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Use of money in special account for payment of housing loan

Central Provident Fund (Approved Housing Schemes) Regulations 1986

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—(1) Where a member is liable, as owner of a house or flat, to pay the monthly instalments of principal and interest towards a housing loan in respect of the house or flat, the Board may authorise to be withdrawn from the moneys standing to the member’s credit in the member’s special account an amount not exceeding one of the following to pay the monthly instalments:(a)the balance remaining of moneys transferred from the member’s medisave account under section 13(6) of the Act to the member’s special account;(b)if the Minister approves the withdrawal, the total amount of moneys standing to the member’s credit in the member’s special account from time to time.(2) The Board may authorise either or both of the amounts under paragraph (1)(a) and (b) to be withdrawn —(a)on the application of the member or if the Board considers it necessary; and(b)subject to such terms and conditions as the Board may impose.(3) The total amount that a member may withdraw under paragraph (1)(a) and regulation 4C(2)(a) must not exceed the total amount which has been transferred to the member’s special account from the member’s medisave account under section 13(6) of the Act.(4) Subject to paragraph (3), the amounts that a member may withdraw under paragraph (1)(a) or (b) are to be determined by the Board.

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