Recipient of CPF Monies – Singapore property for rent

Recipient of CPF Monies – Singapore property for rent

Any withdrawal made by a member shall not be paid to the member but shall be paid direct to the Housing and Development Board, Town Councils or such other entity as the Board thinks fit to receive such monies. Singapore property for rent. 

Conditions for Use of CPF Savings with HDB loan – Singapore property for rent

The Board reserves the right to value the property before releasing CPF savings. The valuation fees shall be paid by the member. Singapore property for rent.

Monthly service and conservancy charges including all rates, taxes and other charges imposed upon the HDB flat cannot be paid from the member’s CPF savings.

Any payments made by the member to the Housing and Development Board out of the member’s personal funds in respect of the purchase of a HDB flat shall not be reimbursed with CPF savings. Singapore property for rent.

Any member who has purchased a property under the Approved Housing Schemes by making a false statement or declaration, or furnishing any information or document which he knows to be false in material or who allows such property to be used for any immoral, illegal or unauthorized purposes, or who contravenes any of the conditions under the Approved Housing Schemes, shall be guilty of an offence under the CPF Act. The Board shall in such circumstances, be entitled to seize the property and sell it to recover the amount of CPF savings that has been withdrawn plus accrued interest. Singapore property for rent.

Home Protection Scheme for HDB loan

A member shall, subject to good health satisfactory to the Board, be covered by the CPF Home Protection Scheme (HPS) if he is below 65 years old and is using his CPF savings to service his housing loan from the Housing and Development Board. However, he may apply for exemption if :
(i) the outstanding housing loan on the HDB flat is not more than $3,000/- and the remaining period of repayment is not more than two years; or
(ii) he already has an alternate mortgage or life insurance policy which is sufficient to cover his outstanding housing loan.

Source: CPF website

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