Singapore legislation
Regulation 13
of Central Provident Fund (Residential Properties Scheme) Regulations 1982
Regulation 13
Withdrawal for payment of land and dwelling house constructed on the land
Subregulation 1
Where a member has taken any loan to —
finance or re‑finance the purchase or acquisition of any land (with or without any building on the land) and the costs of construction of any dwelling house on the land;
finance the full or periodic repayments of any mortgage on any land inherited by the member; or
finance the construction of any dwelling house on any land inherited by the member,the Board may, on application of the member, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn for the payment of any loan including any fee or other incidental expenses which may have been incurred in connection with the purchase or acquisition of the land or construction of the dwelling house.
Subregulation 2
Where a member has at any time purchased or acquired any land (with or without any building on the land) or inherited any land (with or without any building on the land) and constructs, on or after 1 October 1993, a dwelling house on the land with the member’s own moneys, the Board may, on application being made by the member, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn to reimburse the member for the purchase price of the land and the costs of construction of the dwelling house on the land, including any fee and other incidental expenses which may have been incurred for the purchase or acquisition of the land and the construction of the dwelling house.
Subregulation 3
Any application under paragraph (2) must be made within 6 months, or such other period as the Board may allow, from the date of issue of the temporary occupation permit in respect of the dwelling house and may be approved by the Board subject to such terms and conditions as the Board may impose.
Subregulation 4
The total amount of money which a member may withdraw under paragraph (1) or (2) must not exceed 100% of the value of the residential property, as assessed by the Board, on the date of application by the member under paragraph (1) or (2).