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tikaram
post Jun 28 2012, 08:07 AM


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QUOTE(kenji1903 @ Jun 27 2012, 07:06 PM)
EPF won't be enough for your retirement, sorry to break your hopes bro...

also, you won't know if the EPF money will still be there for your retirement rclxms.gif
*
With the withdraw of epf buying 1st house, renovation, every year withdraw for repayment certainly won't enough la.

you also won't know if the epf will not be there wat!

epf gave average 6% return less loan interest 4% = am I right to say better don't withdraw EPF if just to reduce the interest?


Added on June 28, 2012, 8:12 am
QUOTE(kelvinfixx @ Jun 27 2012, 06:27 PM)
Yes, Agreed. But BN government will SOnglap it clean before u retire with the money.
*
Agreed that BN is worst. But taking about EPF money will not be there or not ....we can talk until version 100..........lol

This post has been edited by tikaram: Jun 28 2012, 08:12 AM
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gunh
post Jun 28 2012, 08:51 AM


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R u sure on this? As the current housing loan is mostly about BLR(6.8%) - 2 to 2.4%, means around 4% to 4.4%

whereas EPF divided average about 5% yearly...

QUOTE(hellokitty82 @ Jun 27 2012, 06:34 PM)
suggest to withdraw the money from EPF to reduce housing loan. reason is...housing loan interest that you pay is higher than the interest you earn from EPF. long term point of view, you will have interest saving.  rolleyes.gif


Added on June 27, 2012, 6:34 pmsomemore, now, you can withdraw to reduce house loan EVERY year.
*

Added on June 28, 2012, 8:54 amTikaram,

You have your point. I agree with you as i have not withdraw EPF for both houses i bought before this. But when u think in depth again, the current market is talking about cash in hand. When u have more cash in hand right now, you could do more investment (eg: buy more property).

Althought it does not guranttee better returns, but still it is up to invidual choices...



QUOTE(tikaram @ Jun 28 2012, 08:07 AM)
With the withdraw of epf buying 1st house, renovation, every year withdraw for repayment certainly won't enough la.

you also won't know if the epf will not be there wat!

epf gave average 6% return less loan interest 4% = am I right to say better don't withdraw EPF if just to reduce the interest?


Added on June 28, 2012, 8:12 am

Agreed that BN is worst. But taking about EPF money will not be there or not ....we can talk until  version 100..........lol
*

Added on June 28, 2012, 8:54 amUnderstand now... thanks.

QUOTE(kenji1903 @ Jun 28 2012, 07:40 AM)
bro, you read my post above, the 3 years SPA is for withdrawal to buy new house from developer... for principal reduction, SPA does not come into the picture
*
This post has been edited by gunh: Jun 28 2012, 08:54 AM
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kenji1903
post Jun 28 2012, 09:52 AM


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QUOTE(tikaram @ Jun 28 2012, 08:07 AM)
With the withdraw of epf buying 1st house, renovation, every year withdraw for repayment certainly won't enough la.

you also won't know if the epf will not be there wat!

epf gave average 6% return less loan interest 4% = am I right to say better don't withdraw EPF if just to reduce the interest?
no i won't know and i don't plan to risk it tongue.gif
my rental prop is giving double digit returns so it makes more sense for me to withdraw (as much as i can and as fast as i can) smile.gif

don't think EPF gave up to 6% and loan rates are not 4% smile.gif

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JB88
post Jul 2 2012, 04:43 PM


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QUOTE(kenji1903 @ Jun 27 2012, 07:21 PM)
i called EPF and i specifically asked about SPA, she said not needed for 1st time application
*
For my case, I never withdraw money from EPF 2rd account before, so I don't need to provide any document like SnP within 2 years in order to have money bank into my saving account or open cheque under my name?


Btw, I intend to withdraw money for other investment purpose, so I can use use "Withdrawal to Purchase a House" option?

This post has been edited by JB88: Jul 2 2012, 04:47 PM
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kenji1903
post Jul 2 2012, 04:51 PM


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QUOTE(JB88 @ Jul 2 2012, 04:43 PM)
For my case, I never withdraw money from EPF 2rd account before, so I don't need to provide any document like SnP within 2 years in order to have money bank into my saving account or open cheque under my name?
Btw, I intend to withdraw money for other investment purpose, so I can use use "Withdrawal to Purchase a House" option?
*
i think there's no option to withdraw for investments (other than property)... it's either buy house or pay housing loan...
from what i have gathered... buy house, need SPA
pay housing loan, need loan balance statement from the bank

good luck bro smile.gif
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JB88
post Jul 2 2012, 05:39 PM


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QUOTE(kenji1903 @ Jul 2 2012, 04:51 PM)
i think there's no option to withdraw for investments (other than property)... it's either buy house or pay housing loan...
from what i have gathered... buy house, need SPA
pay housing loan, need loan balance statement from the bank

good luck bro smile.gif
*
If it require the SPA, then I think I can provide my house SPA just signed on May last year. Just hope the withdrawal can be make with cheque under my name, so I can use this money for other purpose or property investment purpose tongue.gif
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kenji1903
post Jul 2 2012, 05:42 PM


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QUOTE(JB88 @ Jul 2 2012, 05:39 PM)
If it require the SPA, then I think I can provide my house SPA just signed on May last year. Just hope the withdrawal can be make with cheque under my name, so I can use this money for other purpose or property investment purpose  tongue.gif
*
hmm... interesting... thanks for the idea, maybe can find out if that's possible tongue.gif
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scongi
post Jul 2 2012, 07:28 PM


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Can we withdraw EPF for renovation? Any condition?

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peri peri
post Jul 17 2012, 01:00 PM


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i had withdrew for my 1st property, now is time to withdrew another round to compensate the loan. wise?
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TunYau
post Jul 17 2012, 01:39 PM


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I was supporter of " Don't withdraw Your EPF".

Untill recently that Gov keep changing policy with "Intention".

Now i do support if withdraw for property investment or loan reduction.


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peri peri
post Jul 17 2012, 03:50 PM


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QUOTE(TunYau @ Jul 17 2012, 01:39 PM)
I was supporter of " Don't withdraw Your EPF".

Untill recently that Gov keep changing policy with "Intention".

Now i do support if withdraw for property investment or loan reduction.
*
haha, u also noticed the hinky pinky by the Najib recently especially on bailing out the Felda and 1malaysia things.

Must find ways to withdraw all before malaysia end up like greek, italy, spain and US
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TunYau
post Jul 17 2012, 04:35 PM


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QUOTE(peri peri @ Jul 17 2012, 03:50 PM)
haha, u also noticed the hinky pinky by the Najib recently especially on bailing out the Felda and 1malaysia things.

Must find ways to withdraw all before malaysia end up like greek, italy, spain and US
*
Problem is no way to withdraw all.
The best way is to buy house pay loan study.
And buy Fund.....
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peri peri
post Jul 17 2012, 04:36 PM


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QUOTE(TunYau @ Jul 17 2012, 04:35 PM)
Problem is no way to withdraw all.
The best way is to buy house pay loan study.
And buy Fund.....
*
migrate when come to the worst unsure.gif
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TunYau
post Jul 17 2012, 04:44 PM


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Got think before also.....
But how much to survive in those country i mean if no of year i f i can't find job for a family woth 3 kids?
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peri peri
post Jul 17 2012, 04:47 PM


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QUOTE(TunYau @ Jul 17 2012, 04:44 PM)
Got think before also.....
But how much to survive in those country i mean if no of year i f i can't find job for a family woth 3 kids?
*
exit plan bro, must have a well planned exit plan
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stan87
post Jan 1 2014, 02:44 PM


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e icon_question.gif the epf money go to gov ? cry.gif

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jpaul
post Jan 1 2014, 05:54 PM


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Hi,

Do I need to provide full copy of SPA or only first few important pages?
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beauwlf
post Jan 1 2014, 06:00 PM


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If i am not mistaken we can empty out our existing Account 2 to reduce principal housing loan amount. Good thing is there are banks that allow you to redraw this amount as cash back.
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cybpsych
post Jan 1 2014, 07:27 PM


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QUOTE(jpaul @ Jan 1 2014, 05:54 PM)
Hi,

Do I need to provide full copy of SPA or only first few important pages?
*
forgotten if need SPA or not. if i'm not mistaken, no need SPA at all.

most importantly document is the bank loan statement. they will provide you a detailed breakdown of your loan, etc. etc. according to EPF's format.

i did mine back in August 2013. settled it within 5 mins! the EPF rep checked the bank loan statement, key in some into the system, verify my IC, gotten my thumbprint, etc. etc. incredibly hassle-free smile.gif

fyi your bank may charge for preparing the statement. mine is OCBC, they charged me RM20 (credited into my loan account).

within 2 weeks, my EPF withdrawal went into my loan account. all via online transfer from EPF -> Bank.

more info: http://www.kwsp.gov.my/portal/en/web/kwsp/...em-housing-loan

QUOTE(beauwlf @ Jan 1 2014, 06:00 PM)
If i am not mistaken we can empty out our existing Account 2 to reduce principal housing loan amount. Good thing is there are banks that allow you to redraw this amount as cash back.
*
yep! emptied my Acc 2 to reduce my house loan. at least better than the bank charging me more interests!

didnt know about cashback, my OCBC didnt mention about it too hmm.gif

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toh2020
post Jan 2 2014, 11:35 PM


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bank interest is awful especially house loan. they charge you daily basis. if your loan account has rm100,000. given 6.6% current BLR/annum for example. for every ringgit daily interest rate is 1/365 x 0.066. for rm100,000 in your current loan account you are actually paying the bank rm18.08 on daily salary (sufficient for 2 meals). so in 1 mth with 30 days the interest itself cost you rm542.00. if your monthly payment is rm1000. so principle reduction is rm458. next month they charge you daily interest of remainder rm99,542. calculate for next mth daily charges is rm18. so in 30 days u pay the interest rm540. the banks easily charges you interest till your last payment where interest became zero. that depends how many years of your loan tenure. the longer the bestest for the banks. when the BLR raises they banks more untung. whereby for every ringgit more interest will be pass on to house owners. for example if you keep paying same amount of installment. let say your loan is 20 years. in worst case if BLR keeps going high u may end up 30 years loan automatically depends.

the bank says when u pay the principle. you have no money or savings for emergencies. most of all banking financial agents will tell u.

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cybpsych
post Jan 3 2014, 07:53 AM


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QUOTE(toh2020 @ Jan 2 2014, 11:35 PM)
bank interest is awful especially house loan. they charge you daily basis. if your loan account has rm100,000. given 6.6% current BLR/annum for example. for every ringgit daily interest rate is 1/365 x 0.066. for rm100,000 in your current loan account you are actually paying the bank rm18.08 on daily salary (sufficient for 2 meals). so in 1 mth with 30 days the interest itself cost you rm542.00. if your monthly payment is rm1000. so principle reduction is rm458. next month they charge you daily interest of remainder rm99,542. calculate for next mth daily charges is rm18. so in 30 days u pay the interest rm540. the banks easily charges you interest till your last payment where interest became zero. that depends how many years of your loan tenure. the longer the bestest for the banks. when the BLR raises they banks more untung. whereby for every ringgit more interest will be pass on to house owners. for example if you keep paying same amount of installment. let say your loan is 20 years. in worst case if BLR keeps going high u may end up 30 years loan automatically depends.

the bank says when u pay the principle. you have no money or savings for emergencies. most of all banking financial agents will tell u.
*
yeah, aint that shitty, right? mad.gif

when i first bought my landed properties (2nd hand, vacant unit), bank loan was 120K (25years tenure, forgot what's the BLR). my parents told me i'll be paying off the interests alone for the coming years ahead. i was like rclxub.gif seriously?

received the bank loan statements, looked at the trnsactions, omg to my disbelief, the monthly repayments were just to pay off the interests for the first 5 years alone! holykawwww! didnt even touch a cent to the 120K loan blink.gif

i'm now at my 8th year loan tenure, with balance about 80K to go. i'll keep on withdrawing EPF Acc 2 every year to reduce the houseloan down to manageable 20-30K, whereby the interests doesnt kill me first sweat.gif most probably take out SA/FD and finish off the loan in one go thumbup.gif
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toh2020
post Jan 3 2014, 08:25 PM


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QUOTE(cybpsych @ Jan 3 2014, 07:53 AM)
yeah, aint that shitty, right?  mad.gif

when i first bought my landed properties (2nd hand, vacant unit), bank loan was 120K (25years tenure, forgot what's the BLR). my parents told me i'll be paying off the interests alone for the coming years ahead. i was like  rclxub.gif seriously?

received the bank loan statements, looked at the trnsactions, omg to my disbelief, the monthly repayments were just to pay off the interests for the first 5 years alone! holykawwww! didnt even touch a cent to the 120K loan  blink.gif

i'm now at my 8th year loan tenure, with balance about 80K to go. i'll keep on withdrawing EPF Acc 2 every year to reduce the houseloan down to manageable 20-30K, whereby the interests doesnt kill me first  sweat.gif    most probably take out SA/FD and finish off the loan in one go  thumbup.gif
*
you are good to go with flexi-loan. whereby for conventional loans bank will charge you prepayment fees to discourage you from reducing their profit margins.

given senario Mr. A & Mr. B borrows rm100,000 for 10 years & 20 years respectively. so within 10 years both of them plan to settle their loans same day. however Mr. B losses twice much in interest than Mr. A for settlement. this is because of the loan tenure. basically the longer your term loan. you are the loser. then to some ppl they see the longer is better for them. cause they have additional cash to go about. so they won't mind about the interest. they won't give a darn. well then it's basically boils down to individual opinions.

you are right for first few years. your principle is not moving much alone. usually maximum interest for entire tenure is hold up on your first payment. when u got your statement it show like triangle which will reduce till your last final loan payment where u settle off.

you can offset by principle prepayment. this eventually deny bank from charging you interest for every ringgit from your total outstanding loan. i mean from the day till last mth of the tenure. think about how much u gain back from donating money to the banks over daily interest charges.

This post has been edited by toh2020: Jan 3 2014, 11:52 PM
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Arndt
post Jan 3 2014, 08:32 PM


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Wah I just realised, 2nd withdrawal can do online one. Very convenient.
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renodiy
post Jan 3 2014, 08:58 PM


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QUOTE(cybpsych @ Jan 1 2014, 07:27 PM)
forgotten if need SPA or not. if i'm not mistaken, no need SPA at all.

most importantly document is the bank loan statement. they will provide you a detailed breakdown of your loan, etc. etc. according to EPF's format.

i did mine back in August 2013. settled it within 5 mins! the EPF rep checked the bank loan statement, key in some into the system, verify my IC, gotten my thumbprint, etc. etc. incredibly hassle-free smile.gif

fyi your bank may charge for preparing the statement. mine is OCBC, they charged me RM20 (credited into my loan account).

within 2 weeks, my EPF withdrawal went into my loan account. all via online transfer from EPF -> Bank.

more info: http://www.kwsp.gov.my/portal/en/web/kwsp/...em-housing-loan
yep! emptied my Acc 2 to reduce my house loan. at least better than the bank charging me more interests!

didnt know about cashback, my OCBC didnt mention about it too  hmm.gif
*
must ask bank to prepare a statement for kwsp purpose? cannot use the statement sent by bank every six months or print from online?
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investz
post Jan 3 2014, 09:57 PM


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QUOTE(toh2020 @ Jan 3 2014, 09:25 PM)
you are good to go with flexi-loan. whereby for conventional loans bank will charge you prepayment fees to discourage you from reducing their profit margins.

given senario Mr. A & Mr. B borrows rm100,000 for 10 years & 20 years respectively. so within 5 years both of them plan to settle their loans same day. however Mr. B losses twice much in interest than Mr. A for settlement. this is because of the loan tenure. basically the longer your term loan. you are the loser. then to some ppl they see the longer is better for them. cause they have additional cash to go about. so they won't mind about the interest. they won't give a darn. well then it's basically boils down to individual opinions.

you are right for first few years. your principle is not moving much alone. usually maximum interest for entire tenure is hold up on your first payment. when u got your statement it show like triangle which will reduce till your last final loan payment where u settle off.

you can offset by principle prepayment. this eventually deny bank from charging you interest for every ringgit from your total outstanding loan. i mean from the day till last mth of the tenure. think about how much u gain back from donating money to the banks over daily interest charges.
*

I am confuse on your example. Since both also settle in 5 years, it shall not make any different in interest lost right? Can you please further explain? Thanks taiko

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post Jan 3 2014, 10:17 PM


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QUOTE(renodiy @ Jan 3 2014, 08:58 PM)
must ask bank to prepare a statement for kwsp purpose? cannot use the statement sent by bank every six months or print from online?
*
There is a special format which is by KWSP. Once you tell the bank statement for EPF withdrawal, they will do the necessary.
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mirzan007
post Jan 3 2014, 10:49 PM


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QUOTE(renodiy @ Jan 3 2014, 08:58 PM)
must ask bank to prepare a statement for kwsp purpose? cannot use the statement sent by bank every six months or print from online?
*
the bank already have a template.. make a request they will do it for you..
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toh2020
post Jan 3 2014, 11:40 PM


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QUOTE(investz @ Jan 3 2014, 09:57 PM)

I am confuse on your example. Since both also settle in 5 years, it shall not make any different in interest lost right? Can you please further explain? Thanks taiko

*
thanks for highlighting.... my mistake, should have mention 10 years settle. in 5 years interest is not much only few thousands (1.16x). while for 10 years the increment was enormous nearly twice the amount (1.5x ~2x). this is just calculation without fluctuation increase in BLR. in practical BLR slightly higher when times are good. the longer the term the BESTEST bank slaughter u all.

settle within 5 year
RM100,000 6.6%/annum 20 years -> @5th year 60 mth is RM30,812.71 interest

RM100,000 6.6%/annum 10 years -> @5th year 60 mth is RM26,588.00 interest


settle within 10 year
RM100,000 6.6%/annum 20 years -> @10th year 120 mth is RM56,062.05 interest

RM100,000 6.6%/annum 10 years -> @10th year 120 mth is RM36,868.93 interest

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post Jan 3 2014, 11:52 PM


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QUOTE(mirzan007 @ Jan 3 2014, 10:49 PM)
the bank already have a template.. make a request they will do it for you..
*
ic thanks

so they dont accept the normal bank statement...

bank will earn to produce the statement sad.gif
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post Jan 3 2014, 11:56 PM


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QUOTE(renodiy @ Jan 3 2014, 11:52 PM)
ic thanks

so they dont accept the normal bank statement...

bank will earn  to produce the statement sad.gif
*
no no its free.. done it so many times.. thumbup.gif .. the bank need to confirm that you dont have any dues currently.. all will be printed on the letters.. the bank more than happy to help you out... just give them a call
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toh2020
post Jan 4 2014, 12:27 AM


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KWSP has template which your bank must adhere. this is why they charge u RM20 to your homeloan. the reason is EPF needs to know if you default your loan. how much NPL u had? How long is your balance tenure. if your balance in KWSP Acc 2 is sufficient. they EPF give u a bank check attention to your bank. where u payup your NPL.

yet still you need to service your loan. for those with NPL. highly chances where bank will withdraw your benefit. given example BLR now is 6.6%. your entitlement is -1.0%. by violating your payment terms you are charged 6.6% per annum instead of 5.6% per annum. you still service your loan at current rate. however the accumulated interest will be higher than your principle reduction without benefit of -1.0%. you need to religiously service your loan for few years without fail. then u can appeal for waiver of 1.0%. how many years depend on your loan terms.

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investz
post Jan 5 2014, 10:45 PM


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QUOTE(toh2020 @ Jan 4 2014, 12:40 AM)
thanks for highlighting.... my mistake, should have mention 10 years settle. in 5 years interest is not much only few thousands (1.16x). while for 10 years the increment was enormous nearly twice the amount (1.5x ~2x). this is just calculation without fluctuation increase in BLR. in practical BLR slightly higher when times are good. the longer the term the BESTEST bank slaughter u all.

settle within 5 year
RM100,000 6.6%/annum 20 years -> @5th year 60 mth is RM30,812.71 interest

RM100,000 6.6%/annum 10 years -> @5th year 60 mth is RM26,588.00 interest
settle within 10 year
RM100,000 6.6%/annum 20 years -> @10th year 120 mth is RM56,062.05 interest

RM100,000 6.6%/annum 10 years -> @10th year 120 mth is RM36,868.93 interest
*
Bro toh2020, thanks for the explanation. Fully understood. Before that I through is same. Thus, all my loan is maximum to 65years old
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toh2020
post Jan 6 2014, 01:02 AM


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QUOTE(investz @ Jan 5 2014, 10:45 PM)
Bro toh2020, thanks for the explanation. Fully understood. Before that I through is same. Thus, all my loan is maximum to 65years old
*
I m not sure how much you borrow and how long is your term.

however if I can recall, when bank generously gives FD ~10% around mid 90's. they break much profits hence charging BLR > 10%. with FD 10% is encouragement more ppl save money to banks. so they had surplus in cash.

this causes the economy to collapse and these are few years we have crisis. whereby biz and consumers are unable to service the loans above their means. the NPL accountable for bank losses. henceforth BNM make a law banks are not to increase the loan payment against the current interest. hence limit BLR aprox near 10%. henceforth you are to remain paying same agreeable amount as per contract. but with increase in daily interest. your principle reduction is very much lesser. the accumulation of interest and slow movement of principle reduction. thereby prolong your term loan and bank see this is much winning solution for them hehehee.. this how FD savings goes <5% per annum till date.

in summary a layman borrow loan for 30 years would inherit the rest payment to next generation kin to come. in which sadly he won't live long enough to see his financial liberty. he can opt use all his EPF to payoff but have nothing for himself years to come or might not enough.. this is uttermost pity old folks shared their end of the stories. if their children's are kind enough to help is ok... not all are that lucky. where most of them grad still struggling with high cost of living for survival.

This post has been edited by toh2020: Jan 6 2014, 01:37 AM
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investz
post Jan 6 2014, 09:28 PM


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QUOTE(toh2020 @ Jan 6 2014, 02:02 AM)
I m not sure how much you borrow and how long is your term.

however if I can recall, when bank generously gives FD ~10% around mid 90's. they break much profits hence charging BLR > 10%. with FD 10% is encouragement more ppl save money to banks. so they had surplus in cash.

this causes the economy to collapse and these are few years we have crisis. whereby biz and consumers are unable to service the loans above their means. the NPL accountable for bank losses. henceforth BNM make a law banks are not to increase the loan payment against the current interest. hence limit BLR aprox near 10%. henceforth you are to remain paying same agreeable amount as per contract. but with increase in daily interest. your principle reduction is very much lesser. the accumulation of interest and slow movement of principle reduction. thereby prolong your term loan and bank see this is much winning solution for them hehehee.. this how FD savings goes <5% per annum till date.

in summary a layman borrow loan for 30 years would inherit the rest payment to next generation kin to come. in which sadly he won't live long enough to see his financial liberty. he can opt use all his EPF to payoff but have nothing for himself years to come or might not enough.. this is uttermost pity old folks shared their end of the stories. if their children's are kind enough to help is ok... not all are that lucky. where most of them grad still struggling with high cost of living for survival.
*

Noted. By the way, would it be benefit if withdraw EFP to setter the loan? Let's say BLR-2.3% and loan amount only RM180K

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toh2020
post Jan 6 2014, 11:21 PM


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QUOTE(investz @ Jan 6 2014, 09:28 PM)

Noted. By the way, would it be benefit if withdraw EFP to setter the loan? Let's say BLR-2.3% and loan amount only RM180K

*
i also have a thought, if everyone withdrawing for mthly loan payment & principle reduction. sooner or later the govt close down the scheme. due to fact they find difficulties to use our monies.just like the kwsp beli komputer scheme we all know.

after all we had no idea of knowing also. reality our money is with kwsp and they are rule keeper.


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mylowyat
post Jan 15 2014, 09:49 AM


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QUOTE(hellokitty82 @ Jun 27 2012, 04:42 PM)
for the question the money is bank in directly to bank loan a/c or cheque...depends on which bank. some bank, able to bank in directly to LOAN a/c. some may not. in the case that bank dont bank in one, then the cheque will issue to your BANK loan a/c. not your saving a/c. so no matter how, you are unable to withdraw the money for other purpose. Im saying about 2nd and above withdrawal for reduce housing loan. smile.gif
*
I got the info from http://www.loanpro.com.my/home-loan/, bring IC, letter from banks (Public bank charge Rm 20, each Rm 10 for you and EPF) and EPF request form.

They bank-in directly to your loan account.
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liquid_angel86
post Mar 18 2014, 07:44 AM


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If withdraw money to reduce housing loan, will epf ensure the money is for principle reduction??? What if they just use the money monthly monthly repayment? Holland lor...
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Yamma
post Mar 18 2014, 09:18 AM


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if I have a plan to fully settle my housing loan in 10 years time, one of my major step is to let the epf to run for my fund for that 10 years to earn extra approximately 2% per annum. In 10 years, you will save about 22% when the 10th year come.

talking about risk, companies will collapse 1st before the government...
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toh2020
post Mar 18 2014, 10:54 AM


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they issue a cheque with kwsp header under your bank name. you need to present it to the bank. fill up payment form indicate loan prepayment with principle reduction in BIG BOLD LETTERS. if not they bank will take the lum sum and assign it to monthly installment payment.
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supersound
post Mar 18 2014, 10:59 AM


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QUOTE(toh2020 @ Mar 18 2014, 10:54 AM)
they issue a cheque with kwsp header under your bank name. you need to present it to the bank. fill up payment form indicate loan prepayment with principle reduction in BIG BOLD LETTERS. if not they bank will take the lum sum and assign it to monthly installment payment.
*
Case by case I would say, EPF usually will bank in direct to bank(at least Public bank is).
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toh2020
post Mar 18 2014, 11:15 AM


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QUOTE(supersound @ Mar 18 2014, 10:59 AM)
Case by case I would say, EPF usually will bank in direct to bank(at least Public bank is).
*
I checked with KWSP officers the right way is issuing cheque.

EPF direct bank in is meant for monthly installment payment. for example u got KWSP bank in rm30,000. to bank automatically it will be treated as your mthly installment till it reaches that amount. if u had read about the bank terms & conditions any prepayment or principle reduction must be in written and stated in paper. there is a need you need to present yourself for verification and they check your IC.

if not then you are paying installment over installment. your principle reduction is very minimal. this is thing many are not aware.

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supersound
post Mar 18 2014, 11:18 AM


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QUOTE(toh2020 @ Mar 18 2014, 11:15 AM)
I checked with KWSP officers the right way is issuing cheque.

EPF direct bank in is meant for monthly installment payment. for example u got KWSP bank in rm30,000. to bank automatically it will be treated as your mthly installment till it reaches that amount. if u had read about the bank terms & conditions any prepayment or principle reduction must be in written and stated in paper.

if not then you are paying installment over installment. your principle reduction is very minimal. this is thing many are not aware.
*
Nope, it is for reducing principle directly.
But it was 3 years ago story. I don't think EPF change this rule.
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toh2020
post Mar 18 2014, 11:24 AM


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QUOTE(supersound @ Mar 18 2014, 11:18 AM)
Nope, it is for reducing principle directly.
But it was 3 years ago story. I don't think EPF change this rule.
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if u had checked with the bank. they confirm that lump sum from KWSP is principle payment. then they are doing it right.
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supersound
post Mar 18 2014, 11:26 AM


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QUOTE(toh2020 @ Mar 18 2014, 11:24 AM)
if u had checked with the bank. they confirm that lump sum from KWSP is principle payment. then they are doing it right.
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Bank will always try to do it wrong in order to make more money from us.
So what we need to do is ask properly.
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toh2020
post Mar 18 2014, 11:35 AM


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QUOTE(supersound @ Mar 18 2014, 11:26 AM)
Bank will always try to do it wrong in order to make more money from us.
So what we need to do is ask properly.
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yes, precisely correct smile.gif
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liquid_angel86
post Mar 18 2014, 04:46 PM


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QUOTE(toh2020 @ Mar 18 2014, 11:35 AM)
yes, precisely correct  smile.gif
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Exactly....so now what? Request EPF to issue cheque instead?


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toh2020
post Mar 18 2014, 10:33 PM


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QUOTE(liquid_angel86 @ Mar 18 2014, 04:46 PM)
Exactly....so now what? Request EPF to issue cheque instead?
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safest bet.. u can eye witness & rest assure when u submit to bank.
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liquid_angel86
post Mar 19 2014, 09:24 AM


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QUOTE(toh2020 @ Mar 18 2014, 10:33 PM)
safest bet.. u can eye witness & rest assure when u submit to bank.
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wokeh wokeh.....
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toh2020
post Mar 19 2014, 11:04 AM


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QUOTE(liquid_angel86 @ Mar 19 2014, 09:24 AM)
wokeh wokeh.....
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you got copy of the principle prepayment receipt chop and signed by bank officer in charge.

This post has been edited by toh2020: Mar 19 2014, 11:04 AM
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supersound
post Mar 19 2014, 11:19 AM


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QUOTE(toh2020 @ Mar 19 2014, 11:04 AM)
you got copy of the principle prepayment receipt chop and signed by bank officer in charge.
*
Yup, you pay rm10 to bank, bank will print out what's your principle at on ** date.
Submit this form to EPF and EPF will process the application, approve then they will send us a letter stating the application has been approved.
After 1 month check out with the bank on the principle balance.
I applied twice for doing this and now regret.
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toh2020
post Mar 19 2014, 11:28 AM


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QUOTE(supersound @ Mar 19 2014, 11:19 AM)
Yup, you pay rm10 to bank, bank will print out what's your principle at on ** date.
Submit this form to EPF and EPF will process the application, approve then they will send us a letter stating the application has been approved.
After 1 month check out with the bank on the principle balance.
I applied twice for doing this and now regret.
*
well depends which workaround u opt for. for safest, manual work collect cheque and go to bank. not everyone is free or have the patience to do so. other factors including traffics and parking as well time in process.
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supersound
post Mar 19 2014, 11:31 AM


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QUOTE(toh2020 @ Mar 19 2014, 11:28 AM)
well depends which workaround u opt for. for safest, manual work collect cheque and go to bank. not everyone is free or have the patience to do so. other factors including traffics and parking as well time in process.
*
That's why I have a 20 year old motorbike.
Anyway, EPF pay directly to bank are more easier.
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shawnk
post Jul 24 2014, 12:27 PM


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QUOTE(mylowyat @ Jan 15 2014, 09:49 AM)
I got the info from http://www.loanpro.com.my/home-loan/, bring IC, letter from banks (Public bank charge Rm 20, each Rm 10 for you and EPF) and EPF request form.

They bank-in directly to your loan account.
*
Do you know how long did it take for that to happen?

For the money from AC2 to be transferred to your loan a/c.

This post has been edited by shawnk: Jul 24 2014, 12:28 PM
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cybpsych
post Jul 24 2014, 02:23 PM


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QUOTE(shawnk @ Jul 24 2014, 12:27 PM)
Do you know how long did it take for that to happen?

For the money from AC2 to be transferred to your loan a/c.
*
i did mine back in August 2013. settled at EPF office within 5 mins.

within 2 weeks, my EPF withdrawal went into my loan account. all via online transfer from EPF -> Bank.

reference: https://forum.lowyat.net/index.php?showtopi...post&p=65528657

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enkil
post Jul 24 2014, 04:34 PM


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Mine took about a week.
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greenday
post Aug 17 2014, 11:43 PM


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hi if i want to do monthly installment for my housing loan for new purchase house from epf account, can we clear all the fund available in account 2? any limit?

where will epf send the money to first? my account or the bank's account?

how long the process to get approval? what documentation needed to prepare for application?

TQ TQ

This post has been edited by greenday: Aug 17 2014, 11:46 PM
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shawnk
post Aug 18 2014, 05:42 PM


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Hi, I'll try to help out with some answers based on what I know. It's best you call EPF up to confirm.

hi if i want to do monthly installment for my housing loan for new purchase house from epf account, can we clear all the fund available in account 2? any limit?
The limit is subject to the available amount you have in account 2. You can choose to withdraw one lump sum (once a year) or monthly.

where will epf send the money to first? my account or the bank's account?
To repay your loan, it's directly bank into your loan account.

how long the process to get approval? what documentation needed to prepare for application?
You need to get a loan statement (just mention it's for EPF withdrawal purpose) and they know what to do. The bank will charge you around RM 20 for the statement (charges may subject to which bank you are using), which will take 1-2 weeks to process. Then you have to pass the statement to EPF for them to process which would take another week. Procedure is about this, again call to confirm.

This post has been edited by shawnk: Aug 18 2014, 05:44 PM
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PACINO
post Oct 1 2014, 03:46 PM


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i have a question on this EPF withdrawal for monthly installment.

Scenario :

I have already withdraw lump sum at my account 2 , for this house (First house ) ( Cleared the account 2 botak botak already ).
Now my account 2 begin to stock up back ( Monthly epf contribution for acct 2 would be close to RM 600 per month ) - i think already stock up about 2-3 months.

My intentions :

To withdraw monthly installment of RM 500 per month to help reduce my loans load per month. ( My loans about RM 2700 per month currently for this house )
Intentions so that i would only need to pay RM 2200 per month to service my loans.
Gives me much more flexibility and not tying up my cash flow every month.

Can this work ? ( Can i actually pay RM 2200 per month only with these EPF monthly withdrawal paying the balance ? )


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supersound
post Oct 1 2014, 04:29 PM


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QUOTE(PACINO @ Oct 1 2014, 03:46 PM)
i have a question on this EPF withdrawal for monthly installment.

Scenario :

I have already withdraw lump sum at my account 2 , for this house (First house ) ( Cleared the account 2 botak botak already ).
Now my account 2 begin to stock up back ( Monthly epf contribution for acct 2 would be close to RM 600  per month ) - i think already stock up about 2-3 months.

My intentions :

To withdraw monthly installment of RM 500 per month to help reduce my loans load per month. ( My loans about RM 2700 per month currently for this house )
Intentions so that i would only need to pay RM 2200 per month to service my loans.
Gives me much more flexibility and not tying up my cash flow every month.

Can this work ? ( Can i actually pay RM 2200 per month only with these EPF monthly withdrawal paying the balance ? )
*
Bank will happy with it, but not you after 10 years whistling.gif
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PACINO
post Oct 1 2014, 04:36 PM


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QUOTE(supersound @ Oct 1 2014, 04:29 PM)
Bank will happy with it, but not you after 10 years whistling.gif
*
Not really , bank is still only receiving what installment which is supposed to be paid - a.k.a RM 2700. ( Of course i am not paying up the principal earlier )

If i do not touch the epf money , i will still need to cough up RM 2700 per month , which in turn means i have to allocate additional RM 500 per month from my salary.


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supersound
post Oct 1 2014, 04:42 PM


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QUOTE(PACINO @ Oct 1 2014, 04:36 PM)
Not really , bank is still only receiving what installment which is supposed to be paid - a.k.a RM 2700. ( Of course i am not paying up the principal earlier )

If i do not touch the epf money , i will still need to cough up RM 2700 per month , which in turn means i have to allocate additional RM 500 per month from my salary.
*
Well, do your own maths, then only deny my statement. Getting extra rm500 now to spend in other place are good idea? This I don't know. But reducing rm500 extra from EPF is you are rm500 lesser next time when you retired. Not yet mention the dividend for this rm500.
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PACINO
post Oct 1 2014, 05:33 PM


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yeah , you are right logically , but if currently i have very low disposal income to use , it might be much wiser to release the burden now , rather than having only RM 500 to use for the month. ( Mind you , it's either it eats into my saving per month , hoping that salary will increase further coming year , or either eat roti for the months lor.)

Somehow , taking EPF looks like a wiser choice. I am running on single income , with a young family to manage. Every cent in our disposal would be much handier incase of emergencies.
Anyway , this post was not to discuss my financial standings , rather was to find out whether the bank would treat the monthly installment as my repayment monthly , and hence i could pay less each month.
Second , would it be possible for EPF to do so , as i would be almost drawing down my acct 2 all the time. ( In 600 , out 500 each month ) I have already withdraw my acct 2 previously for downpayment and fixtures in home.
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PACINO
post Oct 2 2014, 01:50 PM


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Any one knows ?
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Yamma
post Oct 2 2014, 03:24 PM


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you have to pay by yourself 2700 per month, while EPF will transfer your fund from EPF to your bank account on monthly basis.

For this kind of arrangement, you have to go the office for every 6 months. AND, for the time you fill up the form, the amount should be able to meet your expectation. In your case, you want to take out rm500 per month. By the time you apply, make sure your account 2 has at least rm3000 (rm500 x 6months). If you apply for withdrawal while your balance is just rm1200, you will only get rm200 per month.
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PACINO
post Oct 2 2014, 03:54 PM


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Thanks for highlighting it. It means i need to constantly draw down for 6 months basis each time. Okay , i will have to weather it for the first year until salary improves smile.gif

Cheers for the info. It helped a bunch!! Cheerios!!
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Yamma
post Oct 2 2014, 05:08 PM


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If u bumi, better take out all on monthly basis and park the excess in ASB. Higher return + liquid for emergency.
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PACINO
post Oct 2 2014, 05:38 PM


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Unfortunately , i am not a bumi.
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Yamma
post Oct 2 2014, 06:08 PM


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then, epf is consider good enough return with minimal risk.

I'm not sure whether we can put back money into epf in future, the portion we already took out.. If it's allowed, maybe putting back into epf when we have excess cash is consider wise move. For those seeking for safe investment.


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PACINO
post Oct 2 2014, 07:29 PM


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for putting money into EPF , that is totally possible for sure.
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supersound
post Oct 2 2014, 09:36 PM


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QUOTE(PACINO @ Oct 1 2014, 05:33 PM)
yeah , you are right logically , but if currently i have very low disposal income to use , it might be much wiser to release the burden now , rather than having only RM 500 to use for the month. ( Mind you , it's either it eats into my saving per month , hoping that salary will increase further coming year , or either eat roti for the months lor.)

Somehow , taking EPF looks like a wiser choice. I am running on single income , with a young family to manage. Every cent in our disposal would be much handier incase of emergencies.
Anyway , this post was not to discuss my financial standings , rather was to find out whether the bank would treat the monthly installment as my repayment monthly , and hence i could pay less each month.
Second , would it be possible for EPF to do so , as i would be almost drawing down my acct 2 all the time. ( In 600 , out 500 each month ) I have already withdraw my acct 2 previously for downpayment and fixtures in home.
*
You need to state your financial status also. Then only others can help.
If you are the only family support, you can try reduce the spending. Like pampers you can use napkins, no need to look for those branded milk powder as it will cause your children to have problem later on.
You may need to use EPF money if really no other ways. Trust me on this.
As if you don't change your spending, it won't solve your problem.
As EPF money from account 2 can only help you for short term. Once over, then what you want to do?
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Yamma
post Oct 3 2014, 10:37 AM


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QUOTE(PACINO @ Oct 2 2014, 07:29 PM)
for putting money into EPF , that is totally possible for sure.
*
not really. EPF is having huge fund to invest. And not many investment can give high return to give back to us. They even put huge portion into FD which giving lower return than our dividend.

Maybe u can check with them n lets us know.
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PACINO
post Oct 9 2014, 06:25 PM


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what i meant is that you can put your money into EPF , they welcome that.
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Yamma
post Oct 10 2014, 09:36 AM


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QUOTE(PACINO @ Oct 9 2014, 06:25 PM)
what i meant is that you can put your money into EPF , they welcome that.
*
This is for real? can we specifically put our money in account 2 then?
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cfa28
post Oct 10 2014, 10:12 AM


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QUOTE(Yamma @ Oct 10 2014, 09:36 AM)
This is for real? can we specifically put our money in account 2 then?
*
don't think this is allowed. There are R&R regarding EPF contribution, else many rich people will be putting money into EPF as a form of Risk Free Investments.


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Yamma
post Oct 10 2014, 03:21 PM


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QUOTE(cfa28 @ Oct 10 2014, 10:12 AM)
don't think this is allowed.  There are R&R regarding EPF contribution, else many rich people will be putting money into EPF as a form of Risk Free Investments.
*
I have the same thought but pacino said differently.
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PACINO
post Oct 21 2014, 05:42 PM


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There are conditions , but here's the link :

http://www.kwsp.gov.my/portal/en/member/me...lf-contribution
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yamasce
post Nov 27 2014, 01:10 AM


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i have a question..if i withdraw to reduce loan and choose direct credit, kwsp will bank in the loan account as principal reduction or advance payment?my loan is under ocbc flexi

if advance payment then i can withdraw anytime
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Yamma
post Nov 27 2014, 09:36 AM


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QUOTE(yamasce @ Nov 27 2014, 01:10 AM)
i have a question..if i withdraw to reduce loan and choose direct credit, kwsp will bank in the loan account as principal reduction or advance payment?my loan is under ocbc flexi

if advance payment then i can withdraw anytime
*
no. as principal repayment. they are not stupid, anyway..
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yamasce
post Nov 27 2014, 01:45 PM


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QUOTE(Yamma @ Nov 27 2014, 09:36 AM)
no. as principal repayment. they are not stupid, anyway..
*
but then i alrdy talked to epf officer he told me it is up to us..epf juz process and issue cheque..then we need to inform bank after the bank got cheque whether we wan it to credit as principal reduction or advance payment..he knew how housing loan works..
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post Nov 27 2014, 02:02 PM


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QUOTE(yamasce @ Nov 27 2014, 01:45 PM)
but then i alrdy talked to epf officer he told me it is up to us..epf juz process and issue cheque..then we need to inform bank after the bank got cheque whether we wan it to credit as principal reduction or advance payment..he knew how housing loan works..
*
EPF Withdrawal is very strict

Even if u are having Flexi Loan, it is stated that the EPF Payment CANNOT be withdrawn

Perhaps u wanna check it out again cos that is what I remember reading when I withdrew my EPF
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yamasce
post Nov 27 2014, 02:59 PM


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QUOTE(cfa28 @ Nov 27 2014, 02:02 PM)
EPF Withdrawal is very strict

Even if u are having Flexi Loan, it is stated that the EPF Payment CANNOT be withdrawn

Perhaps u wanna check it out again cos that is what I remember reading when I withdrew my EPF
*
not written such condition on the pamphlet or form..
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qboy123
post Dec 15 2014, 04:30 PM


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QUOTE(cfa28 @ Nov 27 2014, 02:02 PM)
EPF Withdrawal is very strict

Even if u are having Flexi Loan, it is stated that the EPF Payment CANNOT be withdrawn

Perhaps u wanna check it out again cos that is what I remember reading when I withdrew my EPF
*
Few months ago I just withdrawn some money to settle partially of my housing loan. Mine is Flexi loan account and the money directly goes into my account as I requested.
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McFD2R
post Dec 15 2014, 05:11 PM


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QUOTE(qboy123 @ Dec 15 2014, 04:30 PM)
Few months ago I just withdrawn some money to settle partially of my housing loan. Mine is Flexi loan account and the money directly goes into my account as I requested.
*
If EPF money was not withdrawn for deposit payment, then the amount goes direct into your account, in which this is considered your first withdrawal. However, on loan reducing withdrawals, AFAIK, it goes to the bank loan account.

Did you withdraw from EPF when you first purchase the home? If you did, then I guess it's time to update myself.
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post Dec 15 2014, 05:25 PM


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QUOTE(McFD2R @ Dec 15 2014, 06:11 PM)
If EPF money was not withdrawn for deposit payment, then the amount goes direct into your account, in which this is considered your first withdrawal. However, on loan reducing withdrawals, AFAIK, it goes to the bank loan account.

Did you withdraw from EPF when you first purchase the home? If you did, then I guess it's time to update myself.
*
there are two types of withdrawal to reduce the loan: pay lump sum, direct to loan account.. or.. pay monthly, to your selected bank account.
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vaashant
post Jan 4 2015, 11:33 AM


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Dear sifus around Internet land,

I hope someone could help me with this. I have zero knowledge on epf withdrawal on acc 2.


This is my situation:
1. Snp signed on year 2010
2. Have not touched my acc 2 ever.
3. I have a flexi loan for my housing loan

My question is can I withdraw the money from acc 2 into my savings acc or I need to opt for the other option which is reduce principal which will be transferred into my loan account?

Please help. Need the money for home. Super broke.


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post Jan 4 2015, 11:48 AM


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http://www.kwsp.gov.my/portal/documents/10...13_Jun_2014.pdf

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QUOTE(vaashant @ Jan 4 2015, 11:33 AM)
Dear sifus around Internet land,

I hope someone could help me with this. I have zero knowledge on epf withdrawal on acc 2.
This is my situation:
1. Snp signed on year 2010
2. Have not touched my acc 2 ever.
3. I have a flexi loan for my housing loan

My question is can I withdraw the money from acc 2 into my savings acc or I need to opt for the other option which is reduce principal which will be transferred into my loan account?

Please help. Need the money for home. Super broke.
*
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cybpsych
post Jan 5 2015, 04:51 PM


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good news!!

EPF: e-Pengeluaran Eases Housing Loan Withdrawals
Facility allows members with RHB Bank and Maybank housing loans to submit withdrawal applications online

The Employees Provident Fund (EPF) today announced that members who have housing loans with RHB Bank and Maybank can opt to submit their withdrawal applications online via the e-Pengeluaran facility for housing loan repayments.

The facility, which is available via i-Akaun, facilitates online withdrawal applications for repayment of housing loan monthly instalments and to reduce or redeem housing loan balance. Members must be a registered i-Akaun holder in order to use the e-Pengeluaran facility.

Read more here
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kohts
post Jan 5 2015, 09:05 PM


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EPF return is higher than loan rate at the moment. Unless you are really cash flow tight and need the monthly EPF Account 2 amount to support, it is better to leave the money in EPF.
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yeelong
post Jan 9 2015, 11:04 AM


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QUOTE(cybpsych @ Jan 5 2015, 04:51 PM)
good news!!

EPF: e-Pengeluaran Eases Housing Loan Withdrawals
Facility allows members with RHB Bank and Maybank housing loans to submit withdrawal applications online

The Employees Provident Fund (EPF) today announced that members who have housing loans with RHB Bank and Maybank can opt to submit their withdrawal applications online via the e-Pengeluaran facility for housing loan repayments.

The facility, which is available via i-Akaun, facilitates online withdrawal applications for repayment of housing loan monthly instalments and to reduce or redeem housing loan balance. Members must be a registered i-Akaun holder in order to use the e-Pengeluaran facility.

Read more here
*
They didn't specify which account that the EPF contributors can withdraw from. Can withdraw from Account 1 or just strictly Account 2?
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tessei
post Jan 9 2015, 11:08 AM


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QUOTE(yeelong @ Jan 9 2015, 11:04 AM)
They didn't specify which account that the EPF contributors can withdraw from. Can withdraw from Account 1 or just strictly Account 2?
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it's alway account 2... account 1 untouchable until retirement age reached..
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yeelong
post Jan 9 2015, 11:09 AM


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QUOTE(tessei @ Jan 9 2015, 11:08 AM)
it's alway account 2...  account 1 untouchable until retirement age reached..
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ok noted icon_rolleyes.gif

This post has been edited by yeelong: Jan 9 2015, 11:09 AM
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tnang
post Jan 9 2015, 11:17 AM


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QUOTE(kohts @ Jan 5 2015, 09:05 PM)
EPF return is higher than loan rate at the moment. Unless you are really cash flow tight and need the monthly EPF Account 2 amount to support, it is better to leave the money in EPF.
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+ 1, unless you return is better than epf rate which is around 6%.
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katijar
post Jan 9 2015, 11:41 AM


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well, some ppl fear epf "might not be around" anymore when they retire ...
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cybpsych
post Jan 9 2015, 05:24 PM


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QUOTE(yeelong @ Jan 9 2015, 11:04 AM)
They didn't specify which account that the EPF contributors can withdraw from. Can withdraw from Account 1 or just strictly Account 2?
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for sure Acct 2 smile.gif

at least with e-Pengeluaran, no need to get the standard bank loan statement (chargeable) before going to EPF to transfer EPF fund from Acct 2 --> Bank Loan account.

however, there's a caveat to this facility: The applicant has to be present at any of the EPF counters for thumbprint authentication for the application to be approved.

Thumbprint authentication is necessary to confirm the identity of the applicant and the record of thumbprint is required as proof of application.

Application is auto-approved upon thumbprint authentication at EPF counter.

Members are given a timeframe of fourteen (14) days to perform thumbprint authentication failing which the application will be automatically rejected.

Full FAQs here thumbup.gif
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Jagalat
post Jan 9 2015, 06:29 PM


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QUOTE(katijar @ Jan 9 2015, 12:41 PM)
well, some ppl fear epf "might not be around" anymore when they retire ...
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+1. sweat.gif
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maomao1983
post Feb 9 2015, 12:08 PM


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Bro & Sis,

I plan to withdraw my EPF account 2 for housing loan.
I choose the plan " PERMOHONAN PENGELUARAN MENGURANG" .
My question is if my loan account is those account that is flexible(with cheque book) mean you can deposit extra money to reduce interest rate or withdraw money .
Can i withdraw it after EPF bank in? hmm.gif

notworthy.gif notworthy.gif Please advise
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Chris Chew
post Feb 9 2015, 01:02 PM


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QUOTE(maomao1983 @ Feb 9 2015, 12:08 PM)
Bro & Sis,

I plan to withdraw my EPF account 2 for housing loan.
I choose the plan " PERMOHONAN PENGELUARAN MENGURANG" .
My question is if my loan account is those account that is flexible(with cheque book) mean you can deposit extra money to reduce interest rate or withdraw money .
Can i withdraw it after EPF bank in?  hmm.gif

notworthy.gif  notworthy.gif  Please advise
*
The withdawal will goes to ur loan account which can save you interest and reduce the principal only but u cant withdraw it to your current acc ( which, equivalent to withdraw cash )

This post has been edited by Chris Chew: Feb 9 2015, 10:50 PM
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hornbill_78
post Feb 9 2015, 01:53 PM


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Let said after I withdraw account 2 for monthly installment reduction for 1st property in future if I purchase 2nd property can I still apply withdrawal for the 2nd property?
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cheahcw2003
post Feb 9 2015, 02:01 PM


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It seems not a wise to withdraw EPF (6.75% return) to pay off mortgage loan (net rate of 4.5%)
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Yamma
post Feb 9 2015, 06:29 PM


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QUOTE(cheahcw2003 @ Feb 9 2015, 02:01 PM)
It seems not a wise to withdraw EPF (6.75% return) to pay off mortgage loan (net rate of 4.5%)
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yes.. a bit shocking after hearing epf giving higher dividend this year where other investments giving lower return.
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whyang80
post Feb 9 2015, 09:19 PM


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QUOTE(Chris Chew @ Feb 9 2015, 01:02 PM)
The withdawal will goes to ur loan account which can save you interest and reduce the principal only but u can withdraw it to your current acc ( which, equivalent to withdraw cash )
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I thought you cant withdraw it for personal use ? It's an offence. It's for housing loan and strictly for that right ?
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Chris Chew
post Feb 9 2015, 10:50 PM


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QUOTE(whyang80 @ Feb 9 2015, 09:19 PM)
I thought you cant withdraw it for personal use ? It's an offence. It's for housing loan and strictly for that right ?
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Opps sorry, it should be cant withdraw it from loan acc to personal current acc.

Typo error.

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silentsunami
post Feb 26 2015, 03:45 PM


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QUOTE(Yamma @ Oct 2 2014, 03:24 PM)
you have to pay by yourself 2700 per month, while EPF will transfer your fund from EPF to your bank account on monthly basis.

For this kind of arrangement, you have to go the office for every 6 months. AND, for the time you fill up the form, the amount should be able to meet your expectation. In your case, you want to take out rm500 per month. By the time you apply, make sure your account 2 has at least rm3000 (rm500 x 6months). If you apply for withdrawal while your balance is just rm1200, you will only get rm200 per month.
*
This mean that EPF will transfer money to my saving account? This case i need to pay for my monthly loan repayment first before EPF transfer money to my account?
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Yamma
post Feb 26 2015, 05:32 PM


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QUOTE(silentsunami @ Feb 26 2015, 03:45 PM)
This mean that EPF will transfer money to my saving account? This case i need to pay for my monthly loan repayment first before EPF transfer money to my account?
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there are 2 type of withdrawal (albeit changes, cost my last withdrawal was june last year).

1st type of withdrawal, direct transfer from EPF to your loan account. This one, bank will deduct straight from your principal balance but u have to continue your normal monthly repayment.

2nd type is epf will transfer to your bank account (saving or current account, whichever you provide them) by monthly basis for the next 6 month. As I mentioned earlier, the amount depend on lower of monthly loan repayment vs balance in account 2 divide by 6 months. You have to pay to your bank on your own.

The 2nd type is for those who opt for more cash flow while the 1st type for those who want to do early settlement. If you are bumi or have knowledge to get better return on your cash higher than EPF dividend (since housing loan interest rate is lower than epf return), option 2 is better.

I think 1st option is not a wise move.
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doraemonkiller
post Mar 14 2015, 12:08 AM


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QUOTE(Yamma @ Feb 26 2015, 05:32 PM)
there are 2 type of withdrawal (albeit changes, cost my last withdrawal was june last year).

1st type of withdrawal, direct transfer from EPF to your loan account. This one, bank will deduct straight from your principal balance but u have to continue your normal monthly repayment.

2nd type is epf will transfer to your bank account (saving or current account, whichever you provide them) by monthly basis for the next 6 month. As I mentioned earlier, the amount depend on lower of monthly loan repayment vs balance in account 2 divide by 6 months. You have to pay to your bank on your own.

The 2nd type is for those who opt for more cash flow while the 1st type for those who want to do early settlement. If you are bumi or have knowledge to get better return on your cash higher than EPF dividend (since housing loan interest rate is lower than epf return), option 2 is better.

I think 1st option is not a wise move.
*
So regret to select option 1. Any way to withdraw it from loan account?
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supersound
post Mar 14 2015, 03:18 PM


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QUOTE(doraemonkiller @ Mar 14 2015, 12:08 AM)
So regret to select option 1. Any way to withdraw it from loan account?
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Actually option 1 is the right option, option 2 are dumb option to begin with.
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doraemonkiller
post Mar 16 2015, 01:58 AM


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QUOTE(supersound @ Mar 14 2015, 03:18 PM)
Actually option 1 is the right option, option 2 are dumb option to begin with.
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I need cash for renovation
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Tavia88
post Mar 16 2015, 08:33 AM


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QUOTE(supersound @ Mar 14 2015, 03:18 PM)
Actually option 1 is the right option, option 2 are dumb option to begin with.
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As mentioned some buyer's purpose is for renovation ma... so definitely they need cash and transfer into their account .
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supersound
post Mar 16 2015, 09:15 AM


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QUOTE(doraemonkiller @ Mar 16 2015, 01:58 AM)
I need cash for renovation
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Then? That's not an excuse to fool around with your money.
Why? See all your friends are showing off and you cannot tahan to follow the boat?

QUOTE(Tavia88 @ Mar 16 2015, 08:33 AM)
As mentioned some buyer's purpose is for renovation ma... so definitely they need cash and transfer into their account .
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No money then don't buy house in the first place.
This is called financial mis-management.
Ah, forgot, in Malaysia, we are thought to be financial mis-management whistling.gif
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doraemonkiller
post Mar 16 2015, 01:58 PM


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QUOTE(supersound @ Mar 16 2015, 09:15 AM)
Then? That's not an excuse to fool around with your money.
Why? See all your friends are showing off and you cannot tahan to follow the boat?
No money then don't buy house in the first place.
This is called financial mis-management.
Ah, forgot, in Malaysia, we are thought to be financial mis-management whistling.gif
*
I assume you buy your house with cash. I also assume there is no need for you to withdraw cash from your epf for any purpose.
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Yamma
post Mar 16 2015, 01:59 PM


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QUOTE(supersound @ Mar 14 2015, 03:18 PM)
Actually option 1 is the right option, option 2 are dumb option to begin with.
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I have no idea where your huge amount of confident come from enable you to be stupid and rude at the same time.

if you consider withdrawing your epf money which earned you more than 6% p.a. since 2011 (6.75% in 2014) to pay for your housing loan with approximately 4.5% interest rate p.a. is right option, no one can win their argument against you.

very very very smart person. lol
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supersound
post Mar 16 2015, 02:04 PM


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QUOTE(doraemonkiller @ Mar 16 2015, 01:58 PM)
I assume you buy your house with cash. I also assume there is no need for you to withdraw cash from your epf for any purpose.
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Why need to buy house with cash? Just change your lifestyle, set a target.
But not people can do this as they are wasting more than they earn doh.gif
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supersound
post Mar 16 2015, 02:06 PM


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QUOTE(Yamma @ Mar 16 2015, 01:59 PM)
I have no idea where your huge amount of confident come from enable you to be stupid and rude at the same time.

if you consider withdrawing your epf money which earned you more than 6% p.a. since 2011 (6.75% in 2014) to pay for your housing loan with approximately 4.5% interest rate p.a. is right option, no one can win their argument against you.

very very very smart person. lol
*
Sorry, your way are more stupid than mine.
When bank loan's interest are low, you shall not take EPF money out.
EPF's dividend half of it is for counter inflation while another half is the actual dividend.
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Yamma
post Mar 16 2015, 02:17 PM


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QUOTE(supersound @ Mar 16 2015, 02:06 PM)
Sorry, your way are more stupid than mine.
When bank loan's interest are low, you shall not take EPF money out.
EPF's dividend half of it is for counter inflation while another half is the actual dividend.
*
lol. running away from the main discussion by giving 3rd option after find out your argument invalid?

we are talking about option 1 and option 2. To cover up, come out with 3rd option - no withdrawal when loan interest is low. lol.

That why I mentioned much earlier (before 1 self-proclaim smartass come around) option 1 is not wise while that guy said that is the right one. lol again.

"EPF's dividend half of it is for counter inflation while another half is the actual dividend.".. thanks so much for very useful information shared. Nobody know about it before... thanks again yea!
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supersound
post Mar 16 2015, 02:22 PM


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QUOTE(Yamma @ Mar 16 2015, 02:17 PM)
lol. running away from the main discussion by giving 3rd option after find out your argument invalid?

we are talking about option 1 and option 2. To cover up, come out with 3rd option - no withdrawal when loan interest is low. lol.

That why I mentioned much earlier (before 1 self-proclaim smartass come around) option 1 is not wise while that guy said that is the right one. lol again.

"EPF's dividend half of it is for counter inflation while another half is the actual dividend.".. thanks so much for very useful information shared. Nobody know about it before... thanks again yea!
*
There's no option 3 to begin with. Is you that stupid enough to come out with option 3 as you can't find any excuse to deny my facts whistling.gif
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Yamma
post Mar 16 2015, 02:35 PM


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QUOTE(supersound @ Mar 16 2015, 02:22 PM)
There's no option 3 to begin with. Is you that stupid enough to come out with option 3 as you can't find any excuse to deny my facts whistling.gif
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what is your fact anyway? lol

nevermind, you are very smart. All reader here acknowledge your ability.


p/s: I withdraw my epf with 6.++% return and put it in ASB with 8.++% return, but I'm dumb. I rather be dumbed and stupid. hahahaha.

by then, catch up later, Master!!!
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doraemonkiller
post Mar 16 2015, 08:15 PM


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QUOTE(supersound @ Mar 16 2015, 02:06 PM)
Sorry, your way are more stupid than mine.
When bank loan's interest are low, you shall not take EPF money out.
EPF's dividend half of it is for counter inflation while another half is the actual dividend.
*
You only talk about interest rate while you did not know housing value will increase due to inflation and demand.
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doraemonkiller
post Mar 16 2015, 08:17 PM


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QUOTE(supersound @ Mar 16 2015, 02:04 PM)
Why need to buy house with cash? Just change your lifestyle, set a target.
But not people can do this as they are wasting more than they earn doh.gif
*
You are just shooting yourself. lol.
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supersound
post Mar 16 2015, 08:20 PM


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QUOTE(doraemonkiller @ Mar 16 2015, 08:15 PM)
You only talk about interest rate while you did not know housing value will increase due to inflation and demand.
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That is when you have market demand, else it won't appreciates.
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