Use of money in special account for payment of housing loan and share in common property transferred by Housing and Development Board
5B.—(1) Where a member, as owner of a residential property, is liable to pay, on or after 1st February 1999, the monthly instalments of principal and interest towards —
(a)
a housing loan; or
(b)
a loan obtained by him for payment of his share in any common property transferred by the Housing and Development Board pursuant to an application under section 126 of the Land Titles (Strata) Act,
the Board, with the approval of the Minister, may
(i)
on the application of the member; or
(ii)
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the whole or part of the amount standing to the credit of the member in his special account with the Fund to be withdrawn by him under regulation 7 or 22, as the case may be, for the payment of such monthly instalments.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.