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 or acquisition of a property; or
(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 or acquisition of that property,
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, and includes any land adjacent to any such building or flat that the Housing and Development Board has approved for purchase or acquisition as part of the building or flat, but does not include any temporary building;
[S 693/2012 wef 01/01/2013]
“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.
[S 705/2007 wef 01/01/2008]
(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.