Total amount to be withdrawn in other circumstances
14.—(1) The total amount of money which a member may withdraw under these Regulations for any one or all the purposes specified in paragraph (2) shall not 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) The purposes referred to in paragraph (1) are —
(a)
to make full or partial payment towards the purchase or acquisition of a residential property;
(b)
to make periodic payments towards the repayment of a housing loan or to make full or partial repayment of a housing loan; or
(c)
to finance the construction of a dwelling-house on any land purchased or acquired by or inherited by the member.
[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.