How much of your Central Provident Fund (CPF) savings you can use for your property’s down payment depends on the type of property you are buying and the loan you are taking.
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Buying an HDB Flat with an HDB Loan
If you are buying a Housing & Development Board (HDB) flat directly from HDB, you can use your CPF Ordinary Account (OA) savings to pay for the initial 10% down payment and the remaining balance of the purchase price. You will first need to pay the option fee in cash when booking the flat.
If you are buying a resale HDB flat, you will need to pay the deposit in cash; this consists of the option fee and the option exercise fee.
Buying an HDB Flat with a Bank Loan
You can only use your CPF Ordinary Account (OA) savings to pay for the property after paying the following in cash:
- The minimum cash down payment of at least 5% of the lower of the purchase price or valuation price; and
- The portion of the purchase price that is above the property’s market value; and
- The lower of the purchase price or valuation price, minus the housing loan and the approved CPF lump sum that will be paid for the property; and
- The option fee when booking the flat (if you are buying directly from HDB) or the option fee and option exercise fee (if you are buying a resale HDB flat).
You can refer to the Monetary Authority of Singapore (MAS) website for more information on the minimum cash down payment you need to pay.
Buying Private Property
You can only use your CPF Ordinary Account (OA) savings to pay for the property after completing all legal documents and paying the following in cash:
- The minimum cash down payment of at least 5% of the lower of the purchase price or valuation price; and
- The portion of the purchase price that is above the property’s market value; and
- The lower of the purchase price or valuation price, minus the housing loan and the approved CPF lump sum that will be paid for the property.
You can refer to the Monetary Authority of Singapore (MAS) website for more information on the minimum cash down payment you need to pay.
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