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 EPF withdrawal for housing

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claudetan
post Apr 10 2024, 08:45 AM

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QUOTE(taitianhin @ Mar 11 2024, 06:27 PM)
Short answer yes. Assuming you are asking on Type 2 withdrawal, which will deposit to you on monthly basis.
And yes, you should do it multiple times. Instead of one lump sum, which will earn you lesser interest.

anyway, Type 1 withdrawal is, You may only allow to do a 1 time full 10% (so called downpayment) withdrawal for 1 of your house. only for once.
This 1 time withdrawal will deposit all the $$ into your chosen Saving Account. Not sure if there is new rule on this portion.

After which, Type 2 withdrawal, multiple withdrawal can be done so long within your eligibility. This type of withdrawal will ask for your installment amount and request your input on how many installment you want to withdraw for, 3 mth/6mths/9mth/1 year or so-on. And it will deposit the $$ in monthly basis, which is same amt of your loan installment.
However, The reason to prefer to do multiple withdrwal/application is becoz, once the Amount deducted, the entire deducted amt will not be eligible for Interest for as a long as your withdrawal period. That total withdrawal amt will be deduct from stmt on day 1 it has been approved.
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hi, for account 2, is it possible to withdrawal all at once and pump into the loan account? instead of paying month by month.

or maybe to withdraw all to settle the remaining loan..


 

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