Monthly repayment for HDB loan – Singapore property for rent
The amount of CPF savings to be withdrawn each month for instalment payments shall not exceed the amount required for the monthly repayment of the HDB housing loan. Singapore property for rent.
For a member who has applied to use CPF for monthly repayment of housing loan, the Board will cease the CPF monthly deduction when there is no CPF contribution for 6 consecutive months and no balances that can be used for housing. If he wishes to use his CPF for the monthly repayment of housing loan subsequently, he is required to apply again by submitting an application form.
Use of CPF Savings for Upgrading of HDB Flat with HDB loan – Singapore property for rent
A member will be allowed to use his CPF savings to pay the cost of upgrading his HDB flat incurred under the HDB Upgrading Programmes and Town Council Lift Upgrading Programme (TCLUP) in part or whole and/or by monthly instalments. However, CPF savings may not be used for construction works, improvements, repairs and renovations of the flat. Singapore property for rent
Sale/Mortgage/Transfer/Assignment of Flat with HDB loan
The consent of the CPF Board must be obtained before any HDB flat purchased through the use of CPF savings is sold, mortgaged, transferred or assigned. Singapore property for rent
As provided in the Central Provident Fund (Approved Housing Scheme) Regulations, all moneys withdrawn by a member under the Scheme together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable to the Board on the occurrence of any of the following events:
a) if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by the member;
b) if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by any other person with or without the consent of the Board;
c) if any mortgage or encumbrance is created over the property in favour of a person other than an approved mortgagee without the consent of the Board;
d) if the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under the Scheme.
Source: CPF website
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