Dear Forumer,

Is it possible to buy property (ready type or development type) with the down payment of 10% from EPF? However, does not have 10% savings to cover for down payment upfront first.

Normally, people would fork out 10% out of property price for down payment from savings first, then claim back from EPF. However, what if i don't have 10% down payment in my savings?

Thanks.

Then u cant. HOnestly. I bought a property recently and I encountered the problem similar to yours. Eventually v manage to solve the problem, EPF is very rigid these days.

So that means we'll need to find a way to get that 10%, i.e Personal loan b4 we can get the remaining amount from EPF?

There're developers who offer 100% loan package.
One just need to pay like RM500 or RM1k d/p.
But of course, to qualified applicant only.

How long did you waited for EPF to deposit the 10% to your a/c?

Btw, is it possible to get more money from EPF a/c for the following purpose:
1) 10% property installment
2) home improvement

Forking out 10% first then only claim it back from EPF is the easier in the sense that u got enough money. If not, it's all depends on the developer. There are developers allowed u to do so. But most developer will said NOT ALLOWED. Try to persuade higher level people in the developer office, those sales people sure said cannot..

if EPF got the 10% and saving doesn't hav tht 10% , something must be wrong , perhaps u should review whether it is healthy for u to get a property....

1) Not necessary 10%. Amount depends on your EPF acc.
2) No you cant.

My EPF deposit the amount 10 days after submission of application.

Any idea based on what condition i would know whether its healthy for me to get a property?


sigh sigh... what sort of document i need to include in the application submission?

say the property is 100K , 10% is 10K, 10K from ur EPF 30% portion, means ur total EPF is about 33K .

assuming u hav been working for 3yrs , means every year about 11K for EPF at least 23% contribution from ur employer n urself on ur salary, say ur part is 11% , means 5260/year , ur annual remuneration = about 48K , so something must be wrong if u hav been working for 3yrs with average salary 4K but can't save upto 10K for downpayment...

100K property is considered lowest standard....if 200K or 300K property ?

may be u hav been working for more than 5yrs, then different calculation, but 5yrs of working can't save 10K ?

Actually you can get a list from EPF office first, it is stated clearly what documents is needed. Then only you prepared the necessary documents. It is better this way as you won't missed out on any documents.

They need quite a few but the major is the S&P agreement & Letter of Offer (loan), IC, etc