Singapore legislation
Regulation 5
of Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986
Regulation 5
Application to withdraw moneys for purchase or acquisition of property
Subregulation 1
A member who has purchased or acquired a property or has obtained a loan, whether before or after 1 May 1986, may submit an application to the Board to withdraw the whole or part of the amount standing to the member’s credit in the Fund to be used for the payment of the whole or a part of the purchase price or for the repayment of any loan in full or in part, or for both.
Subregulation 2
An application under paragraph (1) may be approved by the Board subject to such terms and conditions as the Board may impose.
Subregulation 3
A member who has obtained a loan is not entitled to make any withdrawals under these Regulations for the repayment of the loan unless the loan is a term loan or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on the property or on another property of which the member is the owner or a joint‑owner.