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- Buying A House
...A Place To Call Your Own

 
Other considerations
 
a) Home Protection Scheme (HPS)
 
If you are using your CPF savings to pay the housing loan instalments on your HDB flat, you will have to be insured under HPS, subject to good health. The Home Protection Scheme is a mortgage reducing insurance that protects you and your family against losing your home should you become physically/mentally incapacitated or pass away before your housing loans are paid up. Try our Home Protection Scheme (HPS) Premium Calculator to find out the insurance premium for your housing loan.
 
b) Minimum Sum Scheme
 
Before deciding on the property, do be mindful of the prevailing Minimum Sum that you will need to set aside as savings to support a basic standard of living during retirement. This means that you should not over-commit a significant amount of your CPF savings into Housing. Please note that the Minimum Sum will be increased yearly.
 
Click here for more information on Minimum Sum Scheme
 
c) Nomination
 
If your loved one had bought his property with CPF savings, it will not be covered by CPF nomination and the CPF savings withdrawn for the property need not be refunded to his CPF account.

If the property is held under joint-tenancy, the deceased's interest in the property will automatically be passed to the remaining owner(s) who will hold the entire property absolutely in his/their name(s), regardless of whether the deceased co-owner has a Will.

If the property is held under tenancy-in-common, the deceased's interest in the property will pass by inheritance, either according to his Will and Testament (if any) or according to the intestacy laws.

If the property is held under a sole owner, his interest will pass by inheritance, either according to his Will and Testament (if any) or according to the intestacy laws if that owner dies intestate.

For more information on nomination, click here.

To check your nomination status, click here.

If you wish to make a nomination, click here to print the nomination form.

 
d) Power of Attorney
 
If you are living overseas or are not able to personally handle the transactions, you may appoint someone under the Power of Attorney to act for you in the purchase of the property. View more information on Power of Attorney.


Buying A House 

What is your current financial situation?
Should you buy an HDB flat or a private property?
When can I use my CPF savings to buy a home?
What can CPF savings be used for?
How much CPF can you use?
What important factors should you be aware of when using CPF to repay a housing loan?
When will CPF charge take effect?
What happens when you sell?
What happens if you divorce?
What if you are a bankrupt?
Moving forward
 Last Updated on: Wednesday, June 05, 2013 at 5:30 PM
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