You might have noticed that starting from 5 November 2008, EPF (a.k.a. KWSP) has stringent the condition for housing withdrawal involving joint purchase.
Under the new terms and conditions, withdrawal will only be approved if the member purchased the house on his/her own, or jointly purchased it with his/her spouse. Joint purchase with parents or siblings might also be considered, but subjected to EPF's consideration for approval.
This new policy affects the withdrawal of EPF money for:
- Purchase of 1st house
- Purchase of 2nd house
- Reduction/Settlement of housing loan balance for 1st house
- Reduction/Settlement of housing loan balance for 2nd house
- Monthly loan instalment
Anyhow, existing withdrawals which have been approved before 5 November 2008 are not affected.