Apr 23 2021, 11:04 PM
QUOTE(GaussSeidel @ Apr 23 2021, 05:40 PM)
For lump sum withdrawal, it will be paid straight to your bank loan account. You can’t take it out tho as its not allowed by EPF.
But you can stop paying monthly mortgage for months equivalent to full sum withdrawn earlier.
This is correct But you can stop paying monthly mortgage for months equivalent to full sum withdrawn earlier.
QUOTE(skyhyk88 @ Apr 23 2021, 05:51 PM)
ok that make sense but will epf really instruct bank to now allow withdrawal from loan account? i thought once released to bank their role is done, it is up to the applicant to keep it there reducing interest or withdraw..
We were hoping so too. But reality isn't. Not worth using 6% interest capital to reduce a 3% loan. I learned my lesson. QUOTE(kingz113 @ Apr 23 2021, 09:33 PM)
The amount when taken from acc2 cannot be withdrawn as cash. It'll go straight to reducing the loan balance. I can confirm as I just did this.
This is correct 
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