Total amount to be withdrawn under regulations 6, 9 and 10
12.—(1) The total amount which a member may withdraw to repay one or more housing loans under regulations 6, 9 and 10 shall be determined by the Board but in no case shall such amount exceed 100% of the value of the residential property as assessed by the Board at the date of —
(a)
the signing of the agreement for the purchase or acquisition of the residential property; or
(b)
the inheritance of the residential property,
as the case may be.
[S 703/2007 wef 01/01/2008]
(2) Where a housing loan obtained by a member is granted on an overdraft basis, the total amount of money that the member may withdraw under regulations 6, 9 and 10 shall be such an amount as may be determined by the Board, but in no case shall the amount withdrawn exceed 100% of the value of the residential property assessed by the Board at the date of —
(a)
the signing of the agreement for the purchase or acquisition of the residential property; or
(b)
the inheritance of the residential property,
as the case may be.
[S 703/2007 wef 01/01/2008]
(3) In this regulation, the date of the inheritance of the residential property inherited by a member means the date on which the legal title to the property is transferred under intestacy law or a deceased person’s will to the member.