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Your OA savings can be used to buy a HDB flat, or buy or build private and residential properties in Singapore. OA savings can also be used for downpayment and housing loan taken for the property purchase, stamp and legal fees, loan taken for the construction of your house and the purchase of vacant land (for private properties only), as well as Home Protection Scheme premiums (for HDB flats only).
CPF is meant for your retirement needs. When you used your CPF savings for your property, your retirement savings is reduced. Hence, when you sell your property, you will need to refund the amount that you have used plus the interest accrued on this amount. This is to restore your retirement savings.
If you have pledged the property to make up your retirement sum, you will also need to refund the pledged amount.
The earlier you make a voluntary refund, the more interest you will earn to boost your CPF savings for retirement. In addition, you may receive more cash proceeds when you sell your property as you will need to refund lesser to your CPF account.
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