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Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 2001
Published in Subsidiary Legislation Supplement
Enacting Formula
1 Citation and commencement
2 Amendment of regulation 2
3 Deletion and substitution of regulation 9
4 Amendment of regulation 10
5 Deletion and substitution of regulation 11
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Published in Subsidiary Legislation Supplement on 28 Feb 2001
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No. S 106
Central Provident Fund Act
(Chapter 36)
In exercise of the powers conferred by section 77(1)(h) of the Central Provident Fund Act, the Minister for Manpower, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Central Provident Fund (Residential Properties Scheme) (Amendment) Regulations 2001 and shall come into operation on 1st March 2001.
Amendment of regulation 2
2. Regulation 2 of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6) (referred to in these Regulations as the principal Regulations) is amended by deleting the definition of "housing loan" and substituting the following definition:
"housing loan" means a loan —
(a) obtained by a member to finance or re-finance the purchase of a residential property; or
(b) to make full or periodic payments towards the repayment of a mortgage on any residential property inherited by a member if the mortgage was obtained solely for the purchase of that residential property;".
Deletion and substitution of regulation 9
3. Regulation 9 of the principal Regulations is deleted and the following regulation substituted therefor:
"Total amount to be withdrawn under regulations 5A, 6 and 7
9.—(1) The total amount which a member may withdraw to repay one or more housing loans under regulations 5A, 6 and 7 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 sale and purchase of the residential property; or
(b) the inheritance of the residential property,
as the case may be.
(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 5A, 6 and 7 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 —
as the case may be.".
Amendment of regulation 10
4. Regulation 10 of the principal Regulations is amended —
(a) by deleting paragraph (1) and substituting the following paragraph:
"(1) Where a member has taken any loan to —
(a) finance or re-finance the purchase of any land (with or without any building thereon) and the costs of construction of any dwelling-house thereon;
(b) finance the full or periodic re-payments of any mortgage on any land inherited by him; or
(c) finance the construction of any dwelling-house on any land inherited by him,
the Board may, on application of the member, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn for the payment of any loan including any fee or other incidental expenses which may have been incurred in connection with the purchase of the land or construction of the dwelling-house."; and
(b) by inserting, immediately after the words "any building thereon)" in the 2nd line of paragraph (2), the words "or inherited any land (with or without any building thereon)".
Deletion and substitution of regulation 11
5. Regulation 11 of the principal Regulations is deleted and the following regulation substituted therefor:
"Total amount to be withdrawn in other circumstances
11.—(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 —
(2) The purposes referred to in paragraph (1) are —
(a) to make full or partial payment towards the purchase 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 by or inherited by the member.".
6. Regulation 13 (2) of the principal Regulations is amended by inserting, immediately after the word "purchased" in the 1st line, the words "or inherited".
7. Regulation 15 of the principal Regulations is amended by inserting, immediately after the word "purchased" in the 1st line of paragraph (1) and in the 3rd line of paragraph (2), the words "or inherited".
(a) by deleting the words "has elapsed" in the 3rd line of paragraph (1)(b) and substituting the words "has passed";
(b) by deleting paragraph (2) and substituting the following paragraph:
"(2) A member who has withdrawn any money under these Regulations shall be entitled to make a further application for the withdrawal of money from the Fund under these Regulations in respect of another residential property if the member has repaid to the Fund all moneys withdrawn by him under these Regulations plus interest and a period of one year has passed after —
(a) the signing of the agreement for the sale and purchase of the residential property in respect of which the withdrawals were made;
(b) payment of the housing loan; or
(c) such other date as may be determined by the Board,
whichever is the earlier."; and
(c) by inserting, immediately after the word "purchased" in the 2nd line of paragraph (4), the words "or inherited".
[G.N. Nos. S 85/99; S 563/99]
Made this 27th day of February 2001.
TAN CHIN NAM
Permanent Secretary,
Ministry of Manpower,
[MMS 2/80 V19; AG/LEG/SL/36/1997/8 Vol. 2]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).
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