Using cpf for housing

[wisely98]

Hi guys, hope to get some advice here.

Currently staying at parent's full paid up flat while renting out my own. Parent and I plan to sell both flats and get a resale flat, without any loan.

For the new flat, I will be an occupier for the time being. In time, a co-owner: Question:

1) As an occupier, can I pay a portion of the new house cost using my cpf?

2) If yes, is there a min balance that needs to be kept in OA, ie not available for financing house?

Thanks!

 

[Maeda_Toshiie]

Hi guys, hope to get some advice here.

Currently staying at parent's full paid up flat while renting out my own. Parent and I plan to sell both flats and get a resale flat, without any loan.

For the new flat, I will be an occupier for the time being. In time, a co-owner: Question:

1) As an occupier, can I pay a portion of the new house cost using my cpf?

2) If yes, is there a min balance that needs to be kept in OA, ie not available for financing house?

Thanks!

1. Only co-owners can pay via CPF.

2. How much of CPF OA you can use to pay for a flat:

https://www.cpf.gov.sg/members/schemes/schemes/housing/public-housing-scheme

 

[JuniorLion]

1) As an occupier, can I pay a portion of the new house cost using my cpf?

2) If yes, is there a min balance that needs to be kept in OA, ie not available for financing house?

Thanks!

1) No you cannot. Unless you put your name in at the beginning.

 

[wisely98]

1. Only co-owners can pay via CPF.

2. How much of CPF OA you can use to pay for a flat:

https://www.cpf.gov.sg/members/schemes/schemes/housing/public-housing-scheme

Thanks for the reply.

If i'm still within 30 months after disposal of private property, can i still be listed as one of the co-owner?

 

[JuniorLion]

Thanks for the reply.

If i'm still within 30 months after disposal of private property, can i still be listed as one of the co-owner?

No, you may not.

 

[henrylbh]

Hi guys, hope to get some advice here.

Currently staying at parent's full paid up flat while renting out my own. Parent and I plan to sell both flats and get a resale flat, without any loan.

For the new flat, I will be an occupier for the time being. In time, a co-owner: Question:

1) As an occupier, can I pay a portion of the new house cost using my cpf?

2) If yes, is there a min balance that needs to be kept in OA, ie not available for financing house?

Thanks!

Thanks for the reply.

If i'm still within 30 months after disposal of private property, can i still be listed as one of the co-owner?

As long as you are not listed as one of the owners, you cannot use your CPF to pay for the property. If you are co-owner, you can use all your OA to pay for the flat.

Since you are getting a resale flat, you need not wait 30 months to be included as co-owner.

Why occupier for the time being?

 

[wisely98]

As long as you are not listed as one of the owners, you cannot use your CPF to pay for the property. If you are co-owner, you can use all your OA to pay for the flat.

Since you are getting a resale flat, you need not wait 30 months to be included as co-owner.

Why occupier for the time being?

Thought if I have to comply to the 30 month rule then I can't be a co-owner. Then no choice, have to be a occupier.

Situation is parents are looking to right size soon. And currently I'm locked in my own flat and pte pty. So am looking to liquidate both and contribute to the next purchase, using our CPF.

 

[Gruber]

Thought if I have to comply to the 30 month rule then I can't be a co-owner. Then no choice, have to be a occupier.

Situation is parents are looking to right size soon. And currently I'm locked in my own flat and pte pty. So am looking to liquidate both and contribute to the next purchase, using our CPF.

Since you have two HDB which you to sell, have you considered selling just one of them and renting out the other for rental income? You just need to assess which HDB can fetch better rental and sell the other.

 

[wisely98]

Since you have two HDB which you to sell, have you considered selling just one of them and renting out the other for rental income? You just need to assess which HDB can fetch better rental and sell the other.

One is almost 30 years old. The other is tenanted. But rental yield is not good. General rental yield for the region deteriorated for past 5 years and more vacant months after each lease. Therefore the reason to sell.