Regulation 2

obtained by a member to finance or re‑finance the purchase or acquisition of a residential property; or

to make full or periodic payments towards the repayment of a mortgage on any residential property inherited by a member if the mortgage was obtained solely for the purchase or acquisition of that residential property;“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —

which is to be paid in accordance with the terms and conditions of the scheme; and

the whole or part of which may be used for the payment of a premium for an annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K of the Act;“Minister for Finance” means the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act 1959;“mortgage” includes any charge on any residential property for securing the repayment of any money lent to any person;“relevant transaction” has the meaning given by section 21E(1) of the Act read with regulation 19 of the Central Provident Fund Regulations 1987;“residential property” means any house or flat which is permitted to be used pursuant to any written law as a dwelling house and any such house or flat which is in the course of being constructed, and includes any land adjacent to any such house or flat that the Housing and Development Board has approved for purchase or acquisition as part of the house or flat;“Town Council” means a Town Council established under the Town Councils Act 1988.