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 EPF Withdrawal after lost of 1st house ownership, But still serving the financing for it

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kirakun
post May 25 2017, 02:42 PM

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QUOTE(ivn79 @ May 24 2017, 10:32 PM)
Hi all.

I planned to transfer my house ownership to other (with new S&P) but this house I will still serving the financing for it.
I have withdraw the EPF many years ago when purchasing it that time.

Question : Can I withdraw my EPF for my recently bought new house? Because the ownership soon to be transfer.

Will the kwsp approve it? Thx
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EPF/KWSP withdrawal is applicable for 1st and 2nd house. For 2nd house purchase, the withdrawal can only be processed provided that the 1st house is sold with proof of S&P agreement produced on application.

For your case, as long as u can produced the new S&P agreement showing that u have sold your share to the other on the 1st house, you shouldn't have any problem getting epf withdrawn for the 2nd house purchase.

Do note that epf/kwsp withdrawal is limited to 1st and 2nd house purchase only.

This post has been edited by kirakun: May 25 2017, 02:42 PM
kirakun
post May 26 2017, 11:33 AM

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QUOTE(ivn79 @ May 25 2017, 11:12 PM)
Thank you so much for your sharing.

Means that kwsp won't take consideration whether u have still serving the financing for another property, as long as the new S&P has clearly define that I don't have the ownership already. They will proceed with the EPF withdrawal process, to said that I met all other requirements.

Correct me if I'm wrong. Thx 🤔
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Exactly. Epf will not check your account detail. As long as you can provide proof of ownership transfer at the counter, u can do the withdrawal. Don't forget to bring along your s&p for the 2nd house purchase.
kirakun
post Jul 7 2017, 01:17 PM

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QUOTE(mr.thinkpad @ Jul 7 2017, 08:22 AM)
if epf do check, might get into whole lot of trouble
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Why do epf want to check? Epf do not have any right to your personal account detail as well.

Whatever u do with your money is none of epf's concern as long as there is proof of ownership transfer.

Pls refrain from posting hearsay.
kirakun
post Jul 7 2017, 05:24 PM

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QUOTE(mr.thinkpad @ Jul 7 2017, 03:13 PM)
epf got every right spelled by law

Failure to Return Unused Amount for Withdrawal Purpose
If the applicant does not use the withdrawn savings for the intended purpose, the applicant is deemed as having committed an offence and shall, upon conviction, be liable to imprisonment for a term not exceeding six (6) months or fine not exceeding RM2,000.00 or both [Section 58A, EPF Act 1991 (Amendment) 2007].

Incorrect or False Declaration or Furnishing False Documents
If the applicant provides the EPF with false statement or forged documents, the applicant is deemed as having committed an offence and shall, upon conviction, be liable to imprisonment for a term not exceeding three (3) years or fine not exceeding RM10,000.00 or both [Section 59, EPF Act 1991 (Amendment) 2007].

Purchase Not For Residential Purposes
Housing Withdrawals are subject to the current terms and procedures. The EPF reserves the right to reject a withdrawal application if transfer of ownership is made less than one (1) year or if the purchase contains any element of investment and not for residential purposes as provided for under EPF Act 1991.

"Whatever u do with your money is none of epf's concern as long as there is proof of ownership transfer. " <-- this shows that the applicant does not use the withdrawn savings for the intended purpose
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Kindly enlighten which clause is breached by one who choose to continue to pay for the instalment AFTER one sell his/her house to a third party?

Again with proof of ownership transfer is given. Which clause state that I cannot continue to pay instalment for the house I sold?

Pls read properly what TS has written from the very beginning. If u still do not understand, feel free to drop a call to EPF centre.

This post has been edited by kirakun: Jul 7 2017, 05:55 PM
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