Not enough cash to pay for your housing loan down payment? Check your EPF account 2 balance online and use the money to pay for the outstanding amount.
One of my fresh graduate junior, Jane, she just bought her first house from developer using EPF withdrawal from account 2. Congratulation, Jane!
Jane’s 3 Mistakes on EPF Withdrawal
Jane shares with me about her mistakes and lessons learned during submission for the withdrawal application. Below are the three mistakes made by Jane:-
#Mistake 1: She brought Joint Account statement (joint name with her husband) for withdrawal below RM100,000
In fact, she should bring the following document:
- Bank Savings Account Passbook / Statement (Personal) OR
- Bank Current Account Statement (Personal) OR
- Joint Account Statement for withdrawal above RM100,000
Tips: Please ensure all the photocopy of bank account statements are photostat clearly and certified true copy by bank. The best idea is to bring all the original copies together, just in case.
#Mistake 2: Jane’s home loan offer letter was signed by the mobile sales officer only, signature of the bank’s sales manager was left blank.
Luckily, after check with her mortgage officer, the housing loan has been approved and the original offer letter was acknowledged by both of them.
Tips: Home buyers have to ensure all the documents are acknowledged to avoid unnecessary argument in later. What if the mortgage loan was actually not yet been approved by bank?
#Mistake 3: Unclear photocopy of her Sales and Purchase Agreement (S&P)
Jane thoughts to try her luck by submitting the unclear photocopy of S&P agreement due to her photocopier’s ink was running out.
Tips: She was advised by the EPF officer to re-photocopy the agreement. Else, most probably the application will be rejected, which might delay the money withdrawal to pay her down payment.
What are the other documents required for EPF withdrawal for home loan? For full details, please visit www.kwsp.gov.my
{ 1 comment… read it below or add one }
Dear Sir /Madam,
I hv bought a hse using the EPF a/c 1.Can I buy another 2 storey link hse using my a/c 2 as down payment of 10%? I am 47 yrs old. Can you pls advise me on the EPF second a/c withdrawal for downpayment of purchase of 2nd hse? Thanks.