I am very happy that I am able to use my EPF money to pay my first down payment in 2005 when I first bought my property. I remember that before year 2000, EPF money is not allowed to use as a down payment.

So let me share with you my experience with the EPF withdrawal. It is indeed a very simple process and nothing complicated. The waiting time in the EPF (KWSP) Office is very short and fast.

What do you need to withdraw money from EPF?

The allowable withdrawal is from EPF account 2. For the first time withdrawal for your down payment. You can withdraw all of the balanced in Account 2. Sound good? I am excited at that time, but my account 2 is just merely about $7000. It did help a lot as seed for my capital.

Before rushing to the EPF office to submit your application, please ensure you have the following document prepared before hand.

• You have a EPF account and legitimate holder
• Prepared a copy of signed “Sales and Purchased” agreement which is stamped
• Prepared a copy of Letter Offer from participating Bank

Currently under the Hassle Free application concept, members who are MyKad holders and are present at EPF Counter DO NOT NEED to complete the application form for withdrawals applications. I would required to fill up the form back in 2005.

EPF money withdrawal process steps

1. Signed your Sales and Agreement and paid the 10% down payment
2. Made a photocopy of the Sales and Agreement after stamped by Lawyer
3. Made a photocopy of Letter Offer from participating Bank
4. Go to the nearest EPF office and submit your application
5. Once submitted, you will wait probably within 5 working days
6. The money will be credited to your specified bank account directly
7. SMS will be send to your phone as well when the money is bank in
8. Now you will have the capital money in your bank account just in a week time.

You may used the EPF money to return money to your parent or sibling if you had borrowed from them for your 10% down payment initially. Some people may used this money as their renovation fund to beautify the house later. I would suggest to make good use of your EPF money as it is your hard earn money. If you keep your EPF money in the account, the yield is at least 6% per year.