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Prohibition on mortgage

Central Provident Fund (Residential Properties Scheme) Regulations 1982

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—(1) Where a member has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to the member under section 14A of the Act in respect of the residential property and withdrawn by the member which have not been repaid), as long as any such moneys remain payable to the Fund, the member must not mortgage or in any way encumber the residential property without the prior written permission of the Board.(2) In granting any permission under paragraph (1), the Board may —(a)require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —(i)all moneys withdrawn by the member in respect of the residential property (including any moneys lent to the member under section 14A of the Act in respect of the residential property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on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; and(ii)where the member is also required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to pay any moneys to the Fund upon the sale or disposal of the residential property, the relevant amount as defined in regulation 26(6); or(b)impose such other terms and conditions as the Board may think fit.

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