Restriction on withdrawal
4.—(1)  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 —
(a)an estate in fee simple or perpetuity; or
(b)a leasehold estate having an unexpired term of at least 60 years at the date of his application for the withdrawal of money under these Regulations.
[S 468/2005 wef 19/07/2005]
(2)  Notwithstanding paragraph (1)(b), the Board may, in its discretion and subject to such terms and conditions as it may impose, authorise the withdrawal of 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 where the member has acquired or will acquire, with respect to the residential property, a leasehold estate having an unexpired term of less than 60 years at the date of his application for the withdrawal of money under these Regulations provided that the unexpired term is not less than 30 years.
[S 468/2005 wef 19/07/2005]