Clause 5

No person shall be insured under the Scheme for more than one immovable property at the same time.(2) Where a member who is insured under the Scheme in respect of any immovable property purchases another immovable property from a Housing Authority, the member shall, notwithstanding section 35, cease to be covered under the Scheme in respect of the first-mentioned immovable property immediately upon the commencement of cover under the Scheme in respect of the second-mentioned immovable property.(3) Where a member's cover under the Scheme in respect of any immovable property ceases by virtue of subsection (2), the Board shall refund to the member in cash or by crediting to his ordinary account in the Fund as the Board thinks fit an amount representing the surrender value of his cover under the Scheme in respect of that property as on the date of cessation of cover calculated in accordance with regulations made under this Part as if the member had redeemed the housing loan on the property on that date.(4) Where a member is insured under the Scheme before the date of commencement of the Central Provident Fund (Amendment) Act 1998 for more than one immovable property at the same time, the member's cover under the Scheme in respect of the earlier of 2 immovable properties purchased by him shall cease on that date and the Board shall refund to the member an amount representing the surrender value of his cover under the Scheme in respect of that property as on that date in the manner provided in subsection (3).”.