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Can I use my CPF savings for the down payment of my property?

Yes, you can use your CPF savings for the down payment of your property. However, the amount you can use depends on the type of property you are buying and the loan you are taking.

If you are buying an HDB flat directly from HDB, you can use your Ordinary Account (OA) savings to pay for the initial 10% downpayment as well as the balance of the purchase price. You would have to pay for the option fee in cash first at the time of booking an HDB flat. 

 

If you are buying a resale HDB flat, you will have to pay for the deposit, i.e., option fee and option exercise fee, in cash.  

You can only use your Ordinary Account savings to pay for the property after you have paid the following in cash:

  1. minimum cash downpayment of at least 5% of the lower of the purchase price or the valuation price of the property at the time of purchase; and

  2. the portion of the purchase price that is above the market value of the property; and

  3. the lower of the purchase price or the valuation price of the property at the time of purchase, less the housing loan and approved CPF lump sum that will be paid towards the property; and

  4. 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)

You may refer to the Monetary Authority of Singapore (MAS) website for more information on the minimum cash downpayment that you have to pay.

You can only use your Ordinary Account savings to pay for the property on completion of all legal documentation and after you have paid the following in cash:

  1. a minimum cash downpayment of at least 5% of the lower of the purchase price or the valuation price of the property at the time of purchase; and

  2. the portion of the purchase price that is above the market value of the property; and

  3. the lower of the purchase price or the valuation price of the property at the time of purchase less the housing loan and approved CPF lump sum that will be paid towards the property.

You may refer to the Monetary Authority of Singapore (MAS) website for more information on the minimum cash downpayment that you have to pay.