The scheme covers all residential properties in Singapore built on freehold land or with a lease of at least 60 years remaining.
How it works
All of the existing savings in the Ordinary Account and future monthly contributions paid into the same account may be used to buy the property, or to pay the instalments on the housing loan, as well as the stamp, legal and survey fees incurred in the purchase.
Who is eligible
Anyone who is at least 21 years old and not a bankrupt is eligible. Members of the immediate family may pool their CPF savings to buy the property. Joint owners must also be immediate family members even though they are not using their CPF.
How much can be used
Up to 100% of the existing CPF savings in your Ordinary Account, and 100% of your future monthly CPF contributions from this account can be used to buy a property and/or to pay the monthly instalments of the housing loan up to the valuation limit. If the housing loan is still outstanding when the limit is reached, members may use additional CPF savings - up to 80% of the gross CPF savings in the members' Ordinary and Special Accounts in excess of the Minimum Sum - to finish paying up their loan.
