Scribd Logo
Upload

Welcome to Scribd!

  • 6 views

    FAQ On Withdrawal For Housing

    Uploaded by

    Ma Mu
    This document provides frequently asked questions (FAQs) about withdrawals from the Malaysian Employees Provident Fund (PRS) for housing purposes. Key details include: 1) Any PRS member under age 55 can make pre-retirement withdrawals from Sub Account B for housing and avoid an 8% tax penalty. 2) Members must have a minimum RM500 balance in Sub Account B to apply. 3) Withdrawals can be used for purchasing a house, building a house, or reducing/redeeming a housing loan. 4) Applications are submitted to the member's PRS provider and proceeds will be deposited within 10 business days if approved.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    FAQ On Withdrawal For Housing

    Uploaded by

    Ma Mu
    6 views1 page
    This document provides frequently asked questions (FAQs) about withdrawals from the Malaysian Employees Provident Fund (PRS) for housing purposes. Key details include: 1) Any PRS member under age 55 can make pre-retirement withdrawals from Sub Account B for housing and avoid an 8% tax penalty. 2) Members must have a minimum RM500 balance in Sub Account B to apply. 3) Withdrawals can be used for purchasing a house, building a house, or reducing/redeeming a housing loan. 4) Applications are submitted to the member's PRS provider and proceeds will be deposited within 10 business days if approved.

    Original Description:

    Faq

    Original Title

    FAQ-on-Withdrawal-for-Housing

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides frequently asked questions (FAQs) about withdrawals from the Malaysian Employees Provident Fund (PRS) for housing purposes. Key details include: 1) Any PRS member under age 55 can make pre-retirement withdrawals from Sub Account B for housing and avoid an 8% tax penalty. 2) Members must have a minimum RM500 balance in Sub Account B to apply. 3) Withdrawals can be used for purchasing a house, building a house, or reducing/redeeming a housing loan. 4) Applications are submitted to the member's PRS provider and proceeds will be deposited within 10 business days if approved.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    6 views1 page

    FAQ On Withdrawal For Housing

    Uploaded by

    Ma Mu
    This document provides frequently asked questions (FAQs) about withdrawals from the Malaysian Employees Provident Fund (PRS) for housing purposes. Key details include: 1) Any PRS member under age 55 can make pre-retirement withdrawals from Sub Account B for housing and avoid an 8% tax penalty. 2) Members must have a minimum RM500 balance in Sub Account B to apply. 3) Withdrawals can be used for purchasing a house, building a house, or reducing/redeeming a housing loan. 4) Applications are submitted to the member's PRS provider and proceeds will be deposited within 10 business days if approved.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    WITHDRAWAL FOR HOUSING

    FAQ:-

    1. Am I eligible to make withdrawal for Housing?


    Any PRS Member (Malaysian or foreigner) below the age of 55 years are eligible to
    make pre-retirement withdrawals from Sub Account B for housing and is exempted
    from the 8% tax penalty.

    2. What are the requirements to apply for Housing Withdrawal?


    Members can apply for housing withdrawal provided there is a minimum balance of
    RM500.00 in Sub Account B.

    3. What are the types of Housing Withdrawal allowed for withdrawals related to
    housing?
    There are 3 types of housing withdrawal:
    i. Withdrawal for purchase of house
    ii. Withdrawal for building a house
    iii. Withdrawal to reduce/redeem housing loan

    4. Where can I obtain the withdrawal form for housing?


    You may download a copy of the PRS Housing Withdrawal Form – Buy or Build House,
    PRS Housing Withdrawal Form – Reduce or Redeem Housing Loan and the Guide to
    Complete Form for Housing Withdrawal, from our website.

    5. How can I make the application?


    You may speak to your PRS Consultants for assistance or you can submit your
    application to your respective PRS Providers.

    6. How long is the processing time for the money to be released upon application?
    Upon approved application, the proceeds will be credited into your bank account
    within 10 business days.

    7. How do I know if my application is approved or rejected?


    You may contact your respective PRS Providers. Alternatively, you can also call PPA
    at 1300-131-772.

    8. As a joint purchaser, is a member still eligible to apply for withdrawal for building
    a house?
    Yes, a PRS Member is eligible to apply for housing withdrawal as long as the member
    is the purchaser or the co-purchaser and the borrower, or the co-borrower financing
    the loan.

    9. How many times can a member apply for withdrawal for housing?
    You are eligible to make a withdrawal once every calendar year, by submitting all
    required documentation as described under the Guide to Complete Form for Housing
    Withdrawal.

    10. Is the withdrawal for housing application restricted for only one PRS fund at a
    time?
    No. You may withdraw from all PRS Providers which you have an account with.

    You might also like