Withdrawal for payment of land and dwelling-house constructed thereon
8A.—(1) Where a member has before, on or after 1st October 1993 taken any loan to finance or re-finance the purchase of any land (with or without any building thereon) and the costs for the construction of any dwelling-house thereon, including the payment of any fee and other incidental expenses which may have been incurred for the purchase of the land and the construction of the dwelling-house, the Board may, on application being made by the member, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn for the repayment of the loan including any fee and other incidental expenses which may have been incurred for the purchase of the land and the construction of the dwelling-house.
(2) Where a member has at any time purchased any land (with or without any building thereon) and constructs, on or after 1st October 1993, a dwelling-house thereon with his own moneys, the Board may, on application being made by him, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn to reimburse him for the purchase price of the land and the costs of construction of the dwelling-house thereon, including any fee and other incidental expenses which may have been incurred for the purchase of the land and the construction of the dwelling-house.
(3) Any application under paragraph (2) shall be made within 6 months, or such other period as the Board may allow, from the date of issue of the temporary occupation permit in respect of the dwelling-house and may be approved by the Board subject to such terms and conditions as the Board may impose.
(4) The total amount of money which a member may withdraw under paragraph (1) or (2) shall not exceed 100% of the value of the residential property, as assessed by the Board, on the date of application by the member under paragraph (1) or (2).