EXAMPLE 4
(Purchase Of A Housing Lot And Building A House Simultaneously)
Encik Nasaruddin purchased a piece of land costing RM80,000.00 on 1st January 2002 and obtained a loan of RM70,000.00. On 1st May 2002, he has signed an agreement to build a house on that land with construction cost of RM200,000.00. He has obtained a housing loan of RM100,000.00 to build the house. The calculation for withdrawal by Encik Nasaruddin is as follows :
| Price of The Land |
RM 80,000.00 |
| Construction Cost of The House |
RM 200,000.00 |
| Total Construction Cost of The House and Price of The Land |
RM 280,000.00 |
| Total Loan To Purchase The Land and To Build The House |
RM 170,000.00 |
| Difference Between Construction Cost of The House and Price of The Land with The Total Loan |
RM 110,000.00 |
| Additional 10% of The Price of The House |
RM 28,000.00 |
| Amount Eligible For Withdrawal |
RM 138,000.00 |
| Balance in Account II |
RM 150,000.00 |
| Amount That Can Be Withdrawn |
RM 138,000.00 |
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