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Use of money in special account for payment of housing loan and share in common property transferred by Government or Minister for Finance

Central Provident Fund (Ministry of Defence Housing Scheme) Regulations

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—(1) This regulation applies where an officer is liable, as owner of a flat purchased under the Ministry of Defence Housing Scheme, to pay the monthly instalments of principal and interest towards —(a)a housing loan which has been obtained by the officer from the Government or the Minister for Finance to finance the purchase of the flat; or (b)a loan obtained by the officer to pay for the officer’s share in any common property transferred by the Government or the Minister for Finance.(2) Where this regulation applies in respect of an officer, the Board may authorise to be withdrawn from the moneys standing to the officer’s credit in the officer’s special account an amount not exceeding one of the following to pay the monthly instalments referred to in paragraph (1):(a)the balance remaining of moneys transferred from the officer’s medisave account under section 13(6) of the Act to the officer’s special account;(b)if the Minister approves the withdrawal, the total amount of moneys standing to the officer’s credit in the officer’s special account from time to time.(3) The Board may authorise either or both of the amounts under paragraph (2)(a) and (b) to be withdrawn —(a)on the application of the officer or if the Board considers it necessary; and(b)subject to such terms and conditions as the Board may impose.(4) The amounts that an officer may withdraw under paragraph (2)(a) or (b) are to be determined by the Board.

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