Use of CPF for HDB bank loan – Singapore property for rent
A member is allowed to withdraw his CPF Ordinary Account (OA) savings under the Approved Housing Schemes for: Singapore property for rent.
a) Direct payment of purchase price of the flat, including cost of common areas, to the HDB and/or sellers. The approved CPF moneys will only be released after the member has paid the balance (purchase price less housing loan and approved CPF moneys) in cash. Any difference between the purchase price and the value of the flat (i.e., Cash Over
Valuation) has to be paid in cash.
b) Repayment of housing loan in part or whole and/or to pay the monthly instalments of the *housing loan taken for the purchase of the flat;
c) Payment of stamp duty, legal fees, and other related costs incurred in connection with the purchase or mortgage on the flat;
d) Payment of the cost of upgrading the HDB flat incurred under the HDB Main Upgrading Programme (MUP) and/or Town Council Lift Upgrading Programme (TCLUP), in part or whole and/or by monthly instalments.
*The housing loan should be for a fixed term and secured by a mortgage on the flat, which is owned by the member.
CPF charge for bank loan – Singapore property for rent
A CPF Charge on the flat is effected immediately upon the release of CPF savings for the flat. The Charge shall be in force until the CPF released towards the flat, including the interest accrued, are refunded into the member’s account as required by the Board. Singapore property for rent.
The Board may, where it deems fit, accept an application and release information regarding the Board’s charge on a flat to any public authority and/or members of the public. An administration fee of $21.00 (including GST) will be imposed for the
release of information. Singapore property for rent.
Source: CPF website
Click here to go to Singapore property for rent.