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Hello,

My husband and I are thinking to buy a condo soon.
We are both PR, but quite new. My husband is 3 years plus, and I am 1 year of being PR, so of course we don’t have much funds in CPF OA and SA.

CPF website says, To continue using your CPF beyond VL, up to WL, you need to meet the following requirements: Below 55 years old: To set aside the current Basic Retirement Sum (BRS) in your Special Account (SA), including the amount withdrawn for investment, and Ordinary Account (OA).

Both of his and my accounts (OA plus SA combined) don’t have basic retirement sum.
But can we still use CPF as a part of down payment?

Please advise.
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7 Answers

Ivan Ng
Replied
Hi,

If its your first property, you can use your OA to purchase the property without setting aside the basic retirement sum. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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  • KW
    Replied
    Hi, thank you very much for your reply.
    Glad to know that we can use our CPF OA.
    May I know if we can make it empty?
    We plan to finance 80% and want to use all our OA fund as a part of 15% down payment, and will pay by cash for the rest (BSD, ABSD, etc.
GAN ENG JOO ONASSIS
Replied
Dear Kazumi,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

The downpayment of 5% need to be in cash and Buyer stamp duties or additional buyer duties can use CPF to pay too.

I am contactable at 92222389  or onassis@sgagent.com / sgrealtor.com
In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | Today’s SG Professional l SGAgent.com & SGRealtor.com

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  • KW
    Replied
    Thank you for your reply, but that’s not what I’m asking.
    My question is, regardless how much we have in OA account, can we use our OA to buy private property?
Robbie Chen Chee Howe
Replied
Hi Mrs White,

You can use all the monies in your CPF-OA account for the downpayment if you and your husband are below the age of 55.

Before proceeding with your purchase, you should engage a competent agent to work out your finances, so that we can work out a budget together.

Please contact me at my mobile 9748 6305  should you need my assistance.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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  • KW
    Replied
    Thank you very much for your reply and I’m so relieved to know that we can use our all OA money as we take OA money into our budget consideration. (We both are younger than 55.)
    We do feel we need to find a competent/ well listening/ well communicating agent and to work with…
    Thank you again for this.
Geryl Lim
Replied
Dear Mrs White,

Yes, you may utilise the CPF OA for the 15% downpayment and top up any shortfall with cash since this will be your first residential property.

To work out more in details on your finances, I will highly recommend you to speak to a banker who will definitely be in a better position to advise you on the financing aspects including the monthly commitments and packages of housing loans available.

Get in touch with me if you require a number to reach out for banker.

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Geryl LIM
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YT Tan (陈永达)
Replied
Good evening buyer,

Not to worry. Let me assist you on this.

You might have misinterpret the contents on CPF website. Usually owners have to set aside basic retirement sum ($80.5k) if they are 55 years old and above (as of now), purchasing second property, wants to utilise CPF OA funds above valuation limit (valuation of property is $1m) till withdrawal limit of $1.2m for instance.

For your case, not to worry about it. Since both of you are below 55 years old and this purchase will be your first property, you can utilise all your CPF OA funds for the 15% downpayment, stamp duties (BSD and ABSD), legal fees etc.

But do take note that usually law firm will request you to pay stamp duties in cash first because CPF board might not be able to release the funds in time to IRAS so by doing so, you wont be hit by any penalty.

Hope my explanation has cleared most of your doubts.

By the way you did mentioned both of you dont have much CPF OA funds, care to share how much funds have you set aside for this purchase?

Perhaps we can meet up over a cup of coffee to discuss further.

Hope to hear from you soon!

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YT TAN 陈永达 | ACCA Graduate, RES
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CK Ang
Replied
Hi Mrs White,
As this will be your 1st property, you can service the monthly instalment via CPF OA.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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GAN ENG JOO ONASSIS
Replied
Dear Ms White,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

You can use all the OA to pay for your property since you are not older than 55 years old. To have a clear pictures, will recommend you to consult an loan banker for the suitable property pricing range that suitable for you.

I am contactable at 92222389  or onassis@sgagent.com / sgrealtor.com
In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | Today’s SG Professional l SGAgent.com & SGRealtor.com

EXPERIENCED. PROACTIVE. SINCERITY. FEEDBACK
ACTA (Full); PDCE (Singapore); MSc BIT(Middlesex); BBA (South Australia)

Featured Realtor Services recognition by SGReview.com and SGBride.com

Singapore Line : (+65) 92222389 
Malaysia Line: (+60) 111-0788889
Email: onassis@sgagent.com / sgrealtor.com
Skype: incomecare

" Engage 1 & Get More than 800 Agents from the #1 TEAM in ERA to Serve You!” Read More
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