Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations 1987

These Regulations are the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations 1987.

These Regulations apply to properties sold before, on or after 1 December 1987.

These Regulations are the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations 1987.

These Regulations apply to properties sold before, on or after 1 December 1987.

In these Regulations —

“Approved HDB-HUDC Housing Scheme” means the scheme approved by the Minister for the purchase of properties by members of the Fund from the Housing and Development Board or from its lessees;

“approved mortgagee” means —

the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act 1959;

any statutory body established by or constituted under any Act; or

Credit POSB Pte. Ltd., a company incorporated under the Companies Act 1967;

A reference in these Regulations to the purchase of a property includes a purchase made under an agreement for the sale and purchase of the property where title to the property will be conveyed, transferred or assigned to the purchaser on payment of the full purchase price.

In a regulation specified in the first column of the Schedule, a reference to a former provision means any provision of the Act specified in the second column of the Schedule opposite that regulation.

Where a member has made an application to the Housing and Development Board to purchase a property, the Board may, on the application of such member and subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn from the Fund and paid to the Housing and Development Board as a deposit for the purchase of the property.

Subject to regulation 4B, a member who, before 16 November 1998 has purchased a property or has obtained a housing loan for the purchase of a property or both 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 housing loan in full or in part, or for both.

Where the Board has, on or after 1 March 1999, credited into the ordinary account of any member moneys lent by the Government to the member pursuant to any approved loan scheme under section 14A of the Act, the Board may —

on the application of the member; or

if it considers necessary,and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys —

under regulation 4 for payment of the monthly instalments of principal and interest towards a housing loan; or

under regulation 6 for payment of the monthly instalments of principal and interest towards the loan obtained by the member for payment for his or her share in any common property transferred by the Housing and Development Board.

The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments must be determined by the Board.

Where the Board has, on or after 1 March 1999, credited into the ordinary account of any member moneys lent by the Government to the member pursuant to any approved loan scheme under section 14A of the Act, the Board may —

on the application of the member; or

if it considers necessary,and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys —

under regulation 4 for payment of the monthly instalments of principal and interest towards a housing loan; or

under regulation 6 for payment of the monthly instalments of principal and interest towards the loan obtained by the member for payment for his or her share in any common property transferred by the Housing and Development Board.

The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments must be determined by the Board.

Where a member is liable, as owner of a property, to pay the monthly instalments of principal and interest towards a housing loan or a loan obtained by the member for payment for the member’s share in any common property transferred by the Housing and Development Board, 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:

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;

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.

The Board may authorise either or both of the amounts under paragraph (1)(a) and (b) to be withdrawn —

on the application of the member or if the Board considers it necessary; and

subject to such terms and conditions as the Board may impose.

The amounts that a member may withdraw under paragraph (1)(a) or (b) are to be determined by the Board.

Where a member is liable, as owner of a property, to pay the monthly instalments of principal and interest towards a housing loan or a loan obtained by the member for payment for the member’s share in any common property transferred by the Housing and Development Board, 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:

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;

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.

The Board may authorise either or both of the amounts under paragraph (1)(a) and (b) to be withdrawn —

on the application of the member or if the Board considers it necessary; and

subject to such terms and conditions as the Board may impose.

The amounts that a member may withdraw under paragraph (1)(a) or (b) are to be determined by the Board.

Where a member is required to pay any stamp duties, fees or other charges in connection with —

the purchase of a property by the member, whether or not moneys were withdrawn under these Regulations for such purchase;

any change in the manner of holding of a property (in which the member has an estate or interest) from a joint tenancy to a tenancy in common, or vice versa;

the transfer of any part (but not the whole) of the member’s estate or interest in a property to any other person;

the transfer or assignment of a property to the member;

the creation of any mortgage before 16 November 1998 or the discharge of such mortgage on a property purchased by, or transferred or assigned to, the member; or

the withdrawal of moneys under these Regulations,the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used for that purpose.

To avoid doubt, where a member is required to pay any stamp duties, fees or other charges in connection with —

any divestment, whether by sale, transfer, assignment or otherwise, by the member of the whole of his or her interest or title in a property; or

the discharge of any mortgage created before, on or after 16 November 1998 on a property upon divestment by the member of the whole of his or her interest in such property,no amount standing to the member’s credit in the Fund is to be withdrawn for that purpose.

Where a member is required to pay any stamp duties, fees or other charges in connection with —

the purchase of a property by the member, whether or not moneys were withdrawn under these Regulations for such purchase;

any change in the manner of holding of a property (in which the member has an estate or interest) from a joint tenancy to a tenancy in common, or vice versa;

the transfer of any part (but not the whole) of the member’s estate or interest in a property to any other person;

the transfer or assignment of a property to the member;

the creation of any mortgage before 16 November 1998 or the discharge of such mortgage on a property purchased by, or transferred or assigned to, the member; or

the withdrawal of moneys under these Regulations,the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used for that purpose.

To avoid doubt, where a member is required to pay any stamp duties, fees or other charges in connection with —

any divestment, whether by sale, transfer, assignment or otherwise, by the member of the whole of his or her interest or title in a property; or

the discharge of any mortgage created before, on or after 16 November 1998 on a property upon divestment by the member of the whole of his or her interest in such property,no amount standing to the member’s credit in the Fund is to be withdrawn for that purpose.

Subject to regulation 4B, where a member who has applied for the withdrawal of moneys in respect of a property under any provision of these Regulations before 16 November 1998 is liable as the owner of that property to pay for a share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act 1967, the Board may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn by him or her for —

full or partial payment for his or her share in the common property;

periodic payments towards the repayment of a loan or for full or partial repayment of a loan; and

payment of costs, fees or other incidental expenses arising from the transfer of the common property, the obtaining of the loan or the withdrawal of moneys under this regulation.

The total amount that may be withdrawn by a member under this regulation must not exceed the amount determined by the Board.

In this regulation —

“common property” has the meaning given by section 3 of the Land Titles (Strata) Act 1967;

“loan” means a loan obtained by a member —

from an approved mortgagee mentioned in paragraph (a) or (b) of the definition of “approved mortgagee” in regulation 2(1); or

before 16 November 1998 from an approved mortgagee mentioned in paragraph (c) of that definition,on security of the relevant property to pay in whole or in part for that member’s share in the common property;

This regulation does not apply where the member has withdrawn any money from the Fund under the Central Provident Fund (Residential Properties Scheme) Regulations 1982 in respect of the property.

Where a member has withdrawn moneys under this regulation, regulations 8 and 11 apply as if the word “property” in those regulations refers to “relevant property”.

Despite the provisions of these Regulations, an undischarged bankrupt is not entitled to —

make an application to the Board to withdraw money under these Regulations; or

withdraw money under these Regulations except in accordance with paragraph (2).

Where a member is adjudicated a bankrupt after he or she has obtained authorisation from the Board to withdraw money under these Regulations, the Board may, despite his or her bankruptcy, permit him or her to make or continue to make (as the case may be) the authorised withdrawals subject to his or her compliance with these Regulations, the Act and any other condition which the Board thinks fit to impose.

Despite the provisions of these Regulations, an undischarged bankrupt is not entitled to —

make an application to the Board to withdraw money under these Regulations; or

withdraw money under these Regulations except in accordance with paragraph (2).

Where a member is adjudicated a bankrupt after he or she has obtained authorisation from the Board to withdraw money under these Regulations, the Board may, despite his or her bankruptcy, permit him or her to make or continue to make (as the case may be) the authorised withdrawals subject to his or her compliance with these Regulations, the Act and any other condition which the Board thinks fit to impose.

Where the Board has permitted a member to withdraw a sum standing to the member’s credit in the member’s retirement account for any purpose under these Regulations, the Board may transfer such sum from the member’s retirement account to the member’s ordinary account to be withdrawn for that purpose.

All moneys withdrawn from the Fund under these Regulations must be paid by the Board to the Housing and Development Board or the approved mortgagee or such other person as the Board thinks fit to receive such moneys.

Except as otherwise provided in these Regulations, where a member —

has withdrawn any moneys under these Regulations in respect of a property; or

is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,in the event that the property or any estate or interest in the property is sold, transferred, assigned or otherwise disposed of —

by the member without the consent of the Board; or

by any other person, including any mortgagee, with or without the consent of the Board,such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts become due and payable to his or her account in the Fund:

where paragraph (1)(a) applies to the member, all moneys withdrawn by him or her in connection with the purchase of the property (including any moneys lent to that member under section 14A of the Act in connection with such purchase and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

where paragraph (1)(b) applies to the member, the relevant amount as defined in regulation 11(6).

Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations (including any moneys lent to that member under section 14A of the Act which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made, become due and payable to his or her account in the Fund in the event that —

any mortgage or encumbrance is created over the property in favour of any person without the consent of the Board; or

the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.

All moneys withdrawn by a member under these Regulations (including any moneys lent to that member under section 14A of the Act which have not been repaid) become due and payable to his or her account in the Fund on the occurrence of either of the following events:

the member withdraws his or her application for the purchase of the property; (b)the agreement entered into by the member and any other person for the purchase of the property is rescinded.

Except as otherwise provided in these Regulations, where a member —

has withdrawn any moneys under these Regulations in respect of a property; or

is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,in the event that the property or any estate or interest in the property is sold, transferred, assigned or otherwise disposed of —

by the member without the consent of the Board; or

by any other person, including any mortgagee, with or without the consent of the Board,such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts become due and payable to his or her account in the Fund:

where paragraph (1)(a) applies to the member, all moneys withdrawn by him or her in connection with the purchase of the property (including any moneys lent to that member under section 14A of the Act in connection with such purchase and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

where paragraph (1)(b) applies to the member, the relevant amount as defined in regulation 11(6).

Except as otherwise provided in these Regulations, all moneys withdrawn by a member under these Regulations (including any moneys lent to that member under section 14A of the Act which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made, become due and payable to his or her account in the Fund in the event that —

any mortgage or encumbrance is created over the property in favour of any person without the consent of the Board; or

the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.

All moneys withdrawn by a member under these Regulations (including any moneys lent to that member under section 14A of the Act which have not been repaid) become due and payable to his or her account in the Fund on the occurrence of either of the following events:

the member withdraws his or her application for the purchase of the property; (b)the agreement entered into by the member and any other person for the purchase of the property is rescinded.

Except as otherwise provided in regulations 11 and 12, where a member —

has withdrawn any moneys under these Regulations in respect of a property; or

is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,then —

on the death of the member; or

when the member is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(b) of the Act or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal,such of the following amounts as may be applicable to the member or, if both amounts are applicable to him or her, the aggregate of both amounts, ceases to be payable to his or her account in the Fund:

where paragraph (a) applies to the member, all moneys withdrawn by him or her in connection with the purchase of the property (other than any moneys lent to that member under section 14A of the Act in connection with such purchase and withdrawn by that member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

where paragraph (b) applies to the member, the relevant amount as defined in regulation 11(6).

[Deleted by S 369/2006]