Notification of changes to loan details for bank loan – Property for rent Singapore

Notification of changes to loan details for bank loan – Property for rent Singapore

A member who has used CPF for the flat and his financier are required to notify the Board of the following: Property for rent Singapore.
a) full redemption of the housing loan
b) refinancing or re-mortgage of the flat
c) increase in loan quantum approved by the financier (Note: If the quantum exceeds the CPF WL, the Board may require the member and his financier to maintain a separate loan account for the excess sum.)
d) Changes in term of loan (applicable if using CPF for monthly instalment payment) 

Application to withdraw CPD savings for bank loan – property for rent Singapore

All applications must be submitted on official application forms which are obtainable from the Board. The forms are to be submitted to the Public Housing Section – Bank Loan at least 15 working days prior to the payment due date. Members are required to furnish the Board all such information, evidence and documents as the Board may require for the release of the members’ CPF in respect of the flat. Property for rent Singapore.

In the event the member submits a second application while the first application is still being processed by the Board, the second application will supersede the first application. Property for rent Singapore.

Appointment of lawyer for bank loan

Where HDB is not acting for the member, the Board may appoint a lawyer to disburse the CPF monies withdrawn from the member’s account for payment to the relevant parties for the completion of the flat purchase, and/or collect the repayment of the CPF monies into the member’s account upon the sale, transfer, assignment or otherwise disposal of the flat. Property for rent Singapore.

For flats under the Design, Build and Sell Scheme (DBSS), the Board’s lawyer will also liaise with member’s lawyer to reserve CPF monies for subsequent progress payment.
The costs incurred shall be borne by the members. The indicative costs are as follows:

Disbursement of CPF Monies Recovery of CPF Monies(not payable using CPF savings)
* Legal Fees for non-DBSS flats ≤ $220/- ≤ $175/-
* Legal Fees for DBSS flats ≤ $320/- ≤ $175/-

*The costs indicated above exclude GST, and may vary depending on the nature of work and members’ application.

Source: CPF website

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