to all property gurus here,

im seeking advice for how to withdraw money from EPF account 2 to settle 10% downpayment when purchase a new house.


The reason i want to withdraw from EPF is :

- i need my ready cash for other purposes, for example : renovation

- maybe 2nd house in the future



My question is :

- what document needed to apply EPF ?

- how long does it take for payment released from acc2 ?

- if the whole process late, does developer charge me interest for delay paying 10% downpayment ?

- amount of withdrawal based on 10% downpayment or more ?

My question is :

- what document needed to apply EPF ?
SPA,IC,marriage cert if joined name in SPA..developer consent etc if subsale..

- how long does it take for payment released from acc2 ?
less than 2 weeks..

- if the whole process late, does developer charge me interest for delay paying 10% downpayment ?
U need to pay 10% first then only can withdraw from EPF..

- amount of withdrawal based on 10% downpayment or more ?
based on SPA sales price..

Answering one of your question.

You can get your money approx a week time. Also, if you want to use the money for yourself, remember to put your saving account number.

so the downpayment of house is always cash out from our pocket, and cannot use our EPF 2nd account one?

own cash first for downpayment , then provide the receipt/SPA etc to withdraw back the 10% from EPF

that means i need to folk out from my own pocket 1st,
then EPF withdrawal credit to my account under my name ??

Yes. Own money for DP then with those documents u go withdraw ur money from EPF. First time can withdraw to any account u designate, subsequent withdrawals is to ur mortgage account.

sigh.. then i need to borrow personal loan or from relative lo. cause if 500K house means 50K cash.
but as you guys said, a/c 2 usually will release $ in a week or 2 right?
but from the day we pay dp with our cash and get a/c 2 $, is there anything that might delay that?
cause if take personal loan, can get those early settlement without charge one right?

sifu please advice. thanks!

I had purchase a property back in 2008 and sold it off in year 2011. I've fully redeemed the bank facility as well.

Would I be eligible to withdraw from AC2 for the 2nd property im eyeing now? Fyi I have not withdrew from AC2 before - this is the first time.

so weird one so many people misunderstand.

document needed to apply for EPF:
- photostat full copy of a) S&P b) facilities agreement c) deed of assignment d) developer consent
- marriage cert if joint name
- original copy of all the above to be brought along

it takes 1 week MAX for usual case. usually 3-5 days will finish. longer if you are bad record.

settle developer 10% yourself first and claim back from EPF later.

it is actually 10% + 10% MAX for withdrawal into personal account.

yes. it will be considered as your first withdrawal for house

please make sure you check CCRIS ensure your loan fully redeemed or it will delay the process when applying.

just swipe with cc and balance transfer. many 0% 3-6 months balance transfer plans nowadays.

i normally avoid those personal loans as they have more fine prints to prevent early settlement without some steep charges.

Wanna ask if joint name, must be husband and wife? or i can with friend? thanks

house dp can swipe CC one?

Some developer allows that.. but recently some changes, max credit card charge only 20k... balance need to pay via cheque/banker cheque /cash.

Some developer project give 3-8% rebates..some 10%. Just pay processing some peanuts fees only.

damn.. sien d.. so 1st time withdraw EPF a/c 2 will they check for CTOS/ CCRIS all those and delay?
last i check both my record 1 year back, still ok although i have some default CC payment sometime

Talk to your developer, my developer allow me longer time for the 10% due to I am withdrawing from KWSP.

Withdraw EPF, they need to see ur Stamped SNP + Supporting bank loan approval docs.

STamped SNP - need to pay the 10% dp min upfront. (some developer give discount on dpds maybe just pay abit ok ady.. )
Bank loan approval means- bank already chk ur CTOS/CCRIS all clear to get the loan.

Once u got these 2 main docs and apply for EPF approval... it will get process within 2 weeks time.

thanks all sifu for advices

its time to withdraw my acc2 saving from EPF for property investment.

6-8 % annual interest in EPF hardly can beat mr. inflation, somemore the money can only completely withdraw at age 55

its a long journey. Really can't wait to buy myself the 1st house. For my ready cash, i will spend it for 2nd house in the future

anybody can answer this? i also wanna know...