Good evening buyer,
you can request the law firm to set the CPF deduction amount when you purchase the house. Subsequently you can adjust the amount via CPF website.
You can use your CPF OA funds to finance the monthly mortgage but do take note of the housing limits on the amount of CPF savings you can use to buy a private property.
Valuation Limit (VL) is the purchase price or the value of the private property at the time of purchase, whichever is lower.
Withdrawal Limit (WL) is 120% of the VL. This is the maximum amount of CPF you can use for the private property.
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55 years old: To set aside the current Basic Retirement Sum (BRS) in your Special Account (SA), including the amount withdrawn for investment, and Ordinary Account (OA).
55 years old and above: To meet the BRS in your Retirement Account (RA), SA (including the amount withdrawn for investment) and OA.
But bear in mind that max loan amount eligible will be 80% thus the initial downpayment is around 28% of the purchase price.
1) 5% cash downpayment
2) 15% cash/ CPF downpayment
3) 5% additional buyer's stamp duty as SPR
4) estimated 3% buyer's stamp duty
5) legal fees
Hope my explanation helps!
May I know how can I value add further in your property purchase?
"Your Freehold Ally, Leasehold Tactician"
YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480
(M):
+65 9111 5171
(E): yt.tan91115171@gmail.com
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