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KWSP members can apply for CPF second account deposits to buy a home, build a home, reduce/repay mortgage balance and pay mortgage installments!
According to the official website of the Employees Provident Fund Board (KWSP), members can apply to the Board for withdrawals for purposes such as buying a home, building a home or repaying a mortgage. Members are allowed to propose money from their CPF second account for the above purposes.
Members who are eligible to withdraw money from their CPF second account must be at least 55 years old and must be buying or building a home.
1. Buying a Home
Members can apply to withdraw their savings from their CPF second account to buy a home. The withdrawal amount that members can apply for is the difference between the home price and the loan amount, plus 10% of the home price. Or all deposits in the member’s second account, whichever is lower. Members must have a minimum of RM500 in their second account.
2. Home Building
A member may apply for a CPF second account deposit to build a house. The amount that can be applied for is the difference between the cost of building the house and the loan, plus 10% of the cost of building the house. Or the entire deposit in the member’s second account, whichever is lower. Members must have a minimum of RM500 in their second account. 3.
3. Reduction/repayment of the mortgage balance
The amount that a member is allowed to withdraw is the mortgage balance or all deposits in the member’s CPF second account, whichever is lower. The member must have RM500 in his/her second account.
4. Payment of mortgage installments
The member is allowed to withdraw the amount of the mortgage balance or all deposits in the EPF second account, whichever is lower. The EPF Board will pay the member through 6 monthly installments with a minimum monthly withdrawal amount of RM100.
EPF Board members who are interested in withdrawing from their EPF second account to buy a home, build a house or repay a mortgage can apply at the nearest Employees Provident Fund Board counter.
