Hi everyone, I’m about to purchase another house to stay but this time I want to withdraw from my EPF to help with downpayment and renovation. Looking at their website, I see the following:



https://www.kwsp.gov.my/en/member/withdrawa...artial/buy-home

This should mean you can withdraw more than 10% + 10%, for example if you’re using loan for only 60% from the purchase price, you’re elligible to withdraw 40% + 10%.

I think this is fantastic news, you can plan your purchase now with lower loan to reduce your monthly commitment without topping up or you can use the extra cash for more renovation works (or anything).

I’ve probably been ignorant about this new rule, not sure if this is something newly implemented this year or if it has always been this way for many years.

Cheers.

PS: I’ve seacrhed the board but all are still talking about 10% + 10% so apologies if this has already been discussed.

Not recommended unless for own stay as EPF dividend are much higher compare to mortgage interest

I think majority of first time house buyers wont have much in Account 2 unless they have work for many many years and with high basic.

For eg a 10% of a 300k govt assist housing is 30k and how many years one need to contribute to reach that amount ?

Yeah I’m just curious because I just found out about the change. Also want to share the news with others if this is in fact a recent change.

I’m buying for own stay I want to do some big renovation works as I plan to stay long term. Getting old already want to settle down.

Big chunk of my Account 1 is invested outside EPF and making a few times more than EPF.

Nurhisham said by the end of this year, 54% of EPF members aged 54 would have less than RM50,000 in their savings account;

https://www.freemalaysiatoday.com/category/...retire-says-epf

some 6.1 million (about 49%) EPF members now have less than RM10,000 in their EPF accounts.
Similarly, the middle 40 percent also suffered a decline of 18 percent in their savings, leading to a median balance of RM24,995.
https://www.malaysiakini.com/news/597483


This post has been edited by icemanfx: Nov 10 2021, 10:23 AM

Of course, there’s no gun to your head. If you have insufficient funds, you would be an idiot to empty them. Be smart. I’m just a messenger.

Hijacking this thread to ask something related to withdrawal.

The copy of SPA and Loan Documents - do they need to be photocopied in full (as in the entire stack of SPA and Loan documents) or selected pages only?

Full stamped copy. Double sided is ok

This is not something new, got to know it about a year back.

BTW don't mention 10% + 10% or 40% + 10%. It implies a percentage of your account 2. For instance if you are buying a 500k house with 200k down-payment, and you have 100k in account 2. 40% + 10% implies that you get to withdraw 50k to fund the purchase. But in reality you get to withdraw full amount because you are eligible to withdraw 200k + 10k.

By the way, would like to check if both joint name A&B to purchase a new house under S&P agreement. But housing loan is only under A single name.

Can both A&B eligible to apply home partial withdrawal for the purchase of new home ?

Yes you can. They follow s&p instead of loan

hi, during my 1st house, i withdraw all from my account 2
now i plan for 2nd house, i still got some money left at account 2, can I withdraw again?

You've probably already got the answer but yes, you can withdraw up to 2 times.

been waiting EPF to get back to but did not receive any email

May I know what doc we need to apply?

Thank you.

Counter told me that the first house that use to withdraw EPF must be disposed before you can apply for the 2nd one

Just to any EPF near you

can check

A withdraw new house before

B 1st time house buyer

B&A already get married

B go apply 1st witdrawal can A joint in as well?

A cannot apply anymore unless A sells the 1st house (to which A made the 1st withdrawal).

B can apply for full 1st house withdrawal so long B's name is in the snp (co share ownership /w A, no issue)

This post has been edited by jojolicia: May 19 2023, 10:19 AM

Probably need 10 years to accumulate 30K in account 2