By KINIBIZ
Victims of the recent floods will be allowed to utilise their Employees Provident Fund (EPF) savings to purchase or rebuild their homes, according to a statement by the EPF.
“Withdrawals will be from the EPF Account 2. Those who have never made housing withdrawals and wish to rebuild their homes destroyed by the floods can do so by applying for the withdrawal to purchase or build a house,” said EPF in the statement.
According to EPF further, withdrawal to purchase or build a second house is allowed provided that the first house has been sold or disposal of ownership of property has taken place.
Disposal of ownership refers to the loss of ownership of the first house owned through previous EPF withdrawal due to several conditions including the destruction of the house caused by natural disaster (such as flooding, earthquake and landslide), fire, abandoned housing project or cancellation of purchase.
To be eligible for the withdrawal to build a second home, members are required to obtain a confirmation from the local city council, municipal council or head of village, that their houses, previously purchased or built under the EPF housing withdrawal scheme, have been destroyed in the recent flooding.
“The EPF will assess the property and verify the amount needed to purchase or rebuild the house, and check the balance of savings members have in their Account 2. The eligibility for withdrawal is subject to other terms and conditions,” said EPF.
For more information on this scheme and the terms and conditions, members can visit any EPF branches, log on to the EPF website at www.kwsp.gov.my or contact the EPF Call Centre at 03-8922 6000.
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