Central Provident Fund Act |
Central Provident Fund (Residential Properties Scheme) Regulations |
Rg 6 |
G.N. No. S 159/1982 |
REVISED EDITION 1998 |
(1st January 1998) |
[1st June 1981] |
Citation |
1. These Regulations may be cited as the Central Provident Fund (Residential Properties Scheme) Regulations. |
Definitions |
2. In these Regulations —
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Application of Regulations |
3. These Regulations shall not apply to any house or flat in respect of which contributions standing to the credit of a member may be withdrawn by him under any of the following Regulations:
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Restriction on withdrawal |
4. A member shall not be entitled to withdraw any money under these Regulations for the payment of the purchase price or part thereof of a residential property or the repayment of any housing loan or part thereof unless he has acquired or will acquire with respect to the residential property —
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Cash grants |
Loan by Government to member |
5A.—(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 —
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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 —
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Use of money in special account for payment of improvement contributions in respect of upgrading works |
5C.—(1) Where a member, as owner of a residential property, 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 residential property under Part IVA of the Housing and Development Act (Cap. 129), the Board, with the approval of the Minister, may —
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Prior agreement to purchase |
6.—(1) Where a member has entered into an agreement to purchase a residential property or has obtained a housing loan or both whether before or after 1st June 1981, the Board may, on application being made by him 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 the purchase price or part thereof of the residential property or the repayment of the housing loan or both, as the case may be.
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Withdrawal for instalment payments |
7. Where a member has, whether before or after 1st June 1981 obtained a housing loan the repayment of which is secured by a mortgage on that property or another residential property of which he is the owner or a joint-owner and is required to pay instalments of principal and interests towards the loan either monthly or at other intervals, 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. |
Board may allow member to withdraw money in certain circumstances |
8. Notwithstanding regulations 5A, 6 and 7, 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 housing loan obtained by the member is not secured by a mortgage on the residential property or on another residential property of which he is the owner or a joint-owner. |
Total amount to be withdrawn under regulation 5A, 6 and 7 |
9.—(1) The total amount which a member may withdraw to repay one or more housing loans under regulations 5A, 6 and 7 shall be determined by the Board but in no case shall such amount exceed 100% of the value of the residential property at the date of the signing of the agreement for the sale and purchase of the property as assessed by the Board.
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Withdrawal for payment of land and dwelling-house constructed thereon |
10.—(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.
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Total amount to be withdrawn in other circumstances |
11. The total amount of money which a member may withdraw under these Regulations for any one or both of the following purposes:
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Board may allow withdrawal of further amount |
12.—(1) In addition to the total amount which a member may withdraw under regulations 9, 10 and 11, the Board may, on application being made by a member, allow him to withdraw from the amount standing to his credit in the Fund, such further amount as the Board may, in accordance with the direction of the Minister, approve.
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Property subject to mortgage |
13.—(1) Where the residential 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 consented —
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Disbursements in relation to purchase of property |
14. 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, stamp duties or other incidental expenses incurred for the purchase of a residential property or for obtaining any housing loan or the creation or discharge of a mortgage on the property or in connection with the withdrawal of money under these Regulations, the Board may, on the application of the member and on such terms and conditions as it 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. |
Joint purchases |
15.—(1) A member who has purchased a residential property jointly with one or more persons shall not be entitled to make an application for the withdrawal of money under these Regulations unless the relationship between the co-purchasers or co-owners of the property falls within any of the following categories:
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Valuation |
16.—(1) For the purpose of assessing the value of any residential 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.
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Members who have withdrawn moneys for purchase of property from certain bodies |
17.—(1) A member who has withdrawn any money from the Fund for the purchase of a house or flat from the Minister for Finance pursuant to the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13) or the Housing and Urban Development Company Private Limited pursuant to the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4) shall on or after 10th March 1984 and before 20th July 1985 be entitled to make an application for the withdrawal of money under these Regulations if it is proved to the satisfaction of the Board that —
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Withdrawal for more than one property |
18. Subject to regulations 17 and 19, a member shall on or after 20th July 1985 be entitled to make an application for the withdrawal of money under these Regulations in respect of more than one residential property. |
Subsequent sale — effect on further application |
19.—(1) A member who has withdrawn any money under these Regulations shall on or after 10th March 1984 be entitled to make a further application for the withdrawal of money from the Fund under these Regulations in respect of another residential property if —
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Direct payment by Board to vendor, etc. |
20. All moneys withdrawn from the Fund under regulation 5, 5A, 6, 7, 10, 12, 14 or 27 shall be paid by the Board to the vendor, mortgagee, chargee or such person as the Board thinks fit to receive such moneys. |
Withdrawal for payment of improvement contribution in respect of upgrading works |
21.—(1) Where a member is liable as the owner of a residential property to pay improvement contribution to the Housing and Development Board in respect of upgrading works carried out on the residential property under Part IVA of the Housing and Development Act (Cap. 129),the Board may, on the application of the member and subject to such terms 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 for —
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Withdrawal for payment of share in common property transferred by Housing and Development Board |
22.—(1) Where the member is liable as the owner of a residential property to pay for a 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 (Cap. 158), 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 by him for —
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No transfer, etc., so long as money withdrawn remains payable |
23. So long as any money withdrawn by a member remains payable to the Fund under regulation 26, the member shall not sell, transfer, assign or otherwise dispose of the residential property or any of his interest therein without the prior written permission of the Board. |
Sale with Board’s permission |
24. The Board may 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 residential property or any of his interests 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 into the member’s account in the Fund of —
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Member may not mortgage without permission of Board |
25.—(1) As long as any money withdrawn remains payable to the Fund under regulation 26, the member shall not mortgage or in any way encumber the residential property in respect of which the withdrawal had been made without the prior written permission of the Board.
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Return to Board of moneys withdrawn |
26.—(1) Subject to paragraph (2), all moneys withdrawn by a member under these Regulations together with any interest which 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:
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Fees and charges |
27.—(1) A member who has made an application for the withdrawal of money under these Regulations shall be liable to pay any fees or charges in connection with the processing of the application which shall be of such amount as may be determined by the Board.
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Manner of application for withdrawal |
28.—(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.
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