| Understand | Can I use my CPF savings under the Public Housing Scheme? | <p>You can use your CPF Ordinary Account (OA) savings to buy a new or resale HDB flat.</p><p>Your OA savings can be used to:</p><ul><li style="margin-bottom:5px;">pay all or part of the purchase price; </li><li style="margin-bottom:5px;">service monthly housing loan instalments taken to buy the HDB flat; and </li><li style="margin-bottom:5px;">pay the stamp duty, legal fees and other related costs such as flat upgrading cost.</li>
</ul> | Public Housing Scheme | 1626 | 1626 |
| Understand | Am I eligible to use CPF savings to buy an HDB flat? | <p>All CPF members who are eligible to buy a new or resale HDB flat will be able to use their CPF savings. However, you are not eligible if you are buying an HDB flat with a remaining lease of 20 years or less.</p><p>You can check your eligibility to buy an HDB flat at the
<a href="http://services2.hdb.gov.sg/webapp/BP13EligCheck/BP13SHome?strSystem=CHECK" target="_blank">HDB website</a>. To find out more about the use of your CPF savings, you can read the
<a href="/Assets/members/Documents/TnC_UseOfCPFUnderCPFHousingSchemes.pdf" target="_blank">Terms and Conditions</a> (PDF, 0.7MB). </p> | Public Housing Scheme | 1627 | 1627 |
| Evaluate | How much CPF savings can I use? | <p>There are housing limits on the amount of CPF savings you can use. It depends on:</p><ul><li>whether you are buying a new or resale HDB flat;
<br></li><li>whether the flat’s remaining lease can cover the youngest buyer using CPF savings for the flat to at least 95 years old. If the duration of the flat’s remaining lease cannot cover the youngest buyer to at least 95 years old, CPF usage will be pro-rated based on how near to age 95 the property’s lease can last him/her; and</li><li>whether you are financing your HDB flat with an HDB concessionary loan or bank loan.</li></ul><p>You can use our <a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/CpfHousingUsage/Input1">CPF Housing Usage Calculator</a> to compute how much of your CPF savings you can use for your flat.</p> | Public Housing Scheme | 1628 | 1628 |
| Evaluate | What will happen to my sale proceeds upon the sale of my HDB flat? | <p>The sale proceeds will be used to pay off the outstanding housing loan taken to buy the HDB flat and the required CPF refund.</p>
| Public Housing Scheme | 1630 | 1630 |
| Evaluate | How much do I need to refund to my CPF upon the sale of my HDB flat? | <p>If you have used your CPF savings to finance your HDB flat, you will have to refund the following to your CPF account:</p><ul><li>the principal CPF amount (P) which you have withdrawn for the HDB flat; and </li><li>the accrued interest (I) which you would have earned if the savings were not withdrawn from your CPF account.</li></ul><p>If the selling price (including the option monies) after paying the outstanding housing loan is not enough to fully refund your P+I, you do not need to top up the shortfall in cash, provided the property is sold at market value. However, any option monies (e.g. option fee and option exercise fee) received from your buyer in cash upon the sale of your property are considered part of the selling price and need to be refunded to your co-owner’s and your CPF accounts before the transaction can be completed.</p><p>The refunded amount will be returned to your co-owner's and your CPF accounts in the following proportions:</p><p>Amount returned to owner A’s CPF Account:
<br> </p><table style="border:1px solid currentcolor;width:70% !important;text-align:center;"><tbody><tr><td valign="center" style="width:13%;">
<strong>Required CPF refund for owner A
<hr style="border-color:#000000;width:82%;margin-top:5px;margin-bottom:5px;" /></strong></td><td valign="center" rowspan="2" style="width:1%;">
<strong>x</strong></td><td valign="center" rowspan="2" style="width:6%;">
<strong>Refunded amount</strong></td></tr><tr style="text-align:center;"><td valign="left" style="width:13%;">
<strong> Required CPF refund for owner A & B</strong></td></tr></tbody></table><p> </p><p>Amount returned to owner B’s CPF Account:
<br> </p><table style="border:1px solid currentcolor;width:70% !important;text-align:center;"><tbody><tr><td valign="center" style="width:13%;">
<strong>Required CPF refund for owner B
<hr style="border-color:#000000;width:82%;margin-top:5px;margin-bottom:5px;" /></strong></td><td valign="center" rowspan="2" style="width:1%;">
<strong>x</strong></td><td valign="center" rowspan="2" style="width:6%;">
<strong>Refunded amount</strong></td></tr><tr style="text-align:center;"><td valign="left" style="width:13%;">
<strong> Required CPF refund for owner A & B</strong></td></tr></tbody></table><p> </p><p>If you are 55 years old and above:</p>
<ul>
<li>You will also need to refund the pledged amount on top of the P and I if you had pledged to refund an amount withdrawn from your Retirement Account (RA) savings in cash;</li><li>The amount refunded to your CPF account will be used to meet your retirement savings up to the Full Retirement Sum (FRS) in your RA. Thereafter, any balance will be paid to you in cash within 1 week from the time the refunds are credited to your CPF account;</li><li>You can also choose to retain the balance in your CPF account by writing to us at least 2 weeks before the completion of the sale of your property. Do note that the withdrawal rules for members aged 55 and above will apply subsequently should you want to withdraw these savings; </li><li>You can make a request to only refund up to your FRS if you are unable to wait for the pay-out by writing to us at least 2 weeks before the completion of the sale of your property.</li></ul> | Public Housing Scheme | 1631 | 1631 |
| Decide | Should I use my CPF savings to buy a property? | <p>You may use your CPF Ordinary Account (OA) savings to buy your property if you do not have enough cash. However, you should not use all your OA savings to pay for your property. CPF is meant for your retirement needs. Hence, the more you use for your property, the less you may have for your retirement.</p><p>Do keep in mind:</p><ul><li style="margin-bottom:5px;">the other items you are servicing with your OA savings, such as your children’s local tertiary education and insurance premiums; </li><li style="margin-bottom:5px;">the reduced CPF contribution rates as you age; and </li><li style="margin-bottom:5px;">you have to be insured under the
<a href="/Members/Schemes/schemes/housing/home-protection-scheme">Home Protection Scheme</a> or a mortgage insurance when you use CPF to pay the monthly instalments of your housing loan.</li>
</ul> | Public Housing Scheme | 1632 | 1632 |
| Decide | How do I choose between an HDB concessionary loan and a bank loan? | <p>You should consider the following factors when deciding between an HDB concessionary loan and a bank loan:</p>
<img alt="HDB loan vs bank loan" src="/Assets/members/PublishingImages/HDBLoanVsBankLoan.png" style="width:100%;height:auto;" />
<p>You can check with <a href="http://www.hdb.gov.sg/cs/infoweb/residential/financing-a-flat-purchase/housing-loan-from-hdb/eligibility-conditions" target="_blank"> HDB on the eligibility criteria</a> to obtain a HDB concessionary loan.<br></p> | Public Housing Scheme | 1633 | 1633 |
| Decide | How can I determine a suitable loan amount, repayment period and repayment amount that is within my financial means? | You can try
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/FirstHome/UserParticulars" target="_blank">Our First Home Calculator</a> which provides an estimate of an affordable home price, taking into consideration your gross household income and expenses, as well as the repayment amount with its repayment period. | Public Housing Scheme | 1634 | 1634 |
| Apply | How do I apply to use my CPF savings to pay for my HDB flat? | <h3>For HDB flat (HDB loan) </h3><ol><li style="margin-bottom:3pt;">You have to complete and sign the 'Application for Withdrawal under Public Housing Schemes' (HPS/9) form at the HDB office. If you are buying a resale flat, you may submit an e-application to withdraw your CPF savings for housing.</li><li style="margin-bottom:3pt;">HDB will have to submit the completed application form to the Board for processing.</li><li style="margin-bottom:3pt;">Your application will be processed within a week upon the receipt of the form. If it is an e-application, it will be processed within 3 working days upon the receipt of your request from HDB. </li></ol><p> </p><h3>For HDB flat (Bank loan) </h3><ol><li style="margin-bottom:3pt;">You will have to authorise your lawyer (by signing the
<a href="/Assets/Members/Documents/FORM_HSD_LAD.pdf" target="_blank">Letter of Authorisation, Declaration, Consent & Agreement)</a> (PDF, 1.3MB) to submit an application form to use your CPF savings to buy the property.</li><li style="margin-bottom:3pt;">Your CPF savings will be released to buy the property after:
<ul><li>you have paid the required cash downpayment of at least 5% of the Valuation Limit;</li><li>you have paid any balance purchase price that is above the value of the property after taking into consideration the CPF lump sum and the housing loan payment; and</li><li>option fee at the time of booking an HDB flat (if you are buying the flat directly from HDB) or option fee and option exercise fee (if you are buying a resale flat)</li></ul></li></ol> | Public Housing Scheme | 1637 | 1637 |
| Apply | How do I apply to use my CPF savings for my housing monthly instalment? | <h3> For HDB flat (HDB loan)</h3><ol><li style="margin-bottom:5pt;">Bring along your identity card to any
<a href="https://services2.hdb.gov.sg/webapp/BP21NonPortalWeb/jsp/BOAddr/BP21PContactEnquiry.jsp" target="_blank">HDB Branch Offices</a>. </li><li style="margin-bottom:5pt;">Complete the CPF withdrawal form (HPS/9). </li><li style="margin-bottom:5pt;">HDB will forward the completed form to CPF Board.</li></ol><p>Your application will be processed within 5 working days after the Board has received it.</p><p>
<span style="font-size:0.9em;">Note: You have to be insured under the </span>
<a href="/Members/Schemes/schemes/housing/home-protection-scheme">
<span style="font-size:0.9em;">Home Protection Scheme</span></a><span style="font-size:0.9em;"> if you are using your CPF savings to pay your monthly loan instalments for HDB flats.</span></p><p> </p><h3>
For HDB flat (Bank loan)</h3><ol><li style="margin-bottom:5pt;">Login to
<em>my cpf</em> with your
<a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices">SingPass</a>. </li><li style="margin-bottom:5pt;">Submit an online application via My Requests – Property. </li></ol><p>Your application will be processed within 5 working days after the Board has received it.</p><p>
<span style="font-size:0.9em;">Note: You have to be insured under the </span>
<a href="/Members/Schemes/schemes/housing/home-protection-scheme">
<span style="font-size:0.9em;">Home Protection Scheme</span></a><span style="font-size:0.9em;"> if you are using your CPF savings to pay your monthly loan instalments for HDB flats.</span></p> | Public Housing Scheme | 1639 | 1639 |
| Apply | How can I make changes to my monthly repayment arrangement? | <h3>For HDB flat (HDB loan) </h3><ol><li style="margin-bottom:3pt;">Bring along your identity card to any
<a href="https://services2.hdb.gov.sg/webapp/BP21NonPortalWeb/jsp/BOAddr/BP21PContactEnquiry.jsp" target="_blank"> HDB Branch Offices</a>. </li><li style="margin-bottom:3pt;">Complete the CPF withdrawal form (HPS/9). </li><li style="margin-bottom:3pt;">HDB will forward the completed form to CPF Board.</li></ol><p>Your application will be processed within 5 working days after the Board has received it.</p>
<p> </p><h3> For HDB flat (Bank loan) </h3><ol><li style="margin-bottom:3pt;">Login to <em>my cpf</em> with your
<a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices">SingPass</a>. </li><li style="margin-bottom:3pt;">Submit an online application via My Requests – Property. </li></ol><p>Your application will be processed by the next working day.</p> | Public Housing Scheme | 1635 | 1635 |
| Apply | How can I make a partial or full capital repayment of my property? | <h3>For HDB flat (HDB loan)
</h3><p>If you are using CPF savings, you may refer to HDB website on
<a href="http://www.hdb.gov.sg/cs/infoweb/residential/servicing-your-hdb-loan/mortgage-loan/payment" target="_blank">partial capital repayment</a> or
<a href="http://www.hdb.gov.sg/cs/infoweb/residential/servicing-your-hdb-loan/mortgage-loan/payment" target="_blank">full capital repayment</a>. </p><p> </p><h3>
For HDB flat (Bank loan)
</h3><p> </p>
<strong>If you are using CPF:</strong>
<p>First, you will have to seek approval from the bank that provided your loan. Then, you need to check that you have enough OA savings and the maximum amount of CPF savings that you can use for your property.</p><ol><li>Login to <em>my cpf</em> with your <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices">SingPass</a>.</li><li>Submit an online application via My Requests – Property. </li></ol><p>Lump sum payment (Partial repayment): Your application will be processed within 3 working days.<br> Full repayment: Your application will be processed within 5 working days. </p><p> </p>
<strong> If you are using cash:</strong>
<p>Please check with your financier on the procedures.</p> | Public Housing Scheme | 1638 | 1638 |