Jump to content
Sign in to follow this  
saelawie

Buying House Procedure

Recommended Posts

We are on our way to buy a house and are planning to withdraw my husband's EPF to make downpayment.

Can anyone advise me on the procedures?

As far as I know it works like this..

Look for house >> Discuss price with house owner >> Apply Home Loan >> Apply EPF Withdrawal >> Bank Loan Approve >> Sign Contract >> EPF Approved >> Pay house owner money

Is this correct? :wacko3:

Share this post


Link to post
Share on other sites

hi sealawie,

Assume ur buying a sub sale hse eh? in fact, after u apply home loan, u gotta make d/n payment 1st. As to apply for epf , u need sufficient docs like s&p, and some relevant docs. no matter what..d/payment 10% gotta be paid and even the lawyer fees. this is the cons of buying sub sale hse.

Share this post


Link to post
Share on other sites

EPF will allow you to withdraw the difference between the purchase price of the Property less the Sum Financed subject to your EPF Account II having the sufficient funds.

EG, if the Property Price is say RM350K and you are taking RM300K financing, the max sum you can withdraw from your EPF for this purpose is RM50K eventhough your EPF Account II has RM100K. This is to ensure that you don't use the money for other purposes. Hence, you will need the SPA and the Letter of Offer from the Bank in order to apply for EPF Withdrawal.

http://www.kwsp.gov.my/index.php?ch=p2memb...ype&ac=1850

Share this post


Link to post
Share on other sites

u mention that u need to negotiate the price with owner rite? sub sale means second hand house.^^

what is the meaning of sub-sale house?

Share this post


Link to post
Share on other sites

Nope, EPf will bank in cash into your hb's acc. Then u may use the epf fund to pay for the deposit and everything.

if we have to pay first then only can apply to withdraw EPF, means EPF will issue cheque under applicant's name?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×
×
  • Create New...