Can CPF money be used to pay off the loan for Condo

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angry scientist
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Can CPF money be used to pay off the loan for Condo

Post by angry scientist » Thu, 22 Dec 2011 2:31 pm

Would like to know from the experienced ones if CPF contribution can be used to pay a portion of the monthly installments, if a condo is bought !!

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 22 Dec 2011 3:24 pm

Yes, with codicils.
Owning A property

Your Ordinary Account savings can be used to buy a home under the CPF housing schemes. You can buy an HDB flat under the Public Housing Scheme, or a private property under the Residential Properties Scheme. Your CPF savings can be used for full or part payment of the property, and to service the monthly housing payments. If you buy a flat under the Public Housing Scheme, you will need to be insured under the Home Protection Scheme.

If you already own a property (HDB flat or private property) bought with your CPF savings and wish to buy another property with CPF savings from 1 July 2006, you will be able to do so after setting aside in your Ordinary and Special Accounts the prevailing Minimum Sum cash component if you are below 55 years, or the Minimum Sum cash component shortfall if you are aged 55 and above.

From 1 July 2006, the Board no longer approves application under the Non-Residential Properties Scheme (NRPS). If you are currently using CPF to service your non-residential properties, you will not be affected by the policy change.
http://mycpf.cpf.gov.sg/Members/Gen-Inf ... vc/S-and-S

http://ask-us.cpf.gov.sg/explorefaq.asp?category=23098
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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