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Total amount to be withdrawn under regulations 6, 9 and 10

Central Provident Fund (Residential Properties Scheme) Regulations 1982

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—(1) The total amount which a member may withdraw to repay one or more housing loans under regulations 6, 9 and 10 is to be determined by the Board but the amount withdrawn must not exceed 100% of the value of the residential property as assessed by the Board at the date of —(a)the signing of the agreement for the purchase or acquisition of the residential property; or(b)the inheritance of the residential property,as the case may be.(2) Where a housing loan obtained by a member is granted on an overdraft basis, the total amount of money that the member may withdraw under regulations 6, 9 and 10 is to be of such an amount as may be determined by the Board, but the amount withdrawn must not exceed 100% of the value of the residential property as assessed by the Board at the date of —(a)the signing of the agreement for the purchase or acquisition of the residential property; or(b)the inheritance of the residential property,as the case may be.(3) In this regulation, the date of the inheritance of the residential property inherited by a member means the date on which the legal title to the property is transferred under intestacy law or a deceased person’s will to the member.

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