CPF to purchase multiple properties – Singapore house for sale
If CPF is required for the purchase of more than one property, the following conditions must be adhered to before CPF funds are released: Singapore house for sale.
- Buyer is required to set aside the prevailing Minimum Sum Cash Component
- The Minimum Sum Cash Component amount can be set aside from:
– Ordinary Account + Special Account + CPF Investment Scheme Special Account
- As of 1st July 2014, the Minimum Sum is now $155K. The Minimum Sum Cash Component is now $77.5K, the other half, $77.5K can be pledged to the property to be purchased
If buying 2nd property before selling the 1stproperty without having to aside the Minimum Sum Cash Component:
- For completed property, buyer is given 6 months grace period to sell
- For new property, buyer is given 6 months grace period from TOP to sell (If not sold within the grace period, CPF will stop further withdrawals)
For properties with remaining lease of at least 60 years, the total CPF would be capped at the Valuation Limit (VL) of the property. VL is the lower of the purchase price or valuation price of the property at the time of the purchase.
For properties with remaining lease of at least 30 years but less than 60 years, the withdrawal limit is the ratio of the remaining lease of the property when the youngest owner is 55 years old, to the lease at the point of purchase. Singapore house for sale
If you currently own more than one property bought with CPF savings before 1 July 2006, you need not set aside half of the current Minimum Sum unless you subsequently buy another property using your CPF savings on or after 1 July 2006. Singapore house for sale.
Please note that this is not applicable if you are applying to use your CPF to purchase a second or subsequent property with non-related singles. Non-related singles can only jointly use their CPF to purchase one property (HDB flat or private property). Singapore house for sale.
Please click here to search for Singapore house for sale.
