CPF can I use to Pay for Property?
What else can I pay using CPF other than the Downpayment for property?
Generally, CPF OA savings CAN be used for
a. Payment of purchase price or downpayment of the property. (If you get Maximium loan of 75%, you can use 20% To pay part of the downpayment and on top of that if you have excess now can pay for the rest of the below mention.
b. Repayment of housing loan and/or to pay the monthly installment of the
housing loan is taken.
c. Repayment of loan and/or to pay the monthly installment of the loan
taken for the purchase of land and/or construction.
d. Payment of stamp duty and legal costs incurred in connection with the
purchase, refinancing, or construction of the house.
Please note for purchase of Resale Private Condo, you have to pay first in advance at the law firm when you exercise the option before the lawyer can write in to CPF Board for Reimbursement.
e. Home Protection Scheme (HPS) Insurance premiums for HDB flats.
Generally, CPF OA savings CANNOT be used for
a. The purchase price that is above the market value.
b. The minimum cash downpayment required for bank loans.
c. Cost of renovation.
d. Agency commission.
e. A property with a remaining lease of less than 20 years.
