- you are below the age of 55, you may continue to use your Ordinary Account savings to repay the housing loan up to the applicable Withdrawal Limit if you can set aside the current Basic Retirement Sum.
- you are 55 years and above, you may use the excess Ordinary Account savings to repay the housing loan up to the applicable Withdrawal Limit if you can meet your Basic Retirement Sum. You can refer to the Retirement Sum Scheme for more information.
Q | If I am taking up a bank loan for my HDB flat, how much of my CPF can I withdraw towards the payment of the loan? |
A |
You can use your Ordinary Account savings, and the future monthly CPF contributions in this account to buy a flat and/or pay the monthly instalments of the housing loan up to 100% of the Valuation Limit (VL). The VL is the lower of the purchase price or the value of the flat at the time of purchase.
If your housing loan is still outstanding when the total CPF usage for the flat reached the VL and:
The Withdrawal Limit is the maximum amount that you can withdraw towards the flat and it is determined based on the date of the property purchase as follows:
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Q | Can I use my CPF savings to pay the downpayment for an HDB flat financed by a bank loan? |
A |
You may use your Ordinary Account savings to pay for the property after you have paid the following in cash:
(a) minimum cash downpayment of at least 5% of the valuation limit(VL)*# and
(b) the portion of the purchase price that is above the market value of the property after taking into consideration the CPF lump sum and the housing loan. * VL is the lower of the property price or property value at the time of purchase. # You may refer to MAS website at www.mas.gov.sg for more information on the minimum cash downpayment that you have to pay. |
Q | Can I use my CPF savings to pay 1) the transaction fee levied by the lawyer's appointed bank and 2) the lodgement fees levied by Singapore Land Authority for the holding and disbursing of my CPF moneys and/or cash when I buy an HDB flat? |
A | Yes, you can use your CPF savings to pay the transaction and lodgement fees incurred. For more information on these costs, please check with your lawyers or visit www.conveyancing.sg. |
Q | I plan to buy a HDB flat but do not have sufficient savings in my CPF Ordinary Account for the purchase. I am selling my existing flat and am expecting a CPF refund. What should I do? |
A |
You can consider taking a bridging loan from any banks, subject to both HDB and your financier’s approval.
When your CPF savings are refunded upon the sale of your existing property, you can repay the bridging loan after completing the legal documentation and settling any cash difference.
The above is only applicable if you are financing the flat solely with a bank loan. As a rule of thumb, the total CPF lump sum withdrawn plus the loan taken (including bridging loan) cannot exceed the Valuation Limit (VL). VL is the lower of the purchase price or market value of the flat at the time of purchase.
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Q | Can I use the bank's in-house valuation report for the purchase of my HDB flat financed with bank loan? |
A | No, you can only use the valuation report done by a valuer assigned by HDB. |
Q | Do I need to engage a lawyer for the purchase of an HDB flat? |
A | It is advisable that you appoint a lawyer to act for you in the purchase of an HDB flat. Your lawyer will be drafting mortgage documents and transfer instruments to safeguard your interests in the flat. Alternatively, you may wish to engage HDB’s lawyers to act for you. |
Q | Do I need to engage a lawyer or involve my bank to complete the form in order to use my CPF savings for a HDB flat financed with a bank loan? |
A |
Yes, please complete:
a) HBL/1 (PDF, 1.9MB) form if it is the first time you are applying to use CPF to finance the purchase of your flat with the assistance of your lawyer;
b) HBL/2 (PDF, 1.9MB) form if you are refinancing your housing loan to a new bank with the assistance of your bank’s lawyer;
c) HBL/3 (PDF, 1.4MB) form if you want to commence the monthly instalment payment from your CPF accounts with the assistance of your bank;
d) HBL/4 (PDF, 0.3MB) form if you want to revise/cease your monthly instalment or make an arrears/capital repayment with the assistance of your bank.
If your application is rejected, you will be notified by the Board of the rejection reason(s). Please liaise with your bank or lawyer to re-submit the forms. Otherwise, you may wish to complete and re-submit the application form on your own, if you have the relevant information.
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Q | Who will act for me in the disbursement and recovery of CPF savings if I take up a bank loan to pay for my HDB flat? |
A |
HDB may continue to act for the members in the disbursement and/or recovery of CPF savings.
Members also have the option of engaging their own solicitors to act for them. In such cases, the Board will need to appoint its own solicitor to disburse and/or recover the CPF savings and the legal fees incurred will be borne by the members. |
Q | When is the monthly CPF deduction for the housing loan instalment payments to the financiers for members who have taken up a bank loan for their HDB flat? |
A | The deduction is between the 10th to 13th (inclusive of 10th & 13th) of the month. |
Q | I have an instalment arrears for my HDB flat financed with bank loan. Can I use my CPF Ordinary Account (OA) savings to repay my financier as soon as it is credited? |
A |
Yes, you may use your CPF savings for your arrears payment.
Online using my cpf
1. Login with your Singpass
2. Submit an online application via My Requests – Property.
Your application will be processed within 3 working days.
Mail
1. You can download and complete the HBL/4 (PDF, 0.3MB) application form.
Mail it to CPF Board at least 7 working days before the payment due date.
Central Provident Fund Board
Housing Schemes Department
Robinson Road
P.O. Box 3060
Singapore 905060
(Attn: Public Housing Section - Bank Loan)
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Q | Will my Home Protection Scheme (HPS) cover be affected if I refinance my HDB loan to a bank loan? |
A | No, your HPS cover will not be affected. However if there are any changes to the loan repayment period or the loan amount, you have to inform the Board to adjust your HPS cover. A new Annual Premium HPS cover will be issued to you upon adjustment. |
Q | If my co-owner is using his/her CPF savings for lump sum (one-time) payment only, do both my co-owner and I need to sign on the HBL/1 form? Does he/she need to complete the health declaration (HD) column? |
A | Yes, both you and your co-owner are required to sign the HBL/1 form. Your co-owner (who is not using CPF for monthly instalment payment) is not required to complete the HD column, if he/she does not wish to apply for coverage under Home Protection Scheme (HPS). |
Q | Do I need to declare my health status on Form HBL1/2/3 when applying the Home Protection Scheme (HPS)? |
A |
Yes, you are required to declare your health status under the following circumstances:
1) If you are currently not covered under HPS and intend to use CPF savings to service the monthly instalment of your HDB flat;
2) If there are changes to your outstanding housing loan (e.g. change in loan quantum or tenure). |
Q | I intend to refinance my housing loan. If I am using my CPF savings for monthly instalment (MI) and have 100% coverage under the Home Protection Scheme (HPS), should my co-owner, who is not using CPF, complete the health declaration (HD) column of the HBL/2 form and indicate 0% for HPS? |
A | No, your co-owner need not complete the HD column of HBL/2 form if he/she does not wish to apply for coverage under HPS since he/she is not using CPF savings towards the housing loan repayment. |
Source: CPF
For more info: visit CPF