Question 1

Why can I use my CPF monies to pay ?

Accepted Answer

CPF monies from your ordinary account can be used for partial payment for the property, including land and construction cost of the house. It can also be used to pay for stamp duty, mortgage fees, legal fees, monthly mortgage instalments, HDB upgrading fees.

However, it cannot be used to pay for Conservancy charges, repair and renovation works, and also the cash portion of the property purchase. CPF ordinary account funds can be used to pay up to the withdrawal limit. ?The withdrawal limit calculator can be found on the CPF website http://www.cpf.gov.sg/cpf_info/calculator/vl/vl_input.asp

Question 2

My HDB property is fully paid up . Can I remotgage it back to the banks for loan ?

Accepted Answer

No the government does not allow this

Question 3

I have a private property that is fully paid up , how much can I mortgage it for a loan ?

Accepted Answer

You can remortgage and take out up to 80% of the valuation amount whether you have an existing loan or it is fully paid up. This will depend on a few factors.

The bank, whether it is your 1st or 2nd mortgage, CPF monies owed, your income level. Do contact us and we can better advise you.

Question 4

Can CPF monies be used to pay for stamp duty when purchasing a property / EC property ?

Accepted Answer

Yes. However, as it may take a while for CPF Board to release your money to pay for your stamp duty, you may need to pay first using cash to avoid any late penalty charges.

Question 5

Is HDB Mortgage Insurance is compulsory ?

Accepted Answer

HDB Mortgage Insurance, also known as Home Protection Scheme (HPS) is compulsory if you are using CPF monies for your HDB Flat. A waiver can be granted if you have alternative mortgage insurance provided by other private insurers. Mortgage Insurance for private property mortgage are not compulsory but comes highly recommended for you and your love ones in the event of unforeseen circumstances.

If you require assistance on this, our consultants are happy to point you in the right direction.

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Home Loan 101

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