Real Estate Property Agent Singapore

You can use your CPF and cash savings, and a housing/mortgage loan to finance your property purchase.

From 19 July 2005, the maximum housing loan for private properties and HDB flats should not exceed 90% of the purchase price or valuation of the property, whichever is lower.

Type of Property	Making the Downpayment
HDB flat using concessionary loan	CPF Ordinary Account savings can be used to pay the full downpayment
HDB flat using a bank loan	Flat buyers must pay a percentage of the downpayment in cash**. The balance can be paid using CPF
Private property using a bank loan	From 19 July 2005, CPF can be used to pay the purchase price of the property after paying the first 5% of the purchase price in cash.*** If you are buying an Executive Condominium and are eligible for the Housing Grant, you can use the grant to pay the purchase price before the 5% cash payment is paid. CPF may only be used after you have paid the 5% cash payment.

^** Cash downpayment of 2% for flats bought in 2004; 4% in 2005; 5% from 1 Jan 2006 onwards.

^*** Prior to 19 July 2005, 10% cash downpayment had to be first paid, before CPF could be used for the second 10% downpayment.

[ more about Using Your CPF | Home Buying Calculator ]

Yes. Under the Approved Residential Properties Scheme by the CPF Board, you can use your CPF savings for the following purposes:

1. Pay the purchase price of the property
2. Redeem a housing loan taken for the purchase of a residential property
3. Monthly installments of existing housing loan
4. Repay a housing loan taken for the purchase of land and the construction of a house on that land
5. Pay for stamp duty, valuation and legal fees on transfer or conveyance in the purchase or mortgage of a property

However, you cannot use your CPF savings for the deposit or down payment; monthly service and conservancy charges; property tax; renovations, and repair of your property.

You may use 100% of the existing savings in the Ordinary account, and 100% of your future monthly CPF contributions that are paid to your ordinary account.

You must do so as soon as possible because the CPF approval can take up to 3 weeks, and the Bank loan would only be released after the CPF has released the funds from your savings account.

The following conditions must be met when using your CPF savings for buying properties:

1. Leasehold properties bought cannot have less than 60 years left in the tenure.
2. Only immediate family members can combine their CPF savings to buy a property, and they can use up to 100 % of their Ordinary Accounts. However, the total amount (lump sum and monthly installments) withdrawn by all joint owners should not exceed the purchase price of the property.
3. The CPF Board must approve the sale of the property before the property is sold, mortgaged or transferred. After the sale of the property, all money withdrawn from your CPF account, must be returned to your CPF savings. The money return must include the principle sum withdrawn and the accumulated interest of the sum withdrawn.
4. There must be a lapse of 1 year from the date of the signing of the Sale & Purchase agreement before CPF members can re-use their refunded CPF savings and accrued interest. However, this rule does not apply to those who are upgrading from HDB flats to private properties.

Companies with ownership of the property is not owner-occupied residential property hence that tax rate is 12% even if the company maybe using the residential property as employees' lodging.

Immediate family members may jointly use up to 100% of their Ordinary Account balances to buy a property. However, the total amount (lump sum and monthly installments) cannot be more than the purchase price of the property.