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> EPF withdrawal to reduce house loan

kelvinfixx
post Jun 27 2012, 01:58 PM


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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?

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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..
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ic thanks

so they dont accept the normal bank statement...

bank will earn to produce the statement sad.gif
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mirzan007
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
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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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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
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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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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.
*
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.
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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.
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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.
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That's why I have a 20 year old motorbike.
Anyway, EPF pay directly to bank are more easier.
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