Q
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Can members combine their CPF savings to pay for their HDB flat?
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A
| Yes, immediate family members (e.g. parents, spouse, children and siblings) who are co-owners can jointly use their Ordinary Account savings to pay for their HDB flat. |
Q
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Can I use my CPF savings to pay stamp duty, legal and other related fees when I purchase an HDB flat?
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A
| Yes, CPF savings may be used to pay the stamp duty, survey and legal fees. However, monthly service, conservancy and other charges relating to the use of the property, including taxes, cannot be paid with your CPF savings. |
Q
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How do I apply to use my CPF savings to pay the legal fees incurred in the purchase of an HDB resale flat?
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A
| You may submit a duly completed HPS/9 form at any of the CPF service centres. You will need your lawyer's letter, legal bill as well as your NRIC to complete the form. |
Q
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If I qualify for HDB concessionary loan, how much of my CPF savings can I withdraw?
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A
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FOR A FLAT FROM HDB
You can use up to 100% of your CPF Ordinary Account savings to pay the initial 10% deposit as well as the balance of the purchase price.
If your existing CPF balance is not enough for full payment of the purchase price, you may take up a housing loan from HDB and use all the monthly contributions to your Ordinary Account for the instalment payment of the loan.
FOR A RESALE FLAT BOUGHT IN THE OPEN MARKET
You may use all the CPF savings in your Ordinary Account plus the housing loan from HDB to pay up to the Valuation Limit (VL). The VL refers to the market value of the flat at the time of purchase or the purchase price, whichever is lower.
HDB may grant you a loan of up to 90% of the VL. The HDB loan is subject to credit assessment by HDB. Also, HDB requires you to exhaust all your CPF Ordinary Account savings.
| Example A | Example B |
| Purchase price of flat | $ 110,000 | $ 110,000 |
| Value of flat | $ 100,000 | $ 100,000 |
| Therefore, Valuation Limit is | $ 100,000 (a) | $ 100,000 (a) |
| Existing balance in your CPF Ordinary Account | $ 40,000 | $ 10,000 |
Payment at the time of purchase may comprise the following:
| CPF savings | $ 40,000 (b) | $ 10,000 (b) |
| HDB loan | $ 60,000 | $ 90,000 |
| Cash | $ 10,000 | $ 10,000 |
| Purchase Price | $ 110,000 | $ 110,000 |
| Future CPF withdrawals to repay HDB loan(with interest) | $ 60,000 (c) | $ 90,000 (c) |
Note: Future CPF withdrawals to repay HDB loan is the difference between the Valuation Limit (a) and the lumpsum CPF savings used (b) at the time of purchase (c=a-b).
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Q
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Do I need to wipe out my CPF Ordinary Account (OA) savings before taking up an HDB concessionary loan to buy a resale flat?
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A
| Yes, it is HDB’s requirement for you to utilise your CPF OA savings entirely before granting an HDB concessionary loan. |
Q
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Will the HDB concessionary loan interest rate change?
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A
| The HDB concessionary loan rate formula is OA rate + 0.1%, so it will change if the OA rate changes. |
Q
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If I am below 55 years old, do I need to set aside any minimum amount in my CPF accounts to buy a new HDB flat?
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A
| No. If the HDB flat is your only property bought using CPF, you are not required to set aside any minimum amount in your CPF accounts before buying the HDB flat. |
Q
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I am below 55 years old. Do I need to set aside the entire or part of the retirement sum before I can use my CPF to buy my HDB resale flat?
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A
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No. You do not need to set aside the entire or part of the retirement sum to buy the flat, if the flat is your only property bought using CPF. You can use your Ordinary Account savings for the flat, up to the Valuation Limit of the flat. The Valuation Limit is the lower of the purchase price or valuation price of the flat, at the time of purchase.
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Q
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I am above age 55 and have sold my flat. Can I use the refunded monies to buy another HDB flat?
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A
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Yes, you can use the following amounts to buy another HDB flat:
a) Amount remaining in your Ordinary Account. The monies refunded from the sale of your earlier flat will be used to meet your Full Retirement Sum in your Retirement Account (RA). After this, any balance housing refunds will be paid to you in cash.
b) RA savings above the Basic Retirement Sum.
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Q
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How can I check the outstanding housing loan owing to HDB?
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A
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You may check the amount of outstanding housing loan:
• online with your SingPass at www.hdb.gov.sg; or
• visit the HDB branch office managing your flat. |
Q
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How do I apply to make a full redemption of my outstanding housing loan taken with HDB?
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A
| If you wish to use your CPF to make a lump sum payment to fully redeem the outstanding loan with HDB, you would need to call personally with your identity card at your nearest HDB Branch Office to complete the HPS/9 form. Upon receiving your completed HPS/9 form from HDB, we will process it. The amount of CPF that you can use for the full redemption is subject to the availability of your Ordinary Account savings, as well as the limits on the use of CPF for housing. |
Q
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When is the monthly CPF deduction for the housing loan instalment payments under the Public Housing Scheme (PHS)?
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A
| The deduction is on the Sunday between the 6th to 12th (inclusive of 6th & 12th) of the month. This is the same for deduction of the upgrading cost by monthly instalments to HDB. |
Q
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Is there a deadline to pay the monthly instalment shortfall for my HDB flat?
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A
| Yes, you may wish to check with the HDB branch office which is managing your flat on the deadline. You are advised to pay up as soon as possible as HDB charges a penalty fee for late/non-payment. |
Q
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Can the Board deduct arrears instalments from my CPF account to HDB for my HDB flat once the latest CPF contributions are credited?
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A
| No, the Board will not be able to deduct the arrears amount as we are not authorised to do so. You can submit an e-request to use your CPF Ordinary Account savings to pay the arrears at HDB’s website www.hdb.gov.sg with your SingPass. Alternatively, please call personally at any HDB Branch Offices to complete an application form if you wish to use your CPF Ordinary Account savings to pay your arrears. |
Q
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Can CPF Board automatically deduct the monthly instalment shortfall for my HDB flat from my co-owner's CPF account?
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A
| No, the Board is not authorised to do so. Your co-owner needs to complete an application form at any HDB branch offices. |
Q
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Can I use my CPF to pay for the housing loan taken by my parent(s) and/or sibling?
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A
| Only members who are co-owners of the HDB flat can use their CPF Ordinary Account savings jointly towards the purchase of their HDB flat. |
Q
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What if I am going overseas and is in the process of buying an HDB flat?
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A
| You need to consult a lawyer to prepare the Power of Attorney. Your lawyer has to ensure that the Power of Attorney is adequate to empower the attorney to sign the security documents to withdraw the CPF savings for the purchase of the HDB flat. Please refer to the things to note when handling transaction while overseas for more information. |
Q
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How do I apply to use my CPF savings to buy the recess area of my HUDC flat which is not privatised?
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A
| Please submit a duly completed application form at the HDB branch office which is managing your flat. |
Q
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Can I use my CPF Ordinary Account (OA) savings to pay the conversion cost incurred to convert a HUDC lease to a strata title?
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A
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Yes, you may use your OA savings and/or Retirement Account savings in excess of your Basic Retirement Sum (if you are aged 55 and above) to pay for:
a. the purchase cost of common areas
b. the related legal and survey fees
Your CPF savings, however, cannot be used to pay the construction costs incurred when converting the HUDC lease to a strata title.
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