Central Provident Fund Act
(Chapter 36, Section 77(1)(h))
Central Provident Fund (Non-residential Properties Scheme) Regulations
Rg 10
G.N. No. S 99/1986

REVISED EDITION 2006
(30th November 2006)
[1st May 1986]
Citation
1.  These Regulations may be cited as the Central Provident Fund (Non-Residential Properties Scheme) Regulations.
Definitions
2.—(1)  In these Regulations, unless the context otherwise requires —
“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;
“approved bank” means any bank approved by the Board;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;
“loan” means a loan —
(a)obtained by a member to finance or re-finance in whole or in part the purchase of a property; or
[S 705/2007 wef 01/01/2008]
(b)to make full or periodic payment towards the repayment of a mortgage on any property inherited by a member if the mortgage was obtained solely for the purchase of that property,
[S 705/2007 wef 01/01/2008]
including the payment of any costs, fees, stamp duties or other incidental expenses incurred in connection with paragraph (a) or (b);
“mortgage” includes any charge on any property for securing the repayment of any money lent to a person;
“property” means any building or part of a building or any flat which is permitted pursuant to any written law to be used for any commercial or industrial purpose or any such building or flat which is in the course of erection but does not include any temporary building;
“temporary building” means a building which is permitted by the Building Authority under the Building Control Act (Cap. 29) to be erected or to remain for a specified period at the expiration of which the building shall be demolished and includes a building erected, in the opinion of the Board, with materials either wholly or in part which are in the absence of special care, liable to rapid deterioration or are otherwise unsuitable for the erection of a permanent building.
(2)  A reference in these Regulations to the purchase of a property includes a purchase made under an agreement for the sale and purchase of the property where title to the property will be conveyed, transferred or assigned to the purchaser on payment of the full purchase price.
Scheme applicable only if application made before 1st July 2006
3.—(1)  Subject to paragraph (2), unless a member has, before 1st July 2006, made an application for the withdrawal of money under these Regulations in respect of a property, no money standing to the credit of that member in the Fund shall be withdrawn under these Regulations in respect of that property.
(2)  Where —
(a)a member who is a joint-owner of a property makes an application, on or after 1st July 2006, for the withdrawal of money under these Regulations in respect of that property;
(b)any other joint-owner of that property has, before 1st July 2006, made an application for the withdrawal of money under these Regulations in respect of that property; and
(c)the Board has authorised the whole or part of the amount standing to the credit of that other joint-owner in the Fund to be withdrawn under these Regulations in respect of that property,
the Board may, subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the credit of that member in the Fund to be withdrawn under these Regulations in respect of that property.
Scheme applicable to property of certain tenures only
4.  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 —
(a)an estate in fee simple or perpetuity; or
(b)a leasehold estate having an unexpired term of at least 60 years at the date of his application for the withdrawal of money under these Regulations.
Application to withdraw moneys for purchase of property
5.—(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.
[S 705/2007 wef 01/01/2008]
(2)  An application under paragraph (1) may be approved by the Board subject to such terms and conditions as the Board may impose.
(3)  A member who has obtained a loan shall not be entitled to make any withdrawals under these Regulations for the repayment of the loan unless the loan is a term loan or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on the property or on another property of which he is the owner or a joint-owner.
Application to withdraw moneys for payment of mortgaged property
6.  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
7.—(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 —
(a)on the application of the member; or
(b)if it considers necessary,
and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys for payment of the monthly instalments of principal and interest towards a loan.
(2)  The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.
Use of money in special account for payment of loan
8.—(1)  Where a member, as owner of a property, is liable to pay the monthly instalments of principal and interest towards a loan —
(a)if the liability to pay arises on or after 1st February 1999, the Board, with the approval of the Minister, may —
(i)on the application of the member or if it considers necessary; and
(ii)subject to such terms and conditions as it may impose,
authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him for the payment of such monthly instalments; and
(b)if the liability to pay arises on or after 1st July 2006, the Board may —
(i)on the application of the member; and
(ii)subject to such terms and conditions as it may impose,
authorise the whole or part of any amount standing to the credit of the member in his special account which had been transferred from his medisave account under section 13(6) of the Act to be withdrawn by him for the payment of such monthly instalments.
(2)  The total amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly instalments shall be determined by the Board.
Power of Board to allow withdrawal for repayment of unsecured loan
9.  Notwithstanding regulations 5, 6, 7 and 8, 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 4, 5, 7 and 8
10.  The total amount which may be withdrawn by a member to pay one or more loans under regulations 4, 5, 7 and 8 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 —
(a)the signing of the agreement for the sale and purchase of the property; or
[S 705/2007 wef 01/01/2008]
(b)the inheritance of the property,
as the case may be.
Maximum withdrawal limit under these Regulations
11.—(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 —
(a)the signing of the agreement for the sale and purchase of the property; or
[S 705/2007 wef 01/01/2008]
(b)the inheritance of the property,
as the case may be.
(2)  The purposes referred to in paragraph (1) are —
(a)to make full or partial payment towards the purchase of a property; or
[S 705/2007 wef 01/01/2008]
(b)to make periodic payments towards the repayment of a loan or to make full or partial repayment of a loan.
Mortgaged property
12.—(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 —
(a)that their rights under the mortgages shall rank pari passu with the rights of the Board in respect of all withdrawals authorised by the Board in such manner and on such terms as may be agreed upon between the Board and the mortgagees; and
(b)to obtain the prior written approval of the Board before they sell, sub-mortgage, transfer their mortgage or apply to the Court for an order to foreclose the property.
(2)  Where a property is purchased or owned by 2 or more persons, the Board may, as a condition for withdrawal of money by any one of them under these Regulations, require all the co-purchasers or co-owners of the property to give their written consent to extend any charge under section 21(1A) of the Act to all their respective estates or interests in the property.
[S 705/2007 wef 01/01/2008]
Withdrawal of moneys for payment of costs, etc.
13.  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.
Withdrawal of money by undischarged bankrupt
14.—(1)  Notwithstanding the provisions of these Regulations, an undischarged bankrupt shall not be entitled to —
(a)make an application to the Board to withdraw money under these Regulations; or
(b)withdraw money under these Regulations except in accordance with paragraph (2).
(2)  Where a member is adjudicated a bankrupt after he has obtained authorisation from the Board to withdraw money under these Regulations, the Board may, notwithstanding his bankruptcy, permit him to make or continue to make (as the case may be) the authorised withdrawals subject to his compliance with these Regulations, the Act and any other condition which the Board thinks fit to impose.
Maximum withdrawal limit for co-purchasers or co-owners
15.—(1)  Where 2 or more co-purchasers or co-owners of a property each make an application for the withdrawal of money under regulation 5 or 6 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 10 or 11, as the case may be.
(2)  Subject to paragraph (1), where a member has purchased or inherited a property jointly with one or more persons and the relationship between the co-owners of the property does not fall within any of the following categories:
(a)husband and wife;
(b)parent and child;
(c)brother and brother, sister and sister or brother and sister;
(d)grandparent, parent and child;
(e)grandparent and grandchild,
the member shall be entitled to withdraw such amount of money as may be determined by the Board.
Government valuer to assess property
16.—(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.
(2)  Where a member is required to pay the expenses of any valuation under paragraph (1), the Board may, on the application of the member, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn and used for the payment of such expenses.
Payment by Board to vendor, etc.
17.  All moneys withdrawn from the Fund under regulation 5, 6, 7, 8 or 13 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
18.  Where a member —
(a)has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or
(b)is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to pay any moneys to the Fund upon the sale or disposal of a property,
as long as any such moneys remain payable to the Fund, 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.
[S 511/2007 wef 01/10/2007]
Conditions for disposal of property
19.—(1)  The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —
(a)has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or
(b)is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property,
to sell, transfer, assign or otherwise dispose of the property or any of his estate or interest therein to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part thereof as the Board may determine.
(2)  Subject to paragraphs (3) and (4), the member making the sale, transfer, assignment or disposal shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(a)the net proceeds of the sale, transfer, assignment or disposal; or
(b)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (1)(a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (1)(b) applies to him, the relevant amount.
(3)  Notwithstanding paragraph (2) but subject to paragraph (4), where the member making the sale, transfer, assignment or disposal —
(a)withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(b)withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15 (7A)(a), (b) or (ba) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (1)(a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
(ii)where paragraph (1)(b) applies to him, the relevant amount, or such part thereof as the Board may determine.
(4)  Notwithstanding paragraphs (2) and (3), where the member transfers (other than by way of sale) his estate or interest in the property to his spouse pursuant to an order of court referred to in section 27C (1)(c) or 27E(1)(c) of the Act —
(a)in the case of an order of court referred to in section 27C(1)(c) of the Act, the person referred to in section 27C (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, any amount referred to in section 27C (1) (i) of the Act which the person may be required by the order of court to pay to the Board; or
(b)in the case of an order of court referred to in section 27E(1)(c) of the Act, the member or person referred to in section 27E (1) (i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, such of the amounts referred to in section 27E (1) (i) (A), (B) or (C) of the Act as may be applicable to the member or person.
(5)  In this regulation —
“net proceeds”, in relation to any property which is sold, transferred, assigned or disposed of, means any positive difference between —
(a)the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board; and
(b)the aggregate of the following amounts paid in the following order:
(i)any amount outstanding under a housingloan for the purchase of the residentialproperty which, pursuant to an agreement between the Board, the member and the mortgagee, is to be repaid in priority to the Fund; and
[S 585/2007 wef 31/10/2007]
[S 705/2007 wef 01/11/2007]
(ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund;
“relevant amount” means —
(a)in relation to a member who is required under section 27C (1) (iii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —
(i)the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; and
(ii)the amount which has been paid to the Board under section 27C (1) (i) of the Act towards covering the deficiency in the minimum sum which the spouse of the member is required to set aside; or
(b)in relation to a member who is required under section 27E (1) (ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —
(i)the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; and
[S 446/2009 wef 01/10/2009]
(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27E (1) (i) of the Act;
“spouse” includes a former spouse.
Prohibition on mortgage
20.—(1)  Where a member has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), as long as any such moneys remain payable to the Fund, the member shall not mortgage or in any way encumber the property without the prior written permission of the Board.
(2)  In granting any permission under paragraph (1), the Board may —
(a)require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —
(i)all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; and
(ii)where he is also required under section 27C(1)(iii) or 27E(1)(ii) of the Act to pay any moneys to the Fund upon the sale or disposal of the property, the relevant amount as defined in regulation 19(5); or
(b)impose such other terms and conditions as the Board may think fit.
[S 446/2009 wef 01/10/2009]
Repayment of moneys in certain circumstances
21.—(1)  Subject to paragraphs (2), (4) and (5), where a member —
(a)has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or
(b)is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property,
in the event that —
(i)the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by the member or a co-owner or co-purchaser without the consent of the Board;
(ii)the property or any estate or interest therein is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or
(iii)the property or any estate or interest therein is acquired under the Land Acquisition Act (Cap. 152) or any other written law,
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall become due and payable to his account in the Fund:
(A)if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)if sub-paragraph (b) applies to him, the relevant amount as defined in regulation 19(5).
(2)  A member shall —
(a)upon the occurrence of the event mentioned in paragraph (1)(ii), pay to his account in the Fund the amount agreed between the Board, the member, the mortgagee (if any) of the property and the other person (if any) making the sale, transfer, assignment or disposal of the property; or
(b)upon the occurrence of the event mentioned in paragraph (1)(iii), pay to his account in the Fund the amount of any compensation received by him under the Land Acquisition Act (Cap. 152) or other written law.
(3)  Subject to paragraphs (4) and (5), all moneys withdrawn by a member under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made, shall become due and payable to his account in the Fund in the event that —
(a)any mortgage or encumbrance is created over the property without the consent of the Board; or
(b)the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.
(4)  Subject to paragraph (5), where a member —
(a)has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or
(b)is required under section 27C (1) (iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property,
then —
(i)on the death of the member; or
(ii)when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15 (2), (3) or (4) of the Act and has complied with the requirements for such withdrawal,
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund:
(A)if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the property (other than any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)if sub-paragraph (b) applies to him, the relevant amountas defined in regulation 19(5).
(5)   Subject to paragraph (2), where —
(a)any event referred to in paragraph (1) or (3) occurs; and
[S 446/2009 wef 01/10/2009]
(b)the member —
(i)withdraws the sum standing to his credit in the Fund under section 15 (2)(d), (e) or (f) of the Act; or
(ii)withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15 (7A)(a), (b) or (ba) of the Act,
the member shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (1)(a) or (3) applies to him, all moneys withdrawn by him in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
[S 446/2009 wef 01/10/2009]
(B)where paragraph (1)(b) applies to him, the relevant amountas defined in regulation 19(5), or such part thereof as the Board may determine.
[S 446/2009 wef 01/10/2009]
Member liable for costs, fees, etc., of application
22.  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
23.—(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.
(2)  Any member making the application referred to in paragraph (1) shall furnish to the Board such information, documents and guarantees as the Board may require.
[S99/86; S479/92; S87/99; S 562/99; S107/2001; S183/2005; S 359/2005; S366/2006]