Simple Steps to Utilize Your EPF Funds for Purchasing a House.
Purchasing a home is an exciting endeavor, and having the right support can make all the difference. Ascott Properties Sales Team is here to provide you with expert assistance every step of the way. With their dedicated services, you can explore the possibilities of utilizing your EPF Account 2 savings to make your second homeownership dream a reality. This article sheds light on how Ascott Properties Sales Team can guide you through this process, ensuring a smooth and informed journey.
Owning a home is a cherished dream for many Malaysians, and the Employees Provident Fund (EPF) offers a unique opportunity to turn this dream into reality. If you're a resident of Sarawak and are considering using your EPF money to purchase a house, you're in luck. In this article, we'll guide you through three simple steps to leverage your EPF funds to buy a house in the beautiful state of Sarawak, Malaysia.
However, it’s very important to note that your EPF money cannot be withdrawn for use in a house renovation, as that’s not included in the list of withdrawal types!
Step 1: Understand the Eligibility Criteria
Before you dive into the process, it's crucial to understand the eligibility criteria set by the EPF for withdrawing funds for housing purposes. Generally, you need to fulfill the following requirements:
Age: You must be at least 55 years old to be eligible for EPF withdrawal. However, there are exceptions for members as young as 50 years old, provided they have reduced contributions or have stopped contributing to their EPF account.
Account Balance: You should have a minimum amount in your Account 2 of the EPF. The amount available for withdrawal depends on your age and the total balance in your Account 2.
Property Type: EPF withdrawal can be used for residential property purchase only. It can be a new or existing property, as long as it's for your own stay.
Step 2: Calculate the Amount Available for Withdrawal
The EPF allows you to withdraw a portion of your savings from Account 2 to fund your house purchase. The exact amount depends on several factors including your age, the amount available in Account 2, and the cost of the property. To calculate the potential withdrawal amount, you can use the EPF's online calculators or consult with EPF officers to get an accurate estimate.
Wanna know whether you can do an EPF withdrawal? You are:
A Malaysian Citizen; or
A Malaysian Citizen who has made Leaving the Country Withdrawal before 1 August 1995 and has opted to re-contribute to the EPF; or
A Non-Malaysian Citizen who:
Has become an EPF member before 1 August 1998.
Has obtained a Permanent Resident ("PR") status.
You have not reached the age 55 at the time the EPF receives your application.
You have a minimum savings balance of RM500.00 in your Account 2.
Your property intended for purchase must be for residential purposes only.
Your application must be made within 3 YEARS of signing the SPA.
You’ve made a housing withdrawal before, or have made housing withdrawal before but already sold/disposed of the property.
Your loan is approved from recognised lenders, or self-financed.
Step 3: Submit the EPF Withdrawal Application
Once you've determined the withdrawal amount, it's time to initiate the application process. Here's how:
Obtain the EPF Withdrawal Form: Visit the nearest EPF office or download the form from the EPF website. The form required for housing withdrawal is known as "Form 9C – Aduan Permohonan Pengeluaran KWSP Bagi Tujuan Pembelian Rumah Kediaman".
Complete the Form: Carefully fill out the form, ensuring all details are accurate. Attach the necessary supporting documents, which usually include a copy of your MyKad, property sale and purchase agreement, and the EPF Account 2 withdrawal calculator.
Submission: Submit the completed form and supporting documents to the nearest EPF branch. Remember that the processing time may vary, so it's advisable to check with the EPF officials regarding the estimated time for approval.
Conclusion
Utilizing your EPF savings to buy a house in Sarawak, Malaysia, is a practical and beneficial option for those who meet the eligibility criteria. The process involves understanding the criteria, calculating the withdrawal amount, and submitting the application with the required documents. With these three simple steps, you can inch closer to fulfilling your homeownership dream in the picturesque state of Sarawak. Always stay informed about the latest updates and guidelines from the EPF to ensure a smooth and hassle-free process.
Feel free to reach out to the Ascott sales team for assistance, property inquiries, or any other information you might need about their offerings in Sarawak. They will be more than happy to help you with your queries and guide you through the process of finding the right property for your needs.
Contact Ascott Sales Team: Phone: 019-5948888 WhatsApp:
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