Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

> Entry Cost of Property Purchase

views
     
aaron1717
post Jun 2 2017, 11:20 AM

Chui Shui in Property Manyak Best!
********
All Stars
10,169 posts

Joined: Apr 2012
QUOTE(wild_card_my @ Jun 2 2017, 11:00 AM)
Okay, instructions from EPF is quite clear but I find them to be confusing at times too; although I still commend them for their effort in general. And Ive verified this with multiple EPF officers since plenty of people get confused on the amount that they can withdraw, and its cool that  you are asking me to explain

Based on the terms below (pembinaan/pembelian), you can withdraw whatever the difference between the [loan amount] VS [construction cost OR purchase price] plus 10% of the [construction cost OR purchase price].

I see why lifebalance is a little confused about this (in the spoiler below) because he assumed that everyone will apply for a 90% margin. And most people probably thought that the hard cap is 10% + 10% = 20%. All you have to keep in mind is that not everyone will apply for 90% loan margin, some will prefer to go for lower margin and use withdrawn EPF account 2 money to pay for the rest. So to answer the question on how much you can withdraw from account 2, you need to know the loan margin that you got.
» Click to show Spoiler - click again to hide... «

Contruction

Construction cost: RM200,000
Loan amount: RM120,000
Difference: RM80,000
Amount that can be withdrawn: RM80,000 + RM20,000 (10% of the construction cost) = RM100,000

Ratio of withdrawn:construction : 50%

Purchase

Purchase price: RM400,000
Loan amount: RM300,000
Difference: RM100,000
Amount that can be withdrawn: RM100,000 + RM40,000 (10% of the purchase price)  = RM130,000

Ratio of withdrawn:construction : 35%

There is NO hard cap on the amount that you can withdraw, down to the maximum amount that you have in account 2 of course

Pembinaan rumah
user posted image

Pembelian rumah
user posted image

Syarat-syarat
user posted image
*
thanks bro for your explanation.... because from the wordings itself... it confused alot of ppl... thats provided if your account 2 gt so much money also.... thumbup.gif thumbup.gif
wild_card_my
post Jun 2 2017, 11:22 AM

Look at all my stars!!
*******
Senior Member
6,562 posts

Joined: Jan 2003
From: Kuala Lumpur

QUOTE(aaron1717 @ Jun 2 2017, 11:20 AM)
thanks bro for your explanation.... because from the wordings itself... it confused alot of ppl... thats provided if your account 2 gt so much money also....  thumbup.gif  thumbup.gif
*
Yes, I know2. Ive been doing this for years and I still find myself calling my friends in KWSP to have them explain their terms. Like I said, I LOVE KWSP's professionalism, and the confusion stems from them having to cater to too many groups of people...

Withdrawal related to properties alone has 5 "products" that you can choose from

Heres the rest... Ive had to study this and sometimes I get confused too

user posted image

This post has been edited by wild_card_my: Jun 2 2017, 11:29 AM
sparcobulk
post Sep 8 2018, 02:28 PM

New Member
*
Junior Member
33 posts

Joined: Dec 2004
@wild_card_my if I've done monthly withdrawal for installment of first house, can I still withdraw to pay for 2nd house purchase downpayment?
Syahrim Naim
post Sep 8 2018, 04:37 PM

Getting Started
**
Junior Member
249 posts

Joined: Aug 2018
From: Shah Alam


Buy undercons property. Most of the legal fees are borne by the developer. You just need to prepare around 7% for the progressive interest payment during the construction which will be spread around 3-4 years as compared to paying 10% downpayment for subsale or lelong.
ManutdGiggs
post Sep 9 2018, 08:58 AM

10k Club
********
All Stars
13,544 posts

Joined: Jun 2011
Vely guru alike kinda advise 😊

 

Change to:
| Lo-Fi Version
0.0133sec    0.74    5 queries    GZIP Disabled
Time is now: 29th March 2024 - 05:06 PM