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...

What if my acct2 more than the 10% dp?

I need to photo copy the full snp or selected pages only?

yalo.. i think i read hasil website, max can get is 10% if a/c 2 have more than that 10% figure.
so we can make use the $ to do reno actually?

You can withdraw EPF when purchasing a property with a non related person provided you and your friend name is in the housing loan.

brother, sister can joint name
i heard friends also possible, i still remember my friends who bought a landed house @ setia alam few years back. they all sharing 1 property

if only 1 name in housing loan , but s&p two names cannot withdraw?

thanks for your reply! Let's say if after i joint name (just to get loan approved actually), 2-3 years later can i change back to my own name? as i know there will charges on this right? Thanks

We refer to the topic - “ EPF withdrawal for house purchase, how ? ” published by lai dm.

The EPF allows eligible members to withdraw their savings from Account 2 (provided that they fulfil stated terms and conditions) for the purpose of :
(1) Purchasing or building their first house;
(2) Paying their housing loan instalments

For the benefit of lai dm and others, please click the link below for more information and list of required documents that members need to furnish when they apply for (1) or (2). Alternatively members can call the EPF Call Centre at 03 – 8922 6000 (8.00 am to 6.00 pm, Monday to Friday) or submit their query online via http://enquiry.kwsp.gov.my.

http://www.kwsp.gov.my/pv_obj_cache/pv_obj..._2012__Eng_.pdf

Corporate Communication Department
Employees Provident Fund
Kuala Lumpur

Date: 26 June 2013

I paid developer booking fees (RM5000), then RM 10k during SNP sign. Now pending for EPF money to paid back developer the balance RM37K of the 10%.
I just submitted my form to EPF today, waiting for money now.

SNP: 2 name (me and my wife)
Loan: me alone

Document submited:
- SNP (2 set), must have the cop "True copy" (ask your lawyer cop for you)
- Loan agreement (2 set)
- Marriage cert (1 set, for my wife application)

hi mr KWSP,

only 1st house buyers are eligible to withdraw money from account 2 ?
i thought those 2nd or 3rd house buyers which applied before still eligible as long as their previous withdrawal was 3 years ago.

in other word, EPF member can withdraw money to buy house every 3 yrs..
pls correct me if i were wrong

I've asked the KWSP officer in Puchong before... he said can only withdraw provided if i sell the 1st house while getting the 2nd or 3rd house... can only have 1 house at a time only can withdraw...

so sad to heard that, i already withdraw for the 1st time few years back.
that was joint-name property with my bro, the house is mainly owned by my bro.

Can some1 guide me to how to transfer/change the house owner name to my bro alone ??
need guide for this process

use lawyer pls

A question, lets say i just sold off my 1 st house a year ago, the EPF withdrawn and bank in personal savings account for this house, so can the EPF be banked in savings account, rather than housing loan account, for the 2nd withdrawal? Oso, wat if i bought 3 rd house than only claom for the second poperty a year later?

Dear sifu...

I saw one of the reply...one saying that I can pay the 10% down payment using own saving first then only submit the application to EPF to claim back. want to double confirm this really can be done?

appreciate sifu advice...

Not necessary to provide bank loan approval docs. Cash purchase for my prop, thus, don't have any bank loan docs but still manage to withdraw my EPF savings to cover it.

Ultimately, I think the docs needed by EPF are just to prove that the person who is requesting for withdrawal is the rightful owner (name is stated in S&P). They won't bother how you purchase it.

yes..why not...i have done this...after 2 days, money was credited to my savings account

Hi all sifu,

1st house is joint name with wife. Never draw from EPF.

next house purchase (SnP is my name only) can withdraw 10% from EPF 2nd acc?

Can i withdraw for 10% DP?

yes...you can withdraw all in acc 2 subject to the max 10% dp of your house

1st house already withdrawn account 2 before. can i withdraw account 2 again for 2nd house?

kwsp very efficient. i request on on saturday, 3 day later they bank in

Yes, you can only withdraw for your second house provided you sold the first house. As such, at any one time, only one house can be withdrawn from kwsp.

can...provided that you have no outstanding loan with the first house or you have sell your first house..

EPF only give the member withdraw for 2 house only..use it wisely

This post has been edited by titanic_crash: Apr 9 2015, 08:22 PM

Hi sifus, i have some confusion here.

For acct 2 withdrawal, i understand that first time withdrawal allows me to withdraw into my savings acct (down payment)

However, for second round of withdrawal, it only allows to be withdrawed into the mortgage account for loan repayment

Can anyone confirm if the above is true, or even for second round i can withdraw into my savings acct for down payment purpose?

[quote=titanic_crash,Apr 9 2015, 08:21 PM]
can...provided that you have no outstanding loan with the first house or you have sell your first house..

EPF only give the member withdraw for 2 house only..use it wisely

[/quote

For my case,I don't hv copy of SNP as disposal prove.I signed PA (Power of Attorney) last time And I made my 1st withdrawal on said property.now the property already sold by other party.any document can support that for 2nd withdrawal?

U need to get the SNP and Bank LO first. Then only u can proceed to withdraw EPF.

Hi, I have never withdrawn from EPF before. I need to buy a 3rd house now, can I withdraw 100% from my account 2 to do that? Thank you

yes u can,

make sure u never withdraw b4, but i dunno whether u can take out 100% or not, depends on your house price.
anyone can answer this ?

This post has been edited by lai_dm: Apr 19 2015, 08:42 AM

Scenario

Me and my fiance gonna buy a house
Me - 1st property (Never withdraw EPF)
Fiance - 2nd property (Never withdraw EPF)

So it's consider Joint name right?
Can i withdraw from my EPF2 and my fiance withdraw half too?

yes u can. doesnt matter if u have 10 properties, if first time applying to withdraw, then epf will see as first time

Yes, you can withdraw 100% assume your property downpayment is RM 100,000. I believe you have rebate from the developer. No need mention to them. If your account 2 got RM 60,000. Let say got RM 50,000 rebate. The downpayment just another RM 50,000. However you can withdraw RM 60,000.

how much can take out?

lets say eligible (from kwsp website) is A
downpayment 10% less than A, lets call it B

still can tgake out A? or less than A (which is B)

u can always nego with the owner or agent, but explain to them that u can pay 3% from the 10% as booking money and the rest of the 7% u will pay with ur epf but then again it really depend on the ownerlah if he or she ok with it then oklah but if not guess u have to fork out that 10% cash dp

so now i have a snp, i just read that you can only withdraw only ONCE in your lifetime if is for the purpose of buying house

is it true?

You can withdraw as long as you sold the house that you used the EPF to purchase the house earlier.

1st house (EPF) - Must be sold and show the proof to EPF that you sold the house, then you can withdraw again as long as there is money in Account 2.

yes you can withdraw all the money from account 2 for your first time withdraw for buying house.

how long before i can make a withdrawal to reduce housing loan / monthly installment after i applied for reduce downpayment?

got an email from epf, say i need to wait for one year

any info?

Dear Sifus,

Wanna ask:

If first time purchasing house(joint name with wife) and wanna withdraw EPF ( total is 10%+10%), is it possible to:
- withdraw 10% from my acc 2
- withdraw next 10% from wife acc 2?

S&P and Bank Loan in both names

Thanks for the help!

Can. both can draw 10%
just receive $$ from them last than 1 week.

dear sifux2 sekalian, questions / doubts of mine:

1) I can only withdraw EPF money after I paid the housing DP?
2) What documents I need as supporting documents when I want to withdraw those money?
3) Where can I withdraw and got those money? At KWSP??

1) You still can withdraw it even you pay the DP.
2) SPA, IC
3) Definitely is KWSP any branches.

You can use e-Pengeluaran now, if your loan is RHB, MBB, BSN (If I'm not mistaken). Anyone uses this facility before?

http://www.kwsp.gov.my/portal/en/web/kwsp/...urchase-a-house

Can see much more details in the website

need to apply variation letter from my loan bank due to my current LO not stated the housing no. just show the master title. (yes i bought strata unit)

Even for this issues kwsp will reject the withdrawal ah? so fussy.

already stated the master title weh. bot in SNP and LO.

Any advise?

banker told me that KWSP ac2 can withdraw ALL for 20% of 1st house dp, whichever lower.

Can't . First house must sold first and show them the support document such as letter from land department and verify letter from lawyer then they only can delete the first house data from the computer system and key in ur new house data .

Sifu, i want to ask if i have one house and one factory which i still paying the loan. but for this two properties i didnt use EPF acc 2 to pay either down payment or repayment.

now i plan to use epf acc 2 to pay the loan of my 2nd house. can be done? thanks

so, what's the difference between my statement and your statement?

can...provided that you have no outstanding loan with the first house.

Planning to use this way to buy my house.....