Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations

Central Provident Fund Act

(Chapter 36, Section 77(1)(h))

Central Provident Fund
(Approved Middle-Income Housing Scheme)
Regulations

Rg 4

REVISED EDITION 1998

(1st January 1998)

[1st September 1975]

Citation

1. These Regulations may be cited as the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations.

Definitions

2. In these Regulations —

“Company” means the Housing and Urban Development Company (Private) Limited, a company incorporated under the Companies Act (Cap. 50);

“property” includes an interest in a house or flat purchased from the Company.

Application to Board for withdrawal

3. Where at any time a member of the Fund has entered into an agreement with the Company for the purchase of a property for his own occupation, 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the Board may impose, authorise the whole or part of the amount standing to the credit of such member in the Fund to be withdrawn.

Money to be paid to Company

4. The amount withdrawn by a member of the Fund under regulation 3 shall be paid to the Company on account of the purchase of a property by him.

Instalment payments

5.—(1) Where a member of the Fund is, in accordance with an agreement entered into with the Company, required to pay monthly instalments of principal and interest on account of the purchase of a property from the Company for his own occupation, the Board may, on his application and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn and used for the payment of those monthly instalments.

(2) The amount which a member of the Fund may withdraw in a month under this regulation shall not exceed the amount of the monthly instalment payable to the Company in that month.

Disbursements in connection with purchase

6. Where a member of the Fund is, in accordance with an agreement entered into with the Company, required to pay any survey fees, stamp duties, legal fees and any other fees or charges payable under any written law in connection with the purchase of a property from the Company for his own occupation (including the fees or charges payable by the member where the property is to be mortgaged to the Company), the Board may, on the application of the member and subject to such terms and conditions as the Board may think fit to impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn and used for the purpose of paying such fees and charges.

5% limit for deposit withdrawal

7. The first withdrawal by a member of the Fund intended to be used as a deposit for the purchase by him of any property under these Regulations shall not exceed 5% of the price of the property.

No sale, mortgage, etc., without Board’s permission to person other than Company

8.—(1) A member of the Fund who has withdrawn money therefrom under these Regulations for the purchase of a property shall not, without the prior permission of the Board, sell, mortgage, lease, transfer or assign the property to, or execute a charge on the property in favour of, a person other than the Company.

(2) Paragraph (1) shall not apply to a member of the Fund who is entitled to withdraw the sum standing to the credit of the member under section 15 of the Act.

Board may permit sale to person other than Company on conditions

9. The Board may permit a member of the Fund, who is not entitled to withdraw the sum standing to his credit under section 15 of the Act and has withdrawn money therefrom under these Regulations to purchase a property, to sell, mortgage, lease, transfer or assign the property to, or execute a charge on the property in favour of, a person other than the Company, if the Board is satisfied that adequate arrangements have been made to secure the repayment into the member’s account in the Fund of —

(a)	all moneys withdrawn by him, and of such interest as would have accrued thereto if the withdrawal had not been made; or
(b)	the net proceeds of the sale, mortgage, lease, transfer, assignment or charge, as the case may be,

whichever is the less.

Manner of application

10. An application by a member of the Fund under the provisions of these Regulations shall be made in writing to the Board in such manner as the Board may direct; and any member making such application shall furnish to the Board such information, documents and guarantees as the Board may require.

[G.N. Nos.S 205/75; S 80/76; S 219/77; S 32/80]

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