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Ng Teng Fong
Joined: 24 Mar 2007
Posts: 5451
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 Posted: Thu Jul 29, 2010 7:51 pm Post subject: New EPF development |
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| Quote: | ‘Flexible Housing Withdrawal’ Introduced for Improved Home Loan Eligibility
Higher Loan Entitlement for EPF Members Based on Current and Potential Growth in Savings
Effective 1 August 2010, members of the Employees Provident Fund (EPF) who have not withdrawn under the EPF Withdrawal to Purchase a House or Reduce Housing Loan will have the opportunity to purchase a house of higher value under ‘Flexible Housing Withdrawal’ designed to give qualifying members greater purchasing power.
Under this facility announced by the Prime Minister during the tabling of the 2010 Budget, a member’s current and future savings with the EPF will be taken into consideration when an application for a housing loan is made to financial institutions.
In a statement issued today, EPF Chief Executive Officer Tan Sri Azlan Zainol said, “This move is in support of the Government’s objective to enhance the quality of life of the Rakyat in the spirit of 1Malaysia. Members will now have a chance to realise their dream of a better home for their families via increased home loan eligibility.”
“What's more, ‘Flexible Housing Withdrawal’ does not in any way affect a member’s retirement savings as savings that have been set aside under this facility will continue to earn the yearly dividends paid by the EPF,” Tan Sri Azlan emphasised.
The facility is available to members below the age of 54 at the point of application and must be applied together with their application for EPF Withdrawal to Purchase/Build a House or Withdrawal to Reduce Housing Loan.
For the purpose of this facility, a member may transfer part of their savings in Account 2 to the ‘Flexible Housing Withdrawal’ account and then followed by a monthly transfer of a specified amount of contribution to this account.
Savings that have been set aside under ‘Flexible Housing Withdrawal’ cannot be withdrawn or utilised for any other pre-retirement withdrawals namely Housing, Education, Medical and at Age 50 before the end of the ‘Flexible Housing Withdrawal’ term.
Members however can still utilize the remaining savings in Account 2 for other pre-retirement withdrawals.
Each application is to be submitted by the member to the financial institution from where the member is obtaining the housing loan. All application forms would then be submitted to the EPF by the headquarters of each participating financial institution.
“To date, Maybank and Public Bank have confirmed and ready to participate in the ‘Flexible Housing Withdrawal’ and we expect more banks to follow suit,” said Tan Sri Azlan.
Members who wish to cancel their ‘Flexible Housing Withdrawal’ term may do so but only after one year from the commencement date of the facility and upon consent from the respective financial institution.
For more details, please visit the nearest EPF branch or contact EPF Call Centre at 03-8922 6000 or log on to myEPF website at www.kwsp.gov.my.
About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier pension fund, providing basic financial security for retirement. The Fund is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance. It will always be guided by prudence in its investment decisions.
As a customer-focused organization, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.
The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.
Date: 29 July 2010
http://www.kwsp.gov.my/index.php?ch=p2news&pg=en_p2news_press&ac=3316 |
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aramis
Ng Teng Fong
Joined: 28 Aug 2006
Posts: 7758
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| Posted: Thu Jul 29, 2010 9:32 pm Post subject: |
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so, part of ACC 2 can be transferred to this ‘Flexible Housing Withdrawal’ account , and partial monthly contribution can transfer to here, and then what? what should we do with this account? how can we use this to purchase a house of higher value, i read and re-read also  .
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Fernando Alonso F1 Champ
Donald Trump
Joined: 10 Oct 2007
Posts: 13475
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| Posted: Thu Jul 29, 2010 9:58 pm Post subject: |
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wah syok-a-doo lah lidat, watch for property prices to continue zoom zoom zoom.......
all those naysayers and waiting for the bubble to pop flers will have to wait slightly longer i think..........
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I mean Change the Barisan Najis govt !!!!! Dont get it wrong ! |
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aramis
Ng Teng Fong
Joined: 28 Aug 2006
Posts: 7758
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| Posted: Thu Jul 29, 2010 10:18 pm Post subject: |
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| Fernando Alonso F1 Champ wrote: | wah syok-a-doo lah lidat, watch for property prices to continue zoom zoom zoom.......
all those naysayers and waiting for the bubble to pop flers will have to wait slightly longer i think.......... |
BBB to continue as naysayers start to join the bandwagon.... 
but boss, do u understand how it works ah? I dont leh.. 
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Fernando Alonso F1 Champ
Donald Trump
Joined: 10 Oct 2007
Posts: 13475
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| Posted: Thu Jul 29, 2010 10:45 pm Post subject: |
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dunno oso, but to me , the following r the key words :-
| Quote: | Effective 1 August 2010, members of the Employees Provident Fund (EPF) who have not withdrawn under the EPF Withdrawal to Purchase a House or Reduce Housing Loan will have the opportunity to purchase a house of higher value under ‘Flexible Housing Withdrawal’ designed to give qualifying members greater purchasing power.
Under this facility announced by the Prime Minister during the tabling of the 2010 Budget, a member’s current and future savings with the EPF will be taken into consideration when an application for a housing loan is made to financial institutions.
In a statement issued today, EPF Chief Executive Officer Tan Sri Azlan Zainol said, “This move is in support of the Government’s objective to enhance the quality of life of the Rakyat in the spirit of 1Malaysia. Members will now have a chance to realise their dream of a better home for their families via increased home loan eligibility.”
“What's more, ‘Flexible Housing Withdrawal’ does not in any way affect a member’s retirement savings as savings that have been set aside under this facility will continue to earn the yearly dividends paid by the EPF,” Tan Sri Azlan emphasised.
The facility is available to members below the age of 54 at the point of application and must be applied together with their application for EPF Withdrawal to Purchase/Build a House or Withdrawal to Reduce Housing Loan.
For the purpose of this facility, a member may transfer part of their savings in Account 2 to the ‘Flexible Housing Withdrawal’ account and then followed by a monthly transfer of a specified amount of contribution to this account.
Savings that have been set aside under ‘Flexible Housing Withdrawal’ cannot be withdrawn or utilised for any other pre-retirement withdrawals namely Housing, Education, Medical and at Age 50 before the end of the ‘Flexible Housing Withdrawal’ term.
Members however can still utilize the remaining savings in Account 2 for other pre-retirement withdrawals.
Each application is to be submitted by the member to the financial institution from where the member is obtaining the housing loan. All application forms would then be submitted to the EPF by the headquarters of each participating financial institution.
“To date, Maybank and Public Bank have confirmed and ready to participate in the ‘Flexible Housing Withdrawal’ and we expect more banks to follow suit,” said Tan Sri Azlan.
Members who wish to cancel their ‘Flexible Housing Withdrawal’ term may do so but only after one year from the commencement date of the facility and upon consent from the respective financial institution.
For more details, please visit the nearest EPF branch or contact EPF Call Centre at 03-8922 6000 or log on to myEPF website at www.kwsp.gov.my.
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"Dont change lifestyle! Change Government!!"
I mean Change the Barisan Najis govt !!!!! Dont get it wrong ! |
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Pai
Milan Doshi
Joined: 12 Aug 2006
Posts: 2707
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| Posted: Thu Jul 29, 2010 11:01 pm Post subject: |
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Hm might be a good thing to hold props and sell only 6 months after commencement of this new play.......... like Alonso I expect another jump in asset value BUT ONLY if BNM leaves OPR alone......
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aramis
Ng Teng Fong
Joined: 28 Aug 2006
Posts: 7758
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| Posted: Thu Jul 29, 2010 11:12 pm Post subject: |
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so, landed play is better now? since most people likes to own a landed home.
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ikttan
Renesial Leong
Joined: 02 Jun 2010
Posts: 416
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| Posted: Fri Jul 30, 2010 12:55 am Post subject: |
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If I read this correctly, basically ... say you have 100k in account 2. You opt to take 60k and put into this flexible thingamie. the 60k will continue to earn interest but each month, you can withdraw 1k to pay a housing loan, means if you are eligible for a 1k repayment originally, you can now take a 2k repayment loan instead.
dunno, my current interpretation ... |
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aramis
Ng Teng Fong
Joined: 28 Aug 2006
Posts: 7758
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| Posted: Fri Jul 30, 2010 1:01 am Post subject: |
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| ikttan wrote: | If I read this correctly, basically ... say you have 100k in account 2. You opt to take 60k and put into this flexible thingamie. the 60k will continue to earn interest but each month, you can withdraw 1k to pay a housing loan, means if you are eligible for a 1k repayment originally, you can now take a 2k repayment loan instead.
dunno, my current interpretation ... |
If this is how they try to make people afford more expensive prop, then 5-10 years down the road, when this account is depleted (the monthly extra being transfered to this account surely not enough to sustain the outflow), then more will die standing.
if u earn 5k per month, 12%+11% goes to EPF and 30% goes to account 2. Which means 1150 * 0.3 = RM345 goes to acc2, if u decide to put RM200 in this special account, if your outflow is 1000, sooner or later, all will be gone!
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ikttan
Renesial Leong
Joined: 02 Jun 2010
Posts: 416
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| Posted: Fri Jul 30, 2010 1:08 am Post subject: |
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| aramis wrote: | | ikttan wrote: | If I read this correctly, basically ... say you have 100k in account 2. You opt to take 60k and put into this flexible thingamie. the 60k will continue to earn interest but each month, you can withdraw 1k to pay a housing loan, means if you are eligible for a 1k repayment originally, you can now take a 2k repayment loan instead.
dunno, my current interpretation ... |
If this is how they try to make people afford more expensive prop, then 5-10 years down the road, when this account is depleted (the monthly extra being transfered to this account surely not enough to sustain the outflow), then more will die standing.
if u earn 5k per month, 12%+11% goes to EPF and 30% goes to account 2. Which means 1150 * 0.3 = RM345 goes to acc2, if u decide to put RM200 in this special account, if your outflow is 1000, sooner or later, all will be gone!
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Using ur better example, maybe the outflow can only be additional RM200? Basically using future earnings ... so, instead of the 500k house, u can now get a 600k house? |
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Rooster
Ng Teng Fong
Joined: 24 Mar 2007
Posts: 5451
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| Posted: Fri Jul 30, 2010 1:40 pm Post subject: |
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| Pai wrote: | Hm might be a good thing to hold props and sell only 6 months after commencement of this new play.......... like Alonso I expect another jump in asset value BUT ONLY if BNM leaves OPR alone......
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Think so. This move will help support the high prices now for a while.
Give it 12 months from 1 Aug 2010, it will be entrenched in the mainstream buying-selling behavior.
The bubble just got a vitamin jab.  |
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ikttan
Renesial Leong
Joined: 02 Jun 2010
Posts: 416
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| Posted: Fri Jul 30, 2010 1:56 pm Post subject: |
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| Rooster wrote: | | Pai wrote: | Hm might be a good thing to hold props and sell only 6 months after commencement of this new play.......... like Alonso I expect another jump in asset value BUT ONLY if BNM leaves OPR alone......
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Think so. This move will help support the high prices now for a while.
Give it 12 months from 1 Aug 2010, it will be entrenched in the mainstream buying-selling behavior.
The bubble just got a vitamin jab. |
After jab wrongly, bubble burst!
I wonder how else can government boost this industry. Tax rebates for companies buying own office lots? Or like SG, tax rebates on renovation cost to upgrade? |
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