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Withdrawal for payment of share in common property transferred by Housing and Development Board, Government or Minister for Finance

Central Provident Fund (Residential Properties Scheme) Regulations 1982

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—(1) Subject to regulation 7, where a member is liable as the owner of a residential property to pay for a share in any common property transferred by the Housing and Development Board, the Government or the Minister for Finance 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as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn by the member for —(a)full or partial payment for the member’s share in the common property;(b)periodic payments towards the repayment of a loan or for full or partial repayment of a loan; and(c)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of the common property, the obtaining of the loan or the withdrawal of moneys under this regulation.(2) All moneys withdrawn from the Fund under this regulation must be paid by the Board to the Housing and Development Board or such other persons as the Board thinks fit to receive such moneys.(3) The total amount that may be withdrawn by a member under this regulation must not exceed the amount determined by the Board.(4) In this regulation —“common property” has the meaning given by section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, the repayment of which is secured by a mortgage on any residential property of which the member is the owner or joint‑owner, to pay in whole or in part for that member’s share in the common property;“relevant property” means the residential property, including the common property, which will be comprised in a subsidiary strata title issued to the owner pursuant to the application under section 126 of the Land Titles (Strata) Act 1967.(5) Despite the definition of “loan” in paragraph (4), the Board may, in its discretion and subject to such terms and conditions as it may impose, allow a member to withdraw money under this regulation even if the loan obtained by the member is not secured by a mortgage on any residential property of which the member is the owner or joint‑owner.(6) Where a member has withdrawn moneys under this regulation, regulations 25 to 28 apply as if the words “residential property” in those regulations refer to “relevant property”.

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