bank loan enquires

[redname]

ok, i dont know if this makes sense

i was told that if you take up a hdb loan, your CPF OA will be wiped out 1st but does this apply to taking a bank loan too?

if i take a bank loan, can i arrange for how much i want to pay in cash and how much i want to pay in CPF for the monthly installments?

 

[BBCWatcher]

i was told that if you take up a hdb loan, your CPF OA will be wiped out 1st but does this apply to taking a bank loan too?

First of all, HDB lets you leave $20,000 in your OA (per person) when you take a HDB loan. Also, every dollar you transfer before picking up the keys (to your own SA or, if that’s no longer possible, to a qualified family member’s RA) won’t be swept into the unit.

The “sweep” is for HDB loans only.

if i take a bank loan, can i arrange for how much i want to pay in cash and how much i want to pay in CPF for the monthly installments?

Sure.