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You can use your CPF savings in your Ordinary Account: |
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i) |
To make direct payment to a property developer or a seller for the purchase of a property;
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ii) |
To repay a housing loan taken for the purchase of the property. However, please take note of the following: |
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The mortgagee's restriction on the use of your CPF savings towards servicing your housing loan. |
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The reduction of the contribution to the Ordinary Account as you get older. |
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The reduction of the contribution to the Ordinary Account owing to increase in Medisave ceiling. For more information on CPF Contribution Rates Table, click here. |
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An amount should also be set aside in your Ordinary Account to buffer against unexpected events such as job retrenchment, or temporary work stoppage for childcare reasons. |
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Installment payments for other properties, if any. |
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iii) |
To repay a housing loan taken for the purchase of land and/or for construction of a house on that land; and |
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iv) |
To pay the legal costs, stamp duty and survey fees incurred in connection with the purchase, refinancing and/or construction of the house.
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