TERMS AND CONDITIONS FOR THE USE OF CPF SAVINGS TO PURCHASE HDB FLATS UNDER THE CPF APPROVED HOUSING SCHEME (USING HDB CONCESSIONARY LOAN)
1.	OBJECTIVE
1.1	The objective of the Scheme is to help CPF members buy a flat in Singapore for occupation.
2.	USE OF CPF SAVINGS
2.1	A member is allowed to withdraw his Ordinary Account savings under the Scheme for:
	a) Direct payment of purchase price of the flat, including cost of common areas, to the HDB, financier and/or sellers; b) Repayment of housing loan in part or whole and/or to pay the monthly instalments of the housing loan taken for the purchase of the flat; c) Payment of stamp duty, legal fees, and other related costs incurred in connection with the purchase or mortgage on the flat; d) Payment of the cost of upgrading the HDB flat incurred under the HDB Main Upgrading Programme (MUP) and Town Council Lift Upgrading Programme (TCLUP) in part or whole and/or by monthly instalments.
2.2	A member aged at least 55 years would be able to use his CPF Ordinary and Retirement Account savings to buy a Studio Apartment after he has set aside at least the full cash component of his Minimum Sum. The Studio Apartment would then be pledged for the amount of CPF used, up to the maximum pledge allowed under the Minimum Sum Scheme.
3.	Withdrawal Limit for Purchase of a New HDB Flat
3.1	The first withdrawal of CPF savings to meet the deposit for the purchase of a new HDB flat shall not exceed 10% of the purchase price or such amount as may be required by the Housing & Development Board.
3.2	The amount withdrawn to meet the deposit shall be refunded to the Board to be credited to the member's account when the member cancels his agreement to purchase the HDB flat.
3.3	A member who takes up a housing loan from the Housing & Development Board to buy a new HDB flat may use all the CPF savings in his Ordinary Account to meet the monthly instalment payment of the housing loan.
4.	Withdrawal Limit for Purchase of a Resale HDB Flat
4.1	The total CPF savings which a member can withdraw to buy a resale HDB flat is subject to the Valuation Limit as determined by the Board. The Valuation Limit is the purchase price or the market value of the flat, at the time of purchase, whichever is lower.
4.2	A member who takes up a housing loan from the Housing & Development Board to buy a resale HDB flat may use the CPF savings in his Ordinary Account to meet the monthly instalment payment of the housing loan. If the HDB housing loan is still outstanding when the total CPF withdrawals towards payment of the flat had reached the Valuation Limit, additional CPF savings may be used if he has the * Available Housing Withdrawal Limit (AHWL).
	*Please refer to the handbook on Public Housing Scheme for the detailed explanation of the Valuation Limit and the Available Housing Withdrawal Limit.
5.	Purchase of a Second HDB Flat
5.1	A member who had previously withdrawn from the Fund to purchase a HDB flat may use his CPF balance to pay the deposit for the purchase of another HDB flat. Further withdrawals for the purchase of such a HDB flat may be allowed subject to the following conditions:
	(i) arrangements have been made with the relevant authority for the resale of the member's existing HDB flat;
	(ii) the member will upon completion of the resale of his existing HDB flat, remit to the Board to be credited to his account all monies withdrawn for the purchase and/or mortgage/redemption of that flat together with interest or the net proceeds of the sale, whichever is less. Net proceeds means the gross proceeds less the monies owing to the Housing and Development Board.
6.	Monthly Repayment
6.1	The amount of CPF savings to be withdrawn each month for instalment payments shall not exceed the amount required for the monthly repayment of the HDB housing loan.
7.	Use of CPF Saving for Upgrading of HDB Flat
7.1	A member will be allowed to use his CPF savings to pay the cost of upgrading his HDB flat incurred under the HDB Main Upgrading Programme (MUP) and Town Council Lift Upgrading Programme (TCLUP) only. CPF savings will not be allowed to be used for the purposes of construction works, improvements, repairs and renovations of the flat.
8.	Sale/Mortage/Transfer/Assignment of Flat
8.1	The consent of the CPF Board must be obtained before any HDB flat purchased through the use of CPF savings is sold, mortgaged, transferred or assigned.
8.2	Except as otherwise provided in the Central Provident Fund (Approved Housing Scheme) Regulations, all moneys withdrawn by a member under the Scheme together with any interest that would have accrued thereto if the withdrawal had not been made shall become due and payable to the Board on the occurrence of any of the following events (ie. if the member has not yet qualified for withdrawal under Section 15 of the CPF Act.) :
	a) if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by the member;
	b) if the property or any interest therein is sold, transferred, assigned or otherwise disposed of by any other person with or without the consent of the Board;
	c) if any mortgage or encumbrance is created over the property in favour of a person other than an approved mortgagee without the consent of the Board;
	d) if the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under the Scheme.
9.	Application
9.1	The application form, together with the relevant documents (if any), are to be submitted to the Board 2 weeks before the release of CPF savings.
10.	Payee/Recipient of CPF Monies
10.1	Any withdrawal made by a member shall not be paid to the member but shall be paid direct to the Housing and Development Board, Town Councils or such other entity as the Board thinks fit to receive such monies.
11.	Other Conditions for Use of CPF Savings
11.1	The Board reserves the right to value the property before releasing CPF savings. The valuation fees shall be paid by the member.
11.2	Monthly service and conservancy charges including all rates, taxes and other charges imposed upon the HDB flat cannot be met from the member's CPF savings.
11.3	Any payments made by the member to the Housing and Development Board out of the member's personal funds in respect of the purchase of a HDB flat shall not be reimbursed with CPF savings.
11.4	The HDB flat purchased through the use of CPF savings shall not be used for immoral, illegal or unauthorised purposes.
12.	Home Protection Scheme
12.1	A member shall, subject to good health satisfactory to the Board, be covered by the CPF Home Protection Scheme (HPS) if he is below 65 years old and is using his CPF savings to service his housing loan from the Housing and Development Board. However, he may apply for exemption if :
	(i) the outstanding housing loan on the HDB flat is not more than $3,000/- and the remaining period of repayment is not more than two years; or
	(ii) he already has an alternate mortgage or life insurance policy which is sufficient to cover his outstanding housing loan.
13.	Use of Retirement Account Savings For Housing
13.1	A member who wants to use the savings in his Retirement Account for the purchase of a HDB flat and/or payment towards his HDB housing loan as stated in paragraph 1 has to apply to transfer the amount from his Retirement Account to his Ordinary Account. The amount transferred to the Ordinary Account will earn interest at the prevailing Ordinary Account interest rate until such time it is withdrawn.
13.2	Under section 15(10) of the Central Provident Fund Act, the Board may permit the member to withdraw his savings in his Retirement Account or part thereof if the member or his spouse or both of them, as the case may be, give an undertaking to refund to the Board an amount equal to the amount withdrawn or part thereof which the member is required to set aside for the purpose of section 15(6) of the Central Povident Fund Act in the event the HDB flat is sold or otherwise disposed of.
14.	The member shall furnish to the Board such documentary evidence as is required by the Board.