Use of CPF to purchase HDB flats with HDB loan – Property for sale Singapore

Use of CPF to purchase HDB flats with HDB loan – Property for sale Singapore

A member is allowed to withdraw his Ordinary Account savings under the Scheme for: Property for sale Singapore.

a) Direct payment of purchase price of the flat, including cost of common areas, to the HDB, financier 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;

A member aged at least 55 years may use his CPF Ordinary and Retirement Account savings to buy a Studio Apartment up to the full purchase price (including stamp/legal fees) after he has set aside the required Basic Retirement Sum in his Retirement Account. Property for sale Singapore.

CPF withdrawal for purchase of a new HDB flat with HDB loan – property for sale Singapore

The first withdrawal of CPF savings to meet the deposit for the purchase of a new HDB flat shall not exceed 10% of the purchase price or such amount as may be required by the Housing & Development Board.

The amount withdrawn to meet the deposit shall be refunded to the Board to be credited to the member’s account when the member cancels his agreement to purchase the HDB flat. Property for sale Singapore.

A member who takes up a housing loan from the Housing & Development Board to buy a new HDB flat may use all the CPF savings in his Ordinary Account to meet the monthly instalment payment of the housing loan.

Source: CPF website

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