28.—(1) Where —| (a) | a member —| (i) | has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid); or | | (ii) | is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a residential property; and [S 691/2012 wef 01/01/2013] [S 218/2021 wef 01/04/2021] [S 270/2024 wef 31/12/2021] |
| | (b) | the residential property or any estate or interest therein —| (i) | is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or | | (ii) | is compulsorily acquired under the Land Acquisition Act 1966 or any other written law, [S 270/2024 wef 31/12/2021] |
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| the member shall pay to his account in the Fund the amount specified in the applicable paragraph of this regulation or such part thereof as the Board may determine, taking into consideration the circumstances of each case. |
[S 445/2009 wef 01/10/2009] (2) Subject to paragraphs (2A) and (4), the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired, shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:| (a) | the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition; or | | (b) | such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:| (i) | where paragraph (1)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (ii) | where paragraph (1)(a)(ii) applies to him, the relevant amount. [S 445/2009 wef 01/10/2009] [S 733/2011 wef 30/12/2011] [S 691/2012 wef 01/01/2013] |
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| (2A) Subject to paragraph (4), where the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person without consideration or for a consideration below the market value of the residential property or his estate or interest therein, as the case may be, the member shall, unless the Board otherwise directs, pay to his account in the Fund, in such manner as the Board may determine, the amount prescribed in paragraph (2)(b). [S 691/2012 wef 01/01/2013] |
| (2B) [Deleted by S 691/2012 wef 01/01/2013] |
| (2C) [Deleted by S 691/2012 wef 01/01/2013] |
| (2D) [Deleted by S 691/2012 wef 01/01/2013] |
(3) Subject to paragraph (4), all moneys withdrawn by a member under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made, shall become due and payable to his account in the Fund in the event that —| (a) | any mortgage or encumbrance is created over the residential property without the consent of the Board; or | | (b) | the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations. [S 691/2012 wef 01/01/2013] |
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(4) Where a member —| (a) | has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid); or | | (b) | is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, [S 691/2012 wef 01/01/2013] [S 218/2021 wef 01/04/2021] [S 270/2024 wef 31/12/2021] |
| (i) | on the death of the member; or | | (ii) | when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b) of the Act or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal, [S 691/2012 wef 01/01/2013] [S 270/2024 wef 01/04/2024] |
| such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund: |
| (A) | if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the residential property (other than any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | | (B) | if sub-paragraph (b) applies to him, the relevant amount. [S 691/2012 wef 01/01/2013] |
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| (5) [Deleted by S 691/2012 wef 01/01/2013] |
(6) In this regulation —“net proceeds”, in relation to any residential property which has been sold, transferred, assigned, disposed of or compulsorily acquired, means the excess, if any, of —| (a) | such of the following as may be applicable:| (i) | if the residential property has been sold, transferred, assigned or disposed of, the consideration for the sale, transfer, assignment or disposal of the residential property, or, if the Board so elects, the value of the residential property at the time of the sale, transfer, assignment or disposal as assessed by the Board; or | | (ii) | if the residential property has been compulsorily acquired, the amount of compensation paid upon the compulsory acquisition of the residential property; over [S 691/2012 wef 01/01/2013] |
| | (b) | the aggregate of the following amounts paid in the following order:| (i) | any amount outstanding under a housing loan for the purchase or acquisition of the residential property which is to be repaid in priority to the Fund pursuant to —| (A) | an agreement between the Board, the member and the mortgagee; or | | (B) | if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (R 1); and [S 270/2024 wef 31/12/2021] |
| | (ii) | any amount which, under any written law, is to be paid to any other person in priority to the Fund; [S 691/2012 wef 01/01/2013] |
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“relevant amount” means —| (a) | in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess, if any, of —| (i) | the amount payment of which was secured by the charge on the residential property referred to in section 27C(1)(b) of the Act; over | | (ii) | the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse of the member is required to set aside; [S 650/2016 wef 01/01/2017] [S 270/2024 wef 31/12/2021] |
| | (b) | in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess, if any, of —| (i) | the amount payment of which was secured by the charge constituted under section 15AB(10) or (11) of the Act or a former provision on the residential property; over [S 132/2022 wef 01/03/2022] | | (ii) | the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; [S 650/2016 wef 01/01/2017] [S 218/2021 wef 01/04/2021] [S 270/2024 wef 31/12/2021] |
| | (ba) | in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess (if any) of —| (i) | the amount payment of which was secured by the charge constituted under section 15AB(13) of the Act or a former provision on the residential property; over [S 132/2022 wef 01/03/2022] | | (ii) | the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or [S 218/2021 wef 01/04/2021] |
| | (c) | in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, the excess, if any, of —| (i) | the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (2A) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the residential property to the member; over | | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act; [S 691/2012 wef 01/01/2013] [S 270/2024 wef 31/12/2021] |
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| “spouse” includes a former spouse. [S 445/2009 wef 01/10/2009] [S 512/2007 wef 01/10/2007] |
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