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The entitlement would be the amount available in Purchaser’s EPF Account II or the Difference between the Purchase Price and Loan Amount (whichever is lower).
EXAMPLE 1 (Individual Purchase)
Mr. A purchased a house costing RM256,000.00 and obtained a housing loan of RM230,000.00. His total EPF savings in Account II is RM60,000.00. Therefore the amount of savings that he can withdraw is :
|
Price of The House |
RM 256,000.00 |
|
Housing Loan |
RM 230,000.00 |
|
Difference Between Price of The House and Housing Loan |
RM 26,000.00 |
|
Additional 10% of The Price of The House |
RM 25,600.00 |
|
Maximum Amount Eligible For Withdrawal |
RM 51,600.00 |
|
Balance Available in Account II |
RM 60,000.00 |
|
The Amount That Can Be Withdrawn |
RM 51,600.00 |
Since the maximum amount he is eligible to withdraw is lower than his total savings in Account II, Mr. A can withdraw RM51,600.00 only.
EXAMPLE 2 (Individual Purchase)
Mr. B purchased a house costing RM300,000.00 and obtained a housing loan of RM240,000.00. His total EPF savings in Account II is RM50,000.00. Therefore the amount of savings that he can withdraw is:
|
Price of The House |
RM 300,000.00 |
|
Housing Loan |
RM 240,000.00 |
|
Difference Between Price of The House and Housing Loan |
RM 60,000.00 |
|
Additional 10% of The Price of The House |
RM 30,000.00 |
|
Maximum Amount Eligible For Withdrawal |
RM 90,000.00 |
|
Balance Available in Account II |
RM 50,000.00 |
|
The Amount That Can Be Withdrawn |
RM 50,000.00 |
Since the maximum amount his total savings in Account II is lower than the amount he is eligible to withdraw, Mr. B can withdraw RM50,000.00 only.
EXAMPLE 3 (Individual Purchase By Cash)
Ms P purchased a house costing RM431,000.00. She did not take any housing loan to finance the purchase. She has paid RM43,100.00 to the developer. Her total savings in Account II is RM60,000.00.
|
Price of The House |
RM 431,000.00 |
|
Housing Loan |
NIL |
|
Difference Between The Price of The House and Housing Loan |
RM 431,000.00 |
|
Additional 10% of The Price of The House |
RM 43,100.00 |
|
Maximum Amount Eligible For Withdrawal |
RM 474,100.00 |
|
Balance Available in Account II |
RM 60,000.00 |
|
The Amount That Can Be Withdrawn |
RM 60,000.00 |
Since Ms P has RM60,000.00 only in her Account II, she can withdraw all of her savings in Account II.
EXAMPLE 4 (Joint Purchase)
Mr. X and Ms. Q purchased a house costing RM650,000.00 and they obtained a housing loan of RM600,000.00. Mr. X has RM100,000.00 in his Account II and Ms. Q has RM50,000.00 only in her Account II.
|
Price of The House |
RM 650,000.00 |
|
Housing Loan |
RM 600,000.00 |
|
Difference Between The Price of The House And Housing Loan |
RM 50,000.00 |
|
Additional 10% of The Price of The House |
RM 65,000.00 |
|
Maximum Amount Eligible For Withdrawal By The Couple |
RM115,000.00 |
|
Balance Available in Account II for Mr. X |
RM 100,000.00 |
|
Balance Available in Account II for Ms. Q |
RM 50,000.00 |
|
The Amount Chosen To Be Withdrawn By Mr. X |
RM 80,000.00 |
|
The Amount That Can Be Withdrawn By Ms. Q |
RM 35,000.00 |
|
Total Amount That Can Be Withdrawn By The Couple |
RM 115,000.00 |
Applications will be processed according to the amount they choose to withdraw respectively, by completing "Surat Akujanji Pilihan Amaun Pengeluaran".
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