Central Provident Fund Act |
Central Provident Fund (Non-Residential Properties Scheme) Regulations |
Rg 10 |
G.N. No. S 99/1986 |
REVISED EDITION 1998 |
(1st January 1998) |
[1st May 1986] |
Citation |
1. These Regulations may be cited as the Central Provident Fund (Non-Residential Properties Scheme) Regulations. |
Definitions |
Scheme applicable to property of certain tenures only |
3. No money standing to the credit of a member in the Fund shall be withdrawn under these Regulations for the payment of the purchase price or part thereof of a property or for the repayment of any loan in full or in part unless he has acquired or will acquire with respect to the property —
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Application to withdraw moneys for purchase of property |
4.—(1) A member who has purchased a property or has obtained a loan , whether before or after 1st May 1986, may submit an application to the Board to withdraw the whole or part of the amount standing to his credit in the Fund to be used for the payment of the purchase price or part thereof or for the repayment of any loan in full or in part, or for both.
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Application to withdraw moneys for payment of mortgaged property |
5. Where a member has, whether before or after 1st May 1986, obtained a loan the repayment of which is secured by a mortgage on that property or another property of which he is the owner or a joint-owner and is required to pay instalments of principal and interest towards the loan either at monthly intervals or otherwise, the Board may, on application being made by the member 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conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him and used for the payment of those instalments. |
Loan by Government to member |
5A.—(1) Where the Board has, on or after 1st March 1999, credited into the ordinary account of any member moneys lent by the Government to the member under any approved loan scheme under section 14A of the Act, the Board may —
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Use of money in special account for payment of loan |
5B.—(1) Where a member, as owner of a property, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards a loan, the Board, with the approval of the Minister, may —
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Power of Board to allow withdrawal for repayment of unsecured loan |
6. Notwithstanding regulations 4, 5, 5A and 5B, the Board may, in its discretion and subject to such terms and conditions as it may impose, allow a member to withdraw money under any of those regulations even if the loan obtained by the member is not secured by a mortgage on the property or any other property. |
Maximum withdrawal limit under regulations 3, 4, 5A and 5B |
7. The total amount which may be withdrawn by a member to pay one or more loans under regulations 3, 4, 5A and 5B shall be determined by the Board but in no case shall such amount exceed 70% of the value of the property as assessed by the Board at the date of —
[S 107/2001 wef 01/03/2001] |
Maximum withdrawal limit under these Regulations |
8.—(1) The total amount which may be withdrawn by a member under these Regulations for any one or both of the purposes specified in paragraph (2) shall not exceed 70% of the value of the property as assessed by the Board at the date of —
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Mortgaged property |
9.—(1) Where the property is subject to one or more subsisting mortgages, the Board may, as a condition for the withdrawal of money under these Regulations, require the member to satisfy the Board that the mortgagees have agreed —
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Withdrawal of moneys for payment of costs, etc |
10. Where an application for the withdrawal of money under these Regulations has been approved by the Board and the member is required to pay any costs, fees and expenses set out in section 21 (1)(d) of the Act, the Board may, on the application of the member and subject to such terms and conditions as the Board may see fit to impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn and used for all or any of the aforesaid purposes. |
Maximum withdrawal limit for co-purchasers or co-owners |
11.—(1) Where 2 or more co-purchasers or co-owners of a property each make an application for the withdrawal of money under regulation 4 or 5 or both, the total amount of money which may be withdrawn by them under either or both of those regulations shall not exceed the limit prescribed by regulation 7 or 8, as the case may be.
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Government valuer to assess property |
12.—(1) For the purpose of assessing the value of any property under these Regulations, the Board may appoint a Government valuer or a licensed valuer and the expenses of any such valuation shall be borne by the member concerned.
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Second application for withdrawal of funds |
13.—(1) A member who has withdrawn any money under these Regulations in connection with the purchase of a property or repayment of a loan shall not be entitled to make a further application for the withdrawal of such moneys from the Fund under these Regulations in respect of another property unless —
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Payment by Board to vendor, etc |
14. All moneys withdrawn from the Fund under regulation 4, 5, 5A, 5B or 10 shall be paid by the Board to the vendor, mortgagee, chargee or such person as the Board thinks fit to receive such moneys. |
No disposal of property without Board’s permission |
15. So long as any money withdrawn by a member remains payable to the Fund under regulation 18, the member shall not sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein without the prior written permission of the Board. |
Conditions for disposal of property |
16. The Board may, in its discretion and subject to such terms and conditions as the Board may impose, permit a member who has withdrawn money under these Regulations to sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein in respect of which such withdrawal has been made to any person, if the Board is satisfied that adequate arrangements have been made to secure the repayment to the member’s account in the Fund of —
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Prohibition on mortgage |
17.—(1) As long as any money withdrawn under these Regulations remains payable to the Fund under regulation 18, the member shall not mortgage or in any way encumber the property in respect of which the withdrawal has been made without the prior written permission of the Board.
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Repayment of moneys withdrawn |
18.—(1) Subject to paragraph (2), all moneys withdrawn by a member under these Regulations together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable to the Board on the occurrence of any of the following events:
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Member liable for costs, fees, etc., of application |
19. A member who has made an application for the withdrawal of money under these Regulations shall be liable to pay any costs, fees or other expenses in connection with the processing of the application which shall be of such amount as may be determined by the Board. |
Application in manner and with information required by Board |
20.—(1) An application by a member for the withdrawal of money under these Regulations shall be made in writing to the Board in such manner as the Board may direct.
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