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If you are taking a HDB concessionary loan You can use up to 100% of your CPF Ordinary Account savings to pay the initial 10% deposit as well as the balance of the purchase price. |
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Also, HDB requires you to use all your CPF Ordinary Account savings first before granting you any housing loan. |
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If you are taking a bank loanYou have to make a cash downpayment of at least 5% of the Valuation Limit (VL) if you do not have any outstanding housing loan with HDB or any financial institution regulated by the Monetary Authority of Singapore (MAS) at the time of your property purchase. You may refer to MAS website at www.mas.gov.sg for more information on the minimum cash downpayment that you have to pay. The VL is the lower of property price or property value at the time of purchase. |
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You can use your Ordinary Account savings, and future monthly CPF contributions to your Ordinary Account to pay for the flat and/or to service the monthly instalments on the housing loan. The total amount of CPF you may withdraw cannot exceed the VL. |
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If your housing loan is still outstanding when your total CPF usage for the flat has reached the VL and you are below the age of 55 you may continue to use the excess in your CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside half of the prevailing Minimum Sum. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet half of the prevailing Minimum Sum. |
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However, if you are 55 years and above when the VL is reached, you may use the excess CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside your Minimum Sum cash component shortfall. |
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Please note that the monthly service, conservancy and other charges relating to the use of the property, including taxes, cannot be paid with your CPF savings. You have to pay for these using cash. |
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Click here for more information on Public Housing Scheme. |
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b) |
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If you are taking a HDB concessionary loan You can use up to 100% of your CPF Ordinary Account savings to pay the initial 10% deposit as well as the balance of the purchase price. |
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If your housing loan is still outstanding when your total CPF usage for the flat has reached the Valuation Limit (VL) and you are below the age of 55, you may continue to use the excess in your CPF Ordinary Account savings to repay the housing loan after setting aside half of the prevailing Minimum Sum. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet half of the prevailing Minimum Sum. The VL is the lower of the property price or property value at the time of purchase. However, if you are 55 years and above when the VL is reached, you may use the excess CPF Ordinary Account savings to repay the housing loan after setting aside your Minimum Sum cash component shortfall. |
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If you are taking a bank loanYou have to make a cash downpayment of at least 5% of the Valuation Limit (VL) if you do not have any outstanding housing loan with HDB or any financial institution regulated by the Monetary Authority of Singapore (MAS) at the time of your property purchase. You may refer to MAS website at www.mas.gov.sg for more information on the minimum cash downpayment that you have to pay. The VL is the lower of the property price or property value at the time of purchase.
You can use your Ordinary Account savings, and the future monthly CPF contributions to your Ordinary Account to pay for the flat and/to service the monthly instalments of the housing loan. The total amount of CPF you may withdraw cannot exceed the VL. |
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If your housing loan is still outstanding when your total CPF usage for the flat has reached the VL and you are below the age of 55 you may continue to use the excess in your CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside half of the prevailing Minimum Sum. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet half of the prevailing Minimum Sum. However, if you are 55 years and above when the VL is reached, you may use the excess CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside your Minimum Sum cash component shortfall. |
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Click here for more information on Public Housing Scheme. |
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c) |
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You have to make a cash downpayment of at least 5% of the Valuation Limit (VL) if you do not have any outstanding housing loan with HDB or any financial institution regulated by the Monetary Authority of Singapore (MAS) at the time of your property purchase. You may refer to MAS website at www.mas.gov.sg for more information on the minimum cash downpayment that you have to pay. The VL is the lower of property price or property value at the time of purchase.
If you are buying an Executive Condominium and are eligible for the Housing Grant, you can use the grant to pay the downpayment at the time of signing the Sale and Purchase Agreement and after you have paid at least 5% of the VL. However, further CPF, if any, can only be released after you have paid all the cash difference.
You can use your Ordinary Account savings, and the future monthly CPF contributions to your Ordinary Account to pay for the property and/to service the monthly instalments of the housing loan. The total amount of CPF you may withdraw cannot exceed the VL.
If your housing loan is still outstanding when your total CPF usage for the property has reached the VL and you are below the age of 55, you may continue to use the excess in your CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside half of the prevailing Minimum Sum. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet half of the prevailing Minimum Sum.
However, if you are 55 years and above when the VL is reached, you may use the excess CPF Ordinary Account savings up to the applicable Housing Withdrawal Limit to repay the housing loan after setting aside your Minimum Sum cash component shortfall. |
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Click here for more information on residential properties. |
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