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 the monthly instalments of principal and interest towards a housing loan or towards 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 (Cap. 158) —
(a)
if the liability to pay arises on or after 1st February 1999, the Board, with the approval of the Minister, may —
(i)
on the application of the member or if it considers necessary; and
(ii)
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authorise the whole or part of the amount standing to the credit of the member in his special account to be withdrawn by him under regulation 7 or 22, as the case may be, for the payment of such monthly instalments; and
(b)
if the liability to pay arises on or after 1st July 2006, the Board may —
(i)
on the application of the member; and
(ii)
subject to such terms and conditions as it may impose,
authorise the whole or part of any amount standing to the credit of the member in his special account which had been transferred from his medisave account under section 13(6) of the Act to be withdrawn by him under regulation 7 or 22, as the case may be, for the payment of such monthly instalments.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 amounts which a member may withdraw under paragraph (1)(a) and (b) to pay such monthly instalments shall be determined by the Board.