EPF Withdrawal To Repay House Loan

[sikkigoh]

Hello USJ,

Can anyone enligthen me regarding bank charges for applying for the withdrawal of EPF to pay for housing loan. Is the bank request for payment of more than RM100 for loan balance statement and certification of photostated documents normal and appropriate. Is there any Bank Negara ruling regulating these charges.

Can anyone help?

:(

[PJS]

Some banks issue a letter to EPF stating the loan balance for free the 1st time, and charge RM50 - 100 the second time, some just charge it for each request, depends on banks. Whatever charges/fees charged by banks are supposed to be sanctioned by BNM. If u feel it is too high or unreasonable u shd appeal to the bank manager n see if it can be waived.

[burntan]

Hello USJ,

Can anyone enligthen me regarding bank charges for applying for the withdrawal of EPF to pay for housing loan. Is the bank request for payment of more than RM100 for loan balance statement and certification of photostated documents normal and appropriate. Is there any Bank Negara ruling regulating these charges.

Can anyone help?

:(

My Standard & Chrartered bank give me the loan balance statement for FOC but charge RM25 for a photocopy of documents. However you can get a photocopy of documents from your lawyer for FREE as well, just check with them.

[sikkigoh]

Thanks for the advise.
I do have the documents. If I am not mistaken EPF require the documents to be certified by the lending bank thus creating opportunities to profit.

[ooice]

I have withdrawed EPF to reduce my housing loan twice for the past 4 years. FYI, I just bring my copy of S&P from the lawyer 2 b verified against d photostated copies (to b kept by EPF). I never ask d bank 2 verify d photostated copies.

[PJS]

If u hv the original S&P documents, make a copy and bring it to EPF office, an EPF officer of a certain grade(normally the counter staff)can verify the photocopy and they'll just keep it, makes our life so much easier :) Check out the document requirements from their website

[StonTemplePilot]

Anyone have any recent experience applying for withdrawal to buy 2nd house? How long did it take to be approved? WAs told to wait 3 weeks....

[fcloh]

Anyone have any recent experience applying for withdrawal to buy 2nd house? How long did it take to be approved? WAs told to wait 3 weeks....

im going to withdraw it soon for 2nd hand house, I heard around 1-2 weeks time.

[rakyat]

If u hv the original S&P documents, make a copy and bring it to EPF office, an EPF officer of a certain grade(normally the counter staff)can verify the photocopy and they'll just keep it, makes our life so much easier :) Check out the document requirements from their website

The only document U will need from the bank is a standard letter (download from KWSP's website) to be endorsed to state the loan amt o/s and the a/c no. to be credited. It cost me RM10.00 only not RM50 or RM100.

The other documents are to be provided by urself such as S&P agreement & photostated I/C & marraige certificate (as I was withdrawing for my wife's loan)

[rakyat]

im going to withdraw it soon for 2nd hand house, I heard around 1-2 weeks time.

U can only withdraw for 2nd house if you have already sold the 1st. EPF drawdown is suppose to be for 1st house and only one house.

U cannot utilise EPF for 2 different housing loan unless the 2nd house is under your spouse's name.

[fcloh]

U can only withdraw for 2nd house if you have already sold the 1st. EPF drawdown is suppose to be for 1st house and only one house.

U cannot utilise EPF for 2 different housing loan unless the 2nd house is under your spouse's name.

haha....its second hand house....not the 2nd house...thanks for the information..... :D

[rakyat]

haha....its second hand house....not the 2nd house...thanks for the information..... :D

Sori, since u r fr USJ.com I assumed that u r buying ur 2nd house since many rich ppl in subang :p

Officially they claim the TAT is 3 weeks for disbursement.

Any1 wonder what they meant by 'future earnings withdrawal' as announced in the 2010 Budget? "Standing Instruction' type of monthly withdrawal?

[Blue Jasmine]

Hello USJ,

Can anyone enligthen me regarding bank charges for applying for the withdrawal of EPF to pay for housing loan. Is the bank request for payment of more than RM100 for loan balance statement and certification of photostated documents normal and appropriate. Is there any Bank Negara ruling regulating these charges.

Can anyone help?

:(


what bank is yours? my pb bank charges like 10-20.

[StonTemplePilot]

My application approved yesterday...$$$ to be bank in today and i should be able to access the funds on Monday...

2 weeks...still ok but could be faster :D

[fcloh]

My application approved yesterday...$$$ to be bank in today and i should be able to access the funds on Monday...

2 weeks...still ok but could be faster :D

Hi there....the 2nd account in EPF for firstimer can withdraw all??? or anyone have withdraw first time??

cheers

[rakyat]

I think can withdraw all the $$ in account 2. When filling in the form, just input the full account 2 amount. That was what I did the last time and the withdrawal was processed

[fcloh]

I think can withdraw all the $$ in account 2. When filling in the form, just input the full account 2 amount. That was what I did the last time and the withdrawal was processed

Rakyat, thanks. Thanks for the valuable information. :D