Hi All, I would like to buy a property at Kepong Area and my budget is ard RM400K

Must be Freehold and have at least 5 rooms + 4 bathrooms

Any good buy around?

U prefer new development properties or secondary properties?

How to withdraw money from EPF?

Hi Chin, i'm looking for new development, u got any to offer?

hi ammie,

i'm taking this news from KWSP web news

EPF Announces Details For Housing Loan Monthly Instalment Withdrawal

The Employees Provident Fund (EPF) has announced today the details for the housing loan monthly instalment withdrawal as mentioned in earlier press statement made on 7 September.

Under this withdrawal, which will take effect from 1 January 2008, members with a minimum balance of RM600 in their Account 2 can withdraw their savings to make monthly payments towards their housing loans.

The minimum monthly withdrawal is RM100 for a period of not less than six months whilst the maximum amount for monthly withdrawal should not exceed the total monthly housing instalment.

The savings in Account 2 allocated for this withdrawal cannot be used for other withdrawals.

Meanwhile, members must also be below the age of 55, and do not have any housing loan arrears.

This monthly housing withdrawal which was announced in the 2008 Budget by the Prime Minister on 7 September allows members to withdraw their savings from Account 2 and payment will be made directly to members’ personal bank accounts on a monthly basis.

Currently, members are allowed to withdraw from their Account 2 for the purpose of building or purchasing a house and settling their housing loan.

The conditions for this withdrawal are as follows:

* Members must either be the purchaser or builder and the borrower as well as owner of the house or shop house with a dwelling unit.
* Members should have an existing housing loan from an approved financial institution.
* The house has been mortgaged and fully disbursed by the financial institution.
* Withdrawals are applicable for any houses subject to one house for each member and it is not limited to the same house from previous withdrawals. However, subsequent withdrawals are only allowed for the same house.
* Other forms of refinancing besides housing are not allowed for this withdrawal.

Members intending to withdraw for the first time are required to complete EPF 9P (AHL) Form and provide certified true copies of their Identity Card with either their bank books or account statements which are still active, confirmation letter on balance of housing loan, Sales & Purchase/House Construction Agreement, housing loan approval letter, Mortgage Form and title Deed or Deed of Assignment.

For subsequent withdrawals, members need only complete the EPF 9P (AHL) Form and submit copies of their Identity Card together with their bank books or account statements which are still active, and also the latest confirmation letter on balance of housing loan.

The EPF will revoke this monthly instalment withdrawal and members will not be eligible to apply for a similar withdrawal in the future in the event of the following:

*
Members have a non-performing loan with a financial institution.
* Loans have been revoked/redeemed.
* The house has been sold/auctioned/transferred to another party.
* Members who are convicted of cheating by submitting fraudulent documents/information for this withdrawal.

For further information, visit the EPF website under Housing Loan Monthly Instalments Withdrawal.

(HIZWANI HASSAN)
Senior General Manager
Organisation Development
Employees Provident Fund

Date: 14 December 2007

Hi......

1. You can withdraw all the money from the 2nd account of your EPF, after the house is in your name.

2. The whole amount will be sent to you, within one month after application.

3. If after paying for a while, you decided to withdraw from your EPF, then the whole amount will be paid to the bank, to lessen your loan amount.

Thank you.

Regards,
Mdm Koo

That's awesome information Mdm Koo! You're so cool!

Hi there,

There 2 way to withdraw from your EPF a/c 2:

Docs req:
Part 1) New Property
a)SPA agreemnt
b)Letter of Offer from Banker

You can withdraw 10% from a/c 2 plus additional 10%,from your purchased price or which ever is higher.

Part 2) If you still maintained loan with Banker:
a) You need to request a statement/docs with Banker (usually 2 ply of information/detail/particulars of your loan,o/s balance detail of property & etc.Mostly Banker will charge you RM20,which they impose to your housing loan a/c.Docs from the Banker mostly it take 2/3 to be ready.

b) The Banker will call u to collect the docs (is ready),then you forward to EPF.Another form to fill up,probably it take 2 week to proceed your request.

FOR YOUR INFO:There are 2 options to withdraw from EPF a/c for Housing Loan.

a) To reduce your principal.
To my opinion this is much better.Interest is calculated daily base on principal,your tenure will more lesser,and you can save much in interest.

Their formula is:

Principal x interest divide 365: You will get 1 day interest.
The next day your interest will add your principal,and continuosly daily

b) Monthly installment for 2 years.

You will lesser you EPF fund,your monthly income will go to unnessary thing.(Or if you dont have a choice)

Thanks Marlon

Thanks everyone for your great help and advice!

friends, i'm providing mortgage advise on homeloans financing. call me @ 0193117870 if you need any info. Source of loan : HSBC.