Revisions on Housing Fund Allows Residents to Withdraw Money from their Accounts
By November residents are allowed to withdraw money from their housing provident fund accounts at least once a month as the city revises its housing fund rules which lowered the threshold for the withdrawal of their housing funds.
Before the rules are requiring residents to deposit money into their accounts for a year before allowed to withdraw money from the accounts and requires them to also leave a minimal portion of their deposit in their accounts after withdrawal. The new revisions have cancelled out these restrictions and those who want to buy, rent or overhaul their apartments can now withdraw money through a online service platform of the city’s housing provident fund management center.
The new rules also allow a monthly withdrawal for those who need the money to pay for rent. Residents can only withdraw money at physical locations twice a year. The new rules are in effect and will remain effective for five years.