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 EPF withdrawal for house purchase, how ?

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ebackbone
post Jun 25 2013, 02:13 PM

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QUOTE(lai_dm @ Jun 25 2013, 10:14 AM)
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 smile.gif
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 ?
*
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.
ebackbone
post Jun 25 2013, 02:16 PM

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QUOTE(Xforged @ Jun 25 2013, 01:44 PM)
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.
*
yes. it will be considered as your first withdrawal for house smile.gif

please make sure you check CCRIS ensure your loan fully redeemed or it will delay the process when applying.
ebackbone
post Jun 25 2013, 02:20 PM

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QUOTE(tryifelsecatch @ Jun 25 2013, 01:20 PM)
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!
*
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.

 

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