Central Provident Fund (Approved Housing Schemes) Regulations

Central Provident Fund Act

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

Rg 12

G.N. No. S 335/1986

REVISED EDITION 1998

(1st January 1998)

[1st January 1987]

Citation

1.—(1) These Regulations may be cited as the Central Provident Fund (Approved Housing Schemes) Regulations.

(2) Regulation 6 shall be deemed to have come into operation on 1st March 1986.

(3) Regulation 7 shall be deemed to have come into operation on 2nd June 1984.

Definitions

2.—(1) In these Regulations, unless the context otherwise requires —

“approved housing scheme” means any scheme approved by the Minister for the purchase of houses or flats by members of the Fund;

“flat” does not include a studio apartment;

[S 649/2001 wef 21/12/2001]

“house or flat” means a house or flat sold by the Housing and Development Board or the Jurong Town Corporation or by a lessee of the Board or the Corporation under an approved housing scheme;

“Housing and Development Board” means the Housing and Development Board constituted under section 3 of the Housing and Development Act (Cap. 129);

“housing loan” means a loan obtained by a member from the Housing and Development Board, the Jurong Town Corporation or a private lender as defined in regulation 14A(9) to finance or re-finance the purchase of a house or flat;

[S 485/2004 wef 01/01/2003]

“Jurong Town Corporation” means the Jurong Town Corporation constituted under section 3 of the Jurong Town Corporation Act (Cap. 150).

(2) A reference in these Regulations to the purchase of a house or flat includes a purchase made under an agreement for the sale and purchase of the house or flat where title to the house or flat will be conveyed, transferred or assigned to the purchaser on payment of the full purchase price.

Withdrawal for deposit for purchase of house or flat

3. Where a member has made an application to the Housing and Development Board or the Jurong Town Corporation to purchase a house or flat, 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conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund, to be withdrawn from the Fund and paid to the Housing and Development Board or the Jurong Town Corporation as a deposit for the purchase of the house or flat.

(1) Where a member has made an application to the Housing and Development Board or the Jurong Town Corporation to purchase a house or flat , 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 his credit in the Fund, to be withdrawn from the Fund and paid to the Housing and Development Board or the Jurong Town Corporation as a deposit for the purchase of the house or flat .

[S 649/2001 wef 21/12/2001]

[S 758/2005 wef 01/12/2005]

[S 503/2006 wef 28/08/2006]

(2) A member who has repaid into his retirement account any moneys arising from a sale, transfer, assignment or disposal of his house or flat may apply to the Board to withdraw the whole or any part of such moneys to be paid as a deposit for the purchase of a studio apartment from the Housing and Development Board or towards the purchase of such studio apartment.

[S 649/2001 wef 21/12/2001]

(3) The Board may approve an application made under paragraph (2) on such terms and conditions as it thinks fit.

[S 649/2001 wef 21/12/2001]

Withdrawal for payment of housing loan

4. A member who has purchased a house or flat or has obtained a housing loan for the purchase of a house or flat or both 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 housing loan in full or in part, or for both.

Loan by Government to member

4A.—(1) Where the Board has, on or after 1st March 1999, credited into the ordinary account of any member moneys which have been lent by the Government to the member pursuant to 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 the housing loan in respect of any house or flat purchased by the member under these Regulations.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.

[S 88/99 wef 01/03/1999]

Use of money in special account for payment of housing loan

4B.—(1) Where a member, as owner of a house or flat, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards the housing loan in respect of the house or flat, the Board, with the approval of the Minister, 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, authorise the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him for the payment of such monthly instalments.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments shall be determined by the Board.

[S 88/99 wef 01/02/1999]

Use of money in special account for payment of improvement contribution in respect of upgrading works

4C.—(1) Where a member, as owner of a house or flat, is liable to pay, on or after 1st March 1999, the monthly improvement contributions due to the Housing and Development Board in respect of upgrading works carried out on the house or flat under Part IVA of the Housing and Development Act (Cap.129), the Board, with the approval of the Minister, may —

(a)	on the application of the member; or
(b)	if it considers necessary,

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly improvement contributions shall be determined by the Board.

[S 88/99 wef 01/03/1999]

Withdrawal for payment of improvement contributions in respect of upgrading works

5. A member who is the owner or co-owner or a purchaser or co-purchaser of a house or flat sold by the Housing and Development Boardor the Jurong Town Corporation or has purchased a house or flat under these Regulations 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 improvement contributions due to the Housing and Development Board in respect of upgrading works carried out under Part IVA of the Housing and Development Act (Cap. 129) including the payment of costs, fees or other incidental expenses arising from such works.

Change in rate of interest

6.—(1) Where the amount of monthly instalment which a member is required to pay to a lender under a mortgage loan of a house or flat is increased or reduced by reason of a change in the rate of interest on the mortgage loan of the house or flat, the Board shall be entitled to make the necessary adjustment when computing the amount of monthly instalment payable by the member.

(2) Where a house or flat is jointly owned by 2 or more persons, the Board shall, if none of the joint-owners by notice in writing to the Board indicates otherwise, require the monthly instalment payable by the joint-owners under a mortgage loan of a house or flat to be in the same proportion as that before the change in the rate of interest on the mortgage loan of the house or flat.

Cash grants

7. Where a cash grant has been paid into the Fund for any person under section 14 of the Act and the person has purchased or applied to purchase a house or flat, the Board may, subject to these Regulations and to such terms and conditions as the Board may impose, permit that person to withdraw the cash grant for all or any of the purposes specified in these Regulations.

Disbursements in connection with purchase

8. Where an application for the withdrawal of moneys under these Regulations has been approved by the Board and the member is required to pay any stamp duties, fees and other charges in connection with the purchase of the house or flat, or the creation or discharge of a mortgage on the house or flat or the withdrawal of moneys under these Regulations, 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 his credit in the Fund to be withdrawn and used for all or any of the aforesaid purposes.

Board to pay direct to Housing and Development Board or Jurong Town Corporation

9. All moneys withdrawn from the Fund under these Regulations shall be paid by the Board to the Housing and Development Boardor the Jurong Town Corporation or such other person as the Board thinks fit to receive such moneys.

Repayment on occurrence of certain events

10. Except as otherwise provided in these Regulations, 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:

(a)	if the house or flat or any interest therein is sold, transferred, assigned or otherwise disposed of by the member;
(b)	if the house or flat or any interest therein is sold, transferred, assigned or otherwise disposed of by any mortgagee or by any other person with or without the consent of the Board;
(c)	if any mortgage or encumbrance is created over the house or flat in favour of a person other than the Housing and Development Board without the written consent of the Board;
(d)	if 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;
(e)	if the house or flat or any interest therein is sold, transferred, assigned or otherwise disposed of pursuant to an order of court. [S 649/2001 wef 21/12/2001]

Death

11.—(1) Subject to section 15A of the Act and paragraph (2) and regulation 13, all moneys withdrawn from the Fund under these Regulations plus interest shall cease to be payable to the Board on the death of the member or when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15 of the Act.

(2) Where a person has, on or after 1st January 1994 and pursuant to regulation 7, withdrawn a cash grant made under an approved scheme administered by the Ministry of Community Development,the cash grant withdrawn from the Fund plus interest shall remain payable to the Board if the person, before attaining the age of 45 years, has committed a breach of any of the terms and conditions of the cash grant and the Minister for Community Development, or an officer duly authorised by him, has not waived the breach in writing.

Purchase which does not materialise

12. All moneys withdrawn from the Fund under these Regulations by a member shall become due and payable to the Board —

(a)	if the member withdraws his application for the purchase of a house or flat; or
(b)	if the agreement entered into by the member and any person for the purchase of a house or flat is rescinded.

Permitted sale and disposition of proceeds of house or flat mortgaged to Housing and Development Board

13.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who has withdrawn money under these Regulations to sell, transfer, assign or otherwise dispose of the house or flat 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 of money into the member’s account in the Fund the amount specified in this regulation or such other amount as the Board may allow.

(2) Subject to paragraphs (3) and (9), where the member making the sale, transfer, assignment or disposal is below the age of 55 years at the time of the sale, transfer, assignment or disposal, the member shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(a)	the net proceeds of the sale, transfer, assignment or disposal; or
(b)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(3) Notwithstanding paragraph (2), where the member making the sale, transfer, assignment or disposal —

(a)	is below the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	sells, transfers, assigns or disposes of the house or flat to an immediate family member without consideration or for a consideration below the market value of the house or flat,

he shall, unless the Board otherwise directs, repay to his account in the Fund all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made unless the Board allows the repayment without such interest.

[S 649/2001 wef 21/12/2001]

(4) Subject to paragraphs (5) to (8), (10), (11) and (12), where the member making the sale, transfer, assignment or disposal —

(a)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto. [S 649/2001 wef 21/12/2001]

(5) Notwithstanding paragraph (4) and subject to paragraph (11), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the higher of the following amounts:

(A)

all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made; or

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(6) Notwithstanding paragraph (4) and subject to paragraph (11), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside any minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(7) Notwithstanding paragraph (4) and subject to paragraph (12), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at the time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(8) Notwithstanding paragraph (4) and subject to paragraph (12), where the member making the sale, transfer, assignment or disposal —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(9) Notwithstanding paragraph (2), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court; and
(b)	is below the age of 55 years at the time of such sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, any of the following amounts as may be required by the Board:

(i)	the net proceeds of the sale, transfer, assignment or disposal;
(ii)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made;
(iii)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat); or
(iv)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(10) Notwithstanding paragraphs (4) to (8) and subject to paragraphs (11) and (12), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the sale, transfer, assignment or disposal; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto. [S 649/2001 wef 21/12/2001]

(11) Notwithstanding paragraphs (4), (5), (6) and (10), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt before attaining the age of 55 years; and
(c)	has attained the age of 55 years and remains a bankrupt at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the higher of the following amounts:

(A)

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(12) Notwithstanding paragraphs (4), (7), (8) and (10), where the member making the sale, transfer, assignment or disposal —

(a)	is required to do so pursuant to an order of court;
(b)	was adjudicated a bankrupt after attaining the age of 55 years; and
(c)	remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the sale, transfer, assignment or disposal; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made. [S 649/2001 wef 21/12/2001]

(13) In this regulation, "net proceeds", in relation to any house or flat 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 house or flat, or, if the Board so elects, the value of the house or flat 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 outstanding housing loan from the Housing and Development Board for the house or flat;
(ii)	any amount which, by virtue of any written law, is to be paid to any other person in priority to the Fund; and
(iii)	any resale levy imposed by the Housing and Development Board as may be approved by the Board. [S 649/2001 wef 21/12/2001]

(14) Nothing in this regulation shall apply to the sale, transfer, assignment or disposal of any house or flat where the application for the consent of —

(a)	the Housing and Development Board under section 50 of the Housing and Development Act (Cap.129); or
(b)	the Jurong Town Corporation under section 38 of the Jurong Town Corporation Act (Cap.150),

as the case may be, in respect of such sale, transfer, assignment or disposal was made before 21st December 2001.

[S 649/2001 wef 21/12/2001]

(15) Regulation 13 in force immediately before 21st December 2001 shall continue to apply in respect of any sale, transfer, assignment or disposal referred to in paragraph (14).

[S 649/2001 wef 21/12/2001]

Compulsory acquisition and disposition of proceeds of house or flat mortgaged to Housing and Development Board

14.—(1) Where a member has withdrawn any moneys under these Regulations and the house or flat in respect of which the withdrawal was made is compulsorily acquired under —

(a)	section 56 of the Housing and Development Act (Cap. 129);
(b)	section 46 of the Jurong Town Corporation Act (Cap. 150); or
(c)	any other written law,

the member shall repay into his account in the Fund the amount provided in this regulation or such other amount as the Board may allow, taking into consideration the circumstances of each case.

[S 694/2002 wef 01/01/2003]

[S 758/2005 wef 01/12/2005]

(2) Where the member whose house or flat has been acquired is below the age of 55 years at the time of the acquisition, the member shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(a)	the net proceeds of the acquisition; or
(b)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made.

(3) Subject to paragraphs (4) to (7), where the member whose house or flat has been acquired —

(a)	has attained the age of 55 years at the time of the acquisition; and
(b)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto.

(4) Notwithstanding paragraph (3), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the acquisition; or

(ii)

the higher of the following amounts:

(A)

(B)

the aggregate of —

(I)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(II)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made.

(5) Notwithstanding paragraph (3), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt before attaining the age of 55 years;
(b)	has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside any minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat), together with any interest that would have accrued thereto if the withdrawal had not been made.

(6) Notwithstanding paragraph (3), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)

the net proceeds of the acquisition; or

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made.

(7) Notwithstanding paragraph (3), where the member whose house or flat has been acquired —

(a)	was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)	remains an undischarged bankrupt at the time of the acquisition; and
(c)	is not required to set aside a minimum sum under section 15(6) of the Act,

he shall repay to his account in the Fund, in such manner as the Board may determine, either of the following amounts, whichever is the less:

(i)	the net proceeds of the acquisition; or
(ii)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member under these Regulations in respect of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made.

(8) In this regulation —

“net proceeds of the acquisition” means any positive difference between —

(a)

the amount of compensation paid upon the acquisition of the house or flat; and

(b)

the aggregate of the following amounts paid in the following order:

(i)	any outstanding housing loan from the Housing and Development Board for the purchase of the house or flat; and
(ii)	any amount which, by virtue of any written law, is to be paid to any other person in priority to the Fund;

“time of the acquisition” refers to the date of issue of the notice of intention to acquire under —

(a)	section 56(3) of the Housing and Development Act (Cap. 129);
(b)	section 46(3) of the Jurong Town Corporation Act (Cap. 150); or
(c)	any other written law,

as the case may be.

[S 694/2002 wef 01/01/2003]

(9) Nothing in this regulation shall apply to the acquisition of any house or flat where the notice of intention to acquire from —

(a)	the Housing and Development Board under section 56(3) of the Housing and Development Act (Cap. 129); or
(b)	the Jurong Town Corporation under section 46(3) of the Jurong Town Corporation Act (Cap. 150),

as the case may be, was issued before 21st December 2001.

(10) Regulation 14 in force immediately before 21st December 2001 shall continue to apply in respect of any acquisition referred to in paragraph (9).

[S 649/2001 wef 21/12/2001]

Disposition of proceeds of house or flat mortgaged to private lender

14A.—(1) This regulation shall apply to any house or flat which has been mortgaged by a member to a private lender as security for a private housing loan, whether or not the mortgage is discharged at the time of the sale, transfer, assignment, disposal or compulsory acquisition, as the case may be, of that house or flat.

(2) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who has withdrawn moneys under these Regulations to sell, transfer, assign or otherwise dispose of any house or flat or any of his estate or interest therein in respect of which such withdrawal has been made, if the Board is satisfied that adequate arrangements have been made to cause the proceeds of the sale, transfer, assignment or disposal to be applied in the following order of priority:

(a)	firstly, to discharge any statutory rights and charges of any public authority under any written law over the house or flat;
(b)	secondly, to discharge any encumbrance registered or notified prior to the date of constitution of the Board’s charge over the house or flat;
(c)	thirdly, to pay the Board and the private lender in the order of priority set out in paragraph (4), provided that the total sum paid to the Board shall not exceed the maximum sum as determined in accordance with paragraph (5); and
(d)	fourthly, to pay all other parties to whom moneys are owed by the member in respect of the house or flat, according to the order of priority set out in the Housing and Development (Mortgage to Lender) Rules 2002 (G.N. No. S 650/2002).

(3) Where a member has withdrawn moneys under these Regulations in respect of a house or flat and that house or flat is compulsorily acquired under —

(a)	section 56 of the Housing and Development Act (Cap. 129);
(b)	section 46 of the Jurong Town Corporation Act (Cap. 150); or
(c)	any other written law,

the member shall cause the compensation paid upon the acquisition to be distributed according to the order of priority set out in paragraph (2).

(4) For the purpose of paragraph (2)(c), the proceeds of the sale, transfer, assignment or disposal shall be paid to the Board and the private lender in the following order of priority:

(a)

firstly, in payment to the private lender of an amount equivalent to the amount outstanding under the private housing loan as at the relevant date, less all payments made by the member after the relevant date to the private lender towards the private housing loan;

(b)

secondly, in payment to the Board of the total of —

(i)

all moneys withdrawn by the member under these Regulations in respect of the house or flat (excluding the sums referred to in sub-paragraph (ii)) up to 100% of the ascribed value; and

(ii)

all moneys withdrawn by the member under these Regulations to pay —

(A)	any improvement contribution; or
(B)	any costs, fees or other expenses incurred in connection with the withdrawal of moneys under these Regulations or the purchase and mortgage of the house or flat;

(c)

thirdly, in payment to —

(i)

the Board of —

(A)	the balance of the total sum withdrawn by the member under these Regulations in respect of the house or flat, which has not been paid to the Board under sub-paragraph (b); and
(B)	all interest that would have accrued on the total sum withdrawn if the withdrawal had not been made; and

(ii)

the private lender of any unpaid interest accruing after the relevant date under the private housing loan,

all payments to rank equally without preference; and

(d)

fourthly, in payment to —

(i)	the Board of all costs and expenses incurred by it in connection with its charge which it is entitled to claim from the member under these Regulations and the Act; and
(ii)	the private lender of all costs and expenses incurred by it in connection with the mortgage which it is entitled to claim from the member under the private housing loan,

both payments to rank equally without preference.

(5) For the purpose of paragraph (2)(c), the maximum sum shall be determined as follows:

(a)

subject to sub-paragraphs (b) and (c), where the member is below the age of 55 years at the time of the relevant transaction, the maximum sum shall be an amount equivalent to all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat) together with any interest that would have accrued thereto if the withdrawal had not been made;

(b)

subject to sub-paragraph (c), where the member is below the age of 55 years at the time of the relevant transaction but the relevant transaction is entered into with an immediate family member of that member for no consideration or a consideration below the market value of the house or flat, the maximum sum shall be the amount referred to in sub-paragraph (a) unless the Board directs that the interest referred to therein or any part thereof shall be excluded;

(c)

where the member is below the age of 55 years at the time of the relevant transaction but the relevant transaction is entered into pursuant to an order of court, the maximum sum shall be any of the following amounts as directed by the Board:

(i)	all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat) together with any interest that would have accrued thereto if the withdrawal had not been made;
(ii)	the sum referred to in sub-paragraph (i) less the interest (or any part thereof) referred to therein; or
(iii)	any outstanding loan granted to the member under section 14A of the Act in connection with the purchase of the house or flat;

(d)

where the member has attained the age of 55 years and is not a bankrupt at the time of the relevant transaction, and is required to set aside a minimum sum under section 15(6) of the Act, the maximum sum shall be (regardless of whether the relevant transaction is entered into pursuant to an order of court) the amount of the minimum sum or any deficiency thereof which he is required to set aside, including any interest that would have accrued thereto;

(e)

where the member has attained the age of 55 years and is a bankrupt at the time of the relevant transaction, was adjudicated a bankrupt before he attained the age of 55 years, and is required to set aside a minimum sum under section 15(6) of the Act, the maximum sum shall be (regardless of whether the relevant transaction is entered into pursuant to an order of court) the higher of the following amounts:

(i)

(ii)

the aggregate of —

(A)	the amount of the minimum sum or any deficiency thereof which the member is required to set aside, including any interest that would have accrued thereto; and
(B)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made;

(f)

where the member has attained the age of 55 years and is a bankrupt at the time of the relevant transaction, was adjudicated a bankrupt before he attained the age of 55 years, but is not required to set aside a minimum sum under section 15(6) of the Act, the maximum sum shall be (regardless of whether the relevant transaction is entered into pursuant to an order of court) an amount equivalent to all moneys withdrawn by the member under these Regulations in respect of the house or flat (including any outstanding loan granted to him under section 14A of the Act in connection with the purchase of that house or flat) together with any interest that would have accrued thereto if the withdrawal had not been made;

(g)

where the member has attained the age of 55 years and is a bankrupt at the time of the relevant transaction, was adjudicated a bankrupt after or when he attained the age of 55 years, and is required to set aside a minimum sum under section 15(6) of the Act, the maximum sum shall be (regardless of whether the relevant transaction is entered into pursuant to an order of court) the aggregate of —

(i)	the amount of the minimum sum or any deficiency thereof which the member is required to set aside, including any interest that would have accrued thereto; and
(ii)	any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made; and

(h)

where the member has attained the age of 55 years and is a bankrupt at the time of the relevant transaction, was adjudicated a bankrupt after or when he attained the age of 55 years, but is not required to set aside a minimum sum under section 15(6) of the Act, the maximum sum shall be (regardless of whether the relevant transaction is entered into pursuant to an order of court) any outstanding loan granted to the member under section 14A of the Act and withdrawn by the member in connection with the purchase of the house or flat, together with any interest that would have accrued thereto if the withdrawal had not been made.

(6) For the purposes of section 21B (3)(d) and (9)(e) of the Act, the Board’s charge and the private lender’s mortgage of the house or flat shall rank according to the order of priority set out in paragraph (4), provided that the total sum paid to the Board shall not exceed the maximum sum as determined in accordance with paragraph (5).

(7) For the purpose of section 21B(9)(f) of the Act, the payment of moneys shall be in the order of priority set out in the Housing and Development (Mortgage to Lender) Rules 2002 (G.N. No. S 650/2002).

(8) Regulations 13 and 14 shall not apply to any house or flat to which this regulation applies.

(9) In this regulation —

“ascribed value” means the value ascribed to the house or flat by the Board for the purposes of these Regulations;

“improvement contribution” means the improvement contribution payable to the Housing and Development Board under the Housing and Development Act (Cap. 129);

“private housing loan”, in relation to a house or flat, means a loan granted by a private lender to a member solely to finance or re-finance the purchase of the house or flat;

“private lender” means —

(a)	any bank licensed under the Banking Act (Cap. 19);
(b)	any finance company licensed under the Finance Companies Act (Cap. 108);
(c)	any direct insurer registered under the Insurance Act (Cap.142);
(d)	any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap.186); or
(e)	in relation to a member, any person which the Housing and Development Board has approved as a mortgagee of that member’s house or flat;

“relevant date” means the date —

(a)	when there is a default in payment of the private housing loan which has not been rectified by the member;
(b)	of redemption of the private housing loan; or
(c)	on which a notice of intention to compulsorily acquire the house or flat under any written law is served on the member,

whichever is the earliest;

“relevant transaction” means the sale, transfer, assignment, disposal or compulsory acquisition of the house or flat, as the case may be.

[S 694/2002 wef 01/01/2003]

Repayment of moneys withdrawn when house or flat vested in Housing and Development Boardor Jurong Town Corporation

15.—(1) Subject to paragraph (2), no moneys withdrawn shall be repayable by the member to the Fund where a house or flat in respect of which such withdrawal has been made under these Regulations is vested in the Housing and Development Board under section 47 of the Housing and Development Act (Cap. 129) or section 40 of the Jurong Town Corporation Act (Cap. 150), and the moneys paid or deposited in respect of the house or flat are forfeited.

(2) Where any sum of money paid or deposited in respect of the house or flat is refunded to the member by the Housing and Development Boardor the Jurong Town Corporation, as the case may be, upon the vesting of the house or flat as mentioned in paragraph (1), the member shall pay into his account in the Fund the amount so refunded to him or all moneys withdrawn by him including any interest that would have accrued thereto if the withdrawal had not been made, whichever is the less.

Void or rescinded agreements

16.—(1) Subject to paragraph (2), no moneys withdrawn shall be repayable by the member to the Fund where the withdrawal has been made from the Fund under these Regulations and the agreement relating to the purchase of the house or flat in respect of which such withdrawal was made is declared to be void or is rescinded by any court.

(2) Where any agreement relating to the purchase of a house or flat is declared to be void or is rescinded by a court, and the member is entitled to any moneys arising therefrom, the member shall pay such moneys into his account in the Fund.

Withdrawal for purchase of one house or flat

17. Unless otherwise approved by the Board, no member of the Fund shall be entitled to make an application for the withdrawal of moneys under these Regulations in respect of more than one house or flat.

Application to undischarged bankrupt

18. These Regulations shall apply to any member who is an undischarged bankrupt and who with the consent of the Official Assignee purchases a house or flat for the occupation of himself or members of his immediate family.

(1) These Regulations shall apply to any member who is an undischarged bankrupt and who with the consent of the Official Assignee purchases a house or flat for the occupation of himself or members of his immediate family.

[S 694/2002 wef 01/01/2003]

(2) Where a member is adjudicated a bankrupt after he has obtained authorisation from the Board under these Regulations to withdraw the whole or part of the amount standing to his credit in the Fund, 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.

[S 694/2002 wef 01/01/2003]

Manner of application

19.—(1) An application by a member for the withdrawal of moneys 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 shall furnish to the Board all such information, evidence and documents as the Board may require.

Fees

20.—(1) Subject to paragraphs (3) and (4), the fees levied by the Board for rendering services to facilitate withdrawals from the Fund which are secured by a charge constituted on a house or flat under section 21B of the Act shall be —

(a) for arranging the disbursement of moneys withdrawn from the Fund

a fee determined by the Board after consultation with its solicitors

(b) for arranging the repayment of moneys withdrawn from the Fund and confirming the discharge of the charge earlier constituted

a fee determined by the Board after consultation with its solicitors.

(2) Regulation 8 shall apply to the fee referred to in paragraph (1)(a).

(3) Where the Housing and Development Board, by its duly authorised officer, acts for the member making the withdrawals, the fee referred to in paragraph (1)(a) may be waived by the Board.

(4) Where the Housing and Development Board, by its duly authorised officer, acts for the member repaying the moneys withdrawn from the Fund or the other party to whom that member is selling his house or flat, the fee referred to in paragraph (1)(b)may be waived by the Board.

[S 694/2002 wef 01/01/2003]

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