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Withdrawal from EPF Acc 2 to purchase house
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TSrealitec
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 Apr 11 2018, 07:53 AM, updated 6y ago
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NOTICE TO APPLICANTS
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If the applicant does not use the withdrawn savings for the intended purpose, the applicant is deemed as having committed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].
As above, I tot we have to pay first, then only reimburse. If yes, then the amount withdrew will be in out savings, as we paid earlier. Isn't it?
Appreciate if someone can share what is the simple/correct procedure on withdraw from EPF to purchase a house?
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TSrealitec
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Apr 14 2018, 11:19 AM
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QUOTE(aaron1717 @ Apr 14 2018, 09:40 AM) almost 90% of those withdrawals are paid first... then request withdrawal back to their account subsequently... its very hard for developer nowadays to wait for you to withdraw epf only to pay the deposit... the gomen wont go and spend time to hunt down those who withdraw their own money for whatever usage it is.... they cant even judge how you actually spend the money when it went into your own personal account.... I see, very informative. Thanks for your advise  Have a good weekend ahead. |
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TSrealitec
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Apr 18 2018, 04:10 PM
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QUOTE(sonypshomer @ Apr 18 2018, 03:19 PM) I have been misinformed by few people Some of them took out their 2nd directly to their personal account and they bought other house and do renovation, shopping and travel Some people took out their second account and directly transferred to their mortgage account. Yea. For repaying housing loan, it will go to mortgage account. If you withdraw for paying downpayment which is you paid earlier when sign SNP, then EPF will reimburse the money to your personal account. That is what I understand. Thanks for reply |
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TSrealitec
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Apr 20 2018, 07:01 PM
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QUOTE(Sam Kk @ Apr 20 2018, 05:05 PM) Hi! It is best to just visit the EPF website for proper understanding at www.kwsp.gov.my instead of been misled by incomplete information. All the best ya! Thanks, noted bro |
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TSrealitec
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Apr 23 2018, 11:35 AM
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QUOTE(WhitE LighteR @ Apr 23 2018, 09:56 AM) Very few developer last time will wait for u to withdraw first nor will they let u sign snp without paying deposit first. Now is a whole other story. Dev is more desperate, so they bmore willing to go into such arrangements. Anyway I haven't heard anyone got prosecuted for this issue... Yes, in this case, we nee to pay first, then EPF to reimburse the money to our saving account |
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TSrealitec
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Jun 17 2020, 04:07 PM
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QUOTE(shloke2018 @ Jun 17 2020, 02:24 PM) Hi guys, I also wish to tumpang on this thread. I wish to purchase my first apartment via self financing + epf withdrawal. I will be paying around 50% cash and hope to apply for Acc 2 withdrawal to address the remaining balance. In short, I'm NOT paying 100% cash first to the seller. I'm hoping the amount withdrawn from EPF can be used to pay the remaining balance. Does EPF allows such a withdrawal? As far as I know, only 10% of your house value you can withdraw from Acc 2. |
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TSrealitec
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Jun 18 2020, 08:28 AM
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QUOTE(shloke2018 @ Jun 17 2020, 05:45 PM) Are you sure? I refer to KWSP FAQ's: Self-Financing withdrawal: The purchase cost + additional 10% OR Entire savings in Account 2 (whichever is lower) Confirm your understanding is correct. |
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