You are probably thinking of buying your first home. You may wish to check here to see if you qualify for an HDB Top Up Grant.

You can jointly buy a property with your spouse as long as both of you have met the terms and conditions under the prevailing HDB and CPF policies. If you are currently a co-owner of an HDB flat together with your parents, you will have to relinquish your share of the flat before you purchase a new flat with your spouse. You will have to refund the amount withdrawn plus the interest to your CPF Account when you relinquish ownership of the flat.

You should buy a property that is within your means so as not to over stretch yourself financially. Ideally, the property should be one in which you or both of you are financially comfortable with in terms of the loan repayment. After all, you would not want to be over committed on housing as your CPF savings is meant for your basic retirement, healthcare and housing needs. You are advised to take into consideration the change in the CPF contribution rate when taking the housing loan. Contribution rates and the rate apportioned to the Ordinary Account decrease as members grow older.

Visit the Business Centre in Retirement Ready @ my cpf that may assist you in making an informed decision.

You will need to be insured under the Home Protection Scheme if you are using your CPF savings to repay the housing loan used for the purchase of HDB flats.

Click here  to find out more about Home Protection Scheme.

When a sale of your property takes place, you are required to refund the amount withdrawn plus the interest, which you would have earned, had you not withdrawn for your property.