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Can I use my CPF savings to build my own house?

You can use your CPF Ordinary Account (OA) savings to repay the loan taken for the self-construction of your house. However, the total CPF savings allowed for the construction loan and the existing loan taken to buy the property cannot exceed the new value of the property.

To apply for the use of your CPF savings, you will need to authorise your lawyer (by signing the Letter of Authorisation, Declaration, Consent & Agreement) to submit an online application on your behalf after the issuance of the Temporary Occupation Permit. Your lawyer will need to attach the following documents in the application:

  1. Contractors' breakdown of construction costs;
  2. Valuation report of the completed property prepared by a licensed valuer. Valuation report prepared by the financier will be considered on a case-by-case basis. The Board reserves the right to re-assess the value of the property, if necessary;
  3. Original receipts to show evidence of the payment made from your own savings (if you are applying for reimbursement);
  4. Outstanding amount of the construction loan;
  5. Bank’s Letter of Offer for the construction loan;
  6. Bank’s letter of Offer for the conversion of the construction loan to a housing loan; and
  7. Temporary Occupation Permit  

Please note that if you already own a property (HDB flat or private property) bought with your CPF savings and wish to build another house on a vacant land, you can only use the excess balance in your OA after setting aside the applicable Basic Retirement Sum in your CPF accounts. This helps to provide you with a monthly income to support a basic standard of living during retirement. Take note that usage of your CPF savings is only applicable if the remaining lease of the house or your existing property bought with CPF savings can cover you till 95 years old.

If the remaining lease of the house or your existing property bought with CPF savings does not cover you till 95 years old, you can only use the excess balance in your OA after setting aside the applicable Full Retirement Sum.