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> Option for 2nd House Purchase

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TSdextm
post Jan 13 2020, 04:44 PM, updated 5y ago

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Hi guys, seeking some advice on the best way forward to purchase a 2nd house.

Currently I (we) own a house; registered to both myself and my wife. What I have in mind is to transfer the house ownership via MOT fully to me. Then she will apply for the 2nd house and withdrawing her EPF for the house downpayment. Also at the same time, can myself withdraw my EPF to assist the 2nd home?

Another option that we are looking at is to do trade in with another property.

Main concern now is that I (we) want to remove name from 1st home so that can apply for 2nd home EPF withdrawal.

Apologies for the lack of knowledge, really lacking in this area sweat.gif
afoka
post Jan 13 2020, 04:49 PM

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From: shaiberrjaiyezz



I think first House need to be sell... Or settle paid if not mistaken.
WeiLoonChuak
post Jan 13 2020, 05:01 PM

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Did you withdraw EPF when you purchase your 1st property ? If you did, then you need to prove that 1st property has been sold then only can withdraw EPF for 2nd house, however if you never withdraw before i believe you dont need to transfer your property.

If the house do not have your name, you cant withdraw your EPF, it need to have S&P agreement, loan agreement when apply for EPF withdrawal.

https://www.kwsp.gov.my/en/member/withdrawa...#newdevelopment
TSdextm
post Jan 13 2020, 05:14 PM

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QUOTE(afoka @ Jan 13 2020, 04:49 PM)
I think first House need to be sell... Or settle paid if not mistaken.
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The name need to be removed from the first house based on my understanding at KWSP site.

QUOTE(WeiLoonChuak @ Jan 13 2020, 05:01 PM)
Did you withdraw EPF when you purchase your 1st property ? If you did, then you need to prove that 1st property has been sold then only can withdraw EPF for 2nd house, however if you never withdraw before i believe you dont need to transfer your property.

If the house do not have your name, you cant withdraw your EPF, it need to have S&P agreement, loan agreement when apply for EPF withdrawal.

https://www.kwsp.gov.my/en/member/withdrawa...#newdevelopment
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Well, we both have taken out out our EPF for our first house purchase. Now what I am considering is to transfer the house ownership to me and removing her name. If I understand correctly, only then she can apply for 2nd house epf withdrawal. Below is taken from EPF, hope my interpretation is correct.

» Click to show Spoiler - click again to hide... «

WeiLoonChuak
post Jan 13 2020, 05:31 PM

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QUOTE(dextm @ Jan 13 2020, 05:14 PM)
The name need to be removed from the first house based on my understanding at KWSP site.
Well, we both have taken out out our EPF for our first house purchase. Now what I am considering is to transfer the house ownership to me and removing her name. If I understand correctly, only then she can apply for 2nd house epf withdrawal. Below is taken from EPF, hope my interpretation is correct.

» Click to show Spoiler - click again to hide... «

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Have same interpretation with you, as long the first house do not have your wife name, then i think she can proceed to apply for EPF withdraw on 2nd house ... but you need to check how much is the charges for this ownership transfer and also any action needed at bank or not since the existing loan is under 2 persons name ...

 

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