TERMS AND CONDITIONS OF THE CPF RESIDENTIAL PROPERTIES SCHEME
1.	OBJECTIVE OF THE SCHEME
	This Scheme has been introduced to help CPF members purchase/build private residential properties for their own occupation or for rental.
2.	USE OF CPF SAVINGS UNDER THE SCHEME
a)	A member who is not an undischarged bankrupt is allowed to withdraw his CPF savings in the Ordinary Account :-
	i) to make direct payment to a property developer or a seller for the purchase of a property;      ii) to repay a housing loan taken for the purchase of the property;      iii) to repay a housing loan taken for the purchase of land and/or for construction of a house on that land;      iv) to pay the legal costs, stamp duty and survey fees incurred in connection with the purchase, refinancing and/or construction of the house; and
b)	CPF savings can be used to pay the purchase price of a property after a member has paid the first 5% of the purchase price of the property with his own funds. In the case of purchase of a property under the Executive Condominium Housing Scheme Act, a member can use the housing grant to pay the downpayment at the time of signing the Sale and Purchase Agreement and after he has paid the 5% cash payment. However, further CPF savings, if any, can only be released after he has paid all the cash difference.
3.	WITHDRAWAL LIMIT
Withdrawal Limit for property with remaining lease of at least 60 years
a)	Where a member has purchased a property before 1 Sept 02 and entered into a loan contract with the financier for a housing loan before 1 Sept 02, he is allowed to use his CPF savings in his Ordinary Account to pay up to 100% of the Valuation Limit of the property. If the housing loan is still outstanding when this limit is reached, he may continue to use his CPF savings if he has the Available Housing Withdrawal Limit (“AHWL”) to repay the housing loan.
b)	Where a member has purchased a property and/or signed a new loan contract with the financier on or after 1 Sept 02, he is allowed to use his CPF savings in his Ordinary Account to pay up to 100% of the Valuation Limit of the property. If the housing loan is still outstanding when this limit is reached, he may continue to use his CPF savings up to the applicable Withdrawal Limit (“WL”) to repay the housing loan, provided he also has AHWL.
Withdrawal Limit for property with remaining lease of at least 60 years but at least 30 years
c)	Where a member has applied for the use of CPF to purchase a property with remaining lease of less than 60 years but at least 30 years (at the time of application), he is allowed to use his CPF savings in his Ordinary Account up to the applicable WL to pay for the purchase price and the housing loan. The applicable WL is set at a level that covers the estimated depreciated value of the property when the member reaches 55 years of age. For details of applicable WL, please refer to Allowed Withdrawal Limits (in %) for Properties with Remaining Leases of less than 60 Years but at least 30 Years.
Restrictions on use of CPF for multiple property purchases
d)	Where a member has used CPF for a property (HDB flat or private property) before 1 Jul 06, and applies to use CPF for another property purchased on or after 1 Jul 06, he is required to set aside the prevailing Minimum Sum cash component, or Minimum Sum cash component shortfall if he is aged 55 and above, before he can withdraw any excess in the Ordinary Account for the property. Savings in the Special Account (including the amount used for investment) and Ordinary Account can be used to meet the prevailing Minimum Sum cash component, or Minimum Sum cash component shortfall if he is aged 55 and above. The withdrawal limit for the second and subsequent properties will be set at: i) 100% of the Valuation Limit (VL) for properties with at least 60 years of lease, or ii) the applicable WL for properties with remaining lease of less than 60 years but at least 30 years.
4.	PRIORITY ARRANGEMENTS BETWEEN CPF BOARD AND FINANCIER
a)	Properties bought before 1 Sept 02 and/or loan contracts with financier signed before 1 Sept 02
	When the property is sold, the sale proceeds will first be used to repay the CPF savings used for payment of stamp duty, legal costs and survey fees, and CPF principal sum up to 80% of the Valuation Limit before repayment of the balance CPF principal sum, outstanding housing loan, CPF accrued interest, outstanding housing loan interest, and the Board’s and financier’s costs and expenses and all other sums owing to the financier in that order;
b)	Properties bought on or after 1 Sept 02 and/or loan contracts with financier signed on or after 1 Sept 02
	When the property is sold, the sale proceeds shall be applied to repay the financier and the Board in the following order of priority:-
	(i) First - repayment of the outstanding housing loan; (ii) Second - repayment of CPF principal sum up to 100% of the Valuation Limit plus CPF saving used to pay the legal costs, stamp duty and survey fees; (iii) Third - Equal ranking (pari passu)       - repayment of CPF principal sum beyond 100% of the Valuation Limit and CPF accrued interest;       - repayment of outstanding balance of the housing loan interests; (iv) Fourth - Equal ranking (pari passu)       - repayment of the Board's legal costs and expenses;       - repayment of financier's legal costs and expenses; (v) Fifth - repayment of any other moneys owing to financier under the mortgage
5.	TYPES OF HOUSING LOAN
	The housing loan should be for a fixed term and be secured by a mortgage on the property, which is owned by the member.
	In addition, CPF savings may also be used to repay the following types of housing loan:-
	a) a housing loan for a fixed term and is secured by a mortgage which resulted from a transfer of the initial housing loan from one lender to another, provided that the initial housing loan was secured by a mortgage on the property;      b) a housing loan obtained from a bona fide employer and is secured by a mortgage on the property and the member is required to repay the housing loan by monthly instalments as stipulated in the agreement entered into with the employer;      c) a housing loan granted on a non-checking overdraft account by a bank in Singapore and is secured by a mortgage on the property. In cases where the member has completed the purchase of the property with a checking overdraft account, the amount of loan that is treated as the housing loan is the lowest outstanding amount of the overdraft from the time it was granted to the date of application for withdrawal of CPF savings. This portion of the loan has to be converted to a term loan before CPF savings can be used to repay the loan. The excess loan is deemed to be a non-housing loan and cannot be repaid with CPF savings.
6.	CPF BOARD'S CHARGE ON THE PROPERTY
	A charge will be filed by the Board on the property to secure the return of CPF savings withdrawn plus accrued interest.
7.	MINIMUM PERIOD OF LEASE
	a) The Scheme applies only to properties in Singapore which are on freehold land or have remaining leases of at least 30 years.      b) Member can apply to use CPF to buy property with remaining lease of less than 60 years but at least 30 years if the remaining lease can last him up to at least 80 years old.      c) In the case of joint owners for properties with remaining lease of less than 60 years but at least 30 years, the age of the youngest member will be used to determine the eligibility to use CPF as well as the applicable WL
8.	REFUND OF CPF SAVINGS UPON SALE OF THE PROPERTY
	When the property is sold or transferred, the member is required to return to his CPF Account the CPF savings withdrawn plus accrued interest, if he has not yet qualified for withdrawal of CPF savings under Section 15 of the CPF Act.
9.	JOINT USE OF CPF SAVINGS
	a) Members of the immediate family e.g. spouses, parents, children and siblings; or      b) Non-related singles (unmarried, divorced with Decree Absolute obtained or widowed) are allowed to jointly buy a property using their combined CPF savings. The total amount that can be withdrawn by all the co-owners is subject to the conditions stated in paragraph 3 above. For application under 9(a), co-owners of the property who are not using CPF savings should also be members of the immediate family. Members are required to furnish the Board with certified true copies of the documents (certified by members' lawyers) showing the relationships among the co-owners (for example, marriage certificate, birth certificates, etc.) at the time of submission of application. For application under 9(b), the non-related singles can only use their combined CPF savings to buy a property provided that each of them: (i) is not currently using CPF for lumpsum or monthly payments for any existing property (private residential property or HDB flat); and (ii) has made the requisite CPF refunds for monies withdrawn for housing purposes (if any).
10.	OTHER CONDITIONS FOR USE OF CPF SAVINGS
	a) The amounts approved for withdrawal can only be released when all the necessary documents required by the Board have been executed and the difference between the purchase price and the aggregate of the loan (if any) and CPF lumpsum approved for payment of the purchase price has been paid with the member's own funds.      b) Members who are owners of HDB flats (including HUDC Phase 3 & 4 flats) are required to obtain approval from HDB, where applicable, regarding the purchase of their private residential properties.      c) The Board reserves the right to value the property before releasing CPF savings. The valuation fees shall be paid by the member.      d) If the member or the co-purchaser is a non-Singapore Citizen or Permanent Resident, he is required to obtain approval from the Land Dealings (Approval) Unit for the purchase of the property, where applicable.      e) For properties which are under construction, CPF savings will be paid progressively to meet the progress instalments to the developers.      f) For properties which are constructed by unlicensed developers, CPF savings can only be released when the properties are completed up to the roofing stage.      g) The consent of the Board must be obtained before the property can be sold, transferred or mortgaged.      h) The property shall not be used for any immoral, illegal or unauthorised purposes.      i) CPF savings cannot be used to repay non-housing loans (i.e. loans not taken for the purchase of the property).      j) CPF savings cannot be used for purposes of repairs and/or renovation of the property.
11	OTHER CONDITIONS FOR USE OF CPF SAVINGS FOR MULTIPLE PROPERTIES
a) Members who already own a property bought with their CPF savings and wish to buy another property with CPF savings on of after 1 Jul 06, will be given a grace period if they intend to sell the existing properties. The grace period is as follows:      i) 6 months from date of issue of TOP if the new property is under construction ii) 6 months from date of completion of purchase if the new property is a completed property.      b) Where members bought their first property before 1 July 2006, and apply to use CPF for the first property only after making an application to use CPF for the second property bought after 1 July 2006, the multiple property (MP) rule will apply to the second property. For example:          Property P1 Property P2 Treatment   Purchase Date Application Date Purchase Date Application Date Scenario A 1 Aug 05 1 Nov 06 1 Oct 06 1 Oct 06 Apply MP rule to P2 Scenario B 1 Aug 06 1 Aug 06 1 Oct 06 1 Oct 06 Apply MP rule to P2 Scenario C 1 Aug 06 1 Nov 06 1 Oct 06 1 Oct 06 Apply MP rule to P1
12.	ADDITIONAL CONDITIONS FOR USE OF CPF SAVINGS FOR PURCHASE OF LAND AND CONSTRUCTION OF HOUSE
	a) A member is not allowed to use his CPF savings to pay directly for the land cost and the construction costs of the house. He would have to use his own funds and/or a loan to meet the said payments first. When the house has been completed up to the Temporary Occupation Permit stage, the member can then use his CPF savings to repay the loan. Reimbursement of the land and construction costs paid by him with his own funds can only be allowed if the house is constructed on or after 1 October 1993 and the construction of the house has commenced within six (6) months from completion date of purchase of the land. If the construction of the house has commenced more than six (6) months after the completion date of purchase of the land, he can only use his CPF savings to reimburse himself for the construction costs.      b) Requests for reimbursement of CPF savings have to be made within six months after the issue of the Temporary Occupation Permit. The reimbursement will be in the form of a one-time payment. Monthly withdrawals are not allowed. Requests for further reimbursement from the members' future CPF savings are also not allowed.      c) Members can submit their applications, with the following documents, three months before the issue of the Temporary Occupation Permit:        (i) a valuation report of the completed property prepared by a licensed valuer. Valuation report prepared by your financier will be considered on a case by case basis. The Board reserves the right to re-assess the value of the property, if necessary. (ii) breakdown of contractors' construction costs. (iii) original receipts to show evidence of the payments made from your own funds (if applying for reimbursement). (iv) financier's Letter of Offer for the land/construction loan(s). (v) architect's certificate to confirm that the old house was 100% demolished.
13.	PENALTY FOR FALSE DECLARATION AND MIS-USE OF PROPERTY
	Any member who has purchased/built a property under the Scheme by making a false statement or declaration, or furnishing any information or document which he knows to be false in material or who allows such property to be used for any immoral, illegal or unauthorised purposes, or who contravenes any of the conditions under the Scheme, shall be guilty of an offence under the CPF Act. The Board shall in such circumstances, be entitled to seize the property and sell it to recover the amount of CPF savings that has been withdrawn plus accrued interest.
14.	DEFINITIONS
	For the purposes herein:- "Valuation Limit" means the value of the property (as assessed by the Board) as at the date of purchase or the purchase price, whichever is lower or such other value of the property as the Board shall determine in accordance with its policy prevailing at the time of the member's application. “date of purchase” refers to the date of the option to purchase the property granted by the seller. Where there is no option to purchase, then the date of purchase is the date of the sale and purchase agreement of the property. “Withdrawal Limit (WL)” means the total amount of CPF savings that can be withdrawn by the member for the property under the Scheme as determined by the Board as at:
	(i) the date of the member's purchase; or (ii) if the date of purchase is before 1 Sept 02, the date of the loan contract entered into by the member and the financier for financing the purchase; or (iii) if both the dates of purchase and the loan contract are before 1 Sept 02, the date of the contract on or after 1 Sept 02 between the member and the financier agreeing that the new priority arrangement shall apply; or (iv) if none of the above occurs on or after 1 Sept 02, the date of the member's first refinancing of the property,
	in accordance with the table set out below:-
	Date of purchase of property/refinancing New CPF Withdrawal Limit       1 Sep 2002 - 31 Dec 2003 150% of the Valuation Limit 1 Jan 2004 - 31 Dec 2004 144% of the Valuation Limit 1 Jan 2005 - 31 Dec 2005 138% of the Valuation Limit 1 Jan 2006 - 31 Dec 2006 132% of the Valuation Limit 1 Jan 2007 - 31 Dec 2007 126% of the Valuation Limit From 1 Jan 2008 onwards 120% of the Valuation Limit
	For properties with remaining leases of less than 60 years but at least 30 years, the WL is the ratio of the remaining lease of the property when the member is 55 years old, to the lease at the point of purchase as shown in the table set out below:- Allowed Withdrawal Limits (in %) for Properties with Remaining Leases of less than 60 Years but at least 30 Years
	“Available Housing Withdrawal Limit (AHWL)” means the Ordinary Account balance after setting aside the prevailing Minimum Sum cash component. Savings in the Special Account (including the amount used for investment) and Ordinary Account are used to meet the prevailing Minimum Sum cash component.
15.	APPLICATION FORMS
	Please visit our website at www.cpf.gov.sg and click on “Buying a House” to submit your application via “my cpf - Online Services”. You will need a SingPass for this service. If you do not have a SingPass, you can request for one by submitting an online request at SingPass website. You are required to submit a valuation report prepared by a licensed valuer together with your application. Valuation report prepared by your financier will be considered on a case by case basis. The Board reserves the right to re-assess the value of the property if it is deemed necessary.