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Loans, CPF and grants: 3 ways to help finance your very first home

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Congratulations! If you are reading this, you are properly considering buying a home for yourself and your family. As a big ticket item with high long-term commitments, purchasing a house for the first time can be a huge deal, and we want to make the best out of our decision. Housing is getting increasingly expensive. In the second quarter of...

Available for Singapore Citizens, Permanent Residents, and Foreigners.The Central Provident Fund is a compulsory pension scheme established by the Singapore Government. They are usually split into four different accounts. Ordinary Account , Special Account , Retirement Account and Medisave Account . Click here to learn more about how CPF works and how your pension is allocated.

Your OA savings can be used to buy a HDB flat or build private and residential properties in Singapore. OA savings can also be used for downpayment and housing loans taken for the property purchase, stamp and legal fees, loans taken for the construction of your house and the purchase of vacant land for private properties, and Home Protection Scheme premiums for HDB flats.

The remaining balance in your CPF OA must be used to pay for the flat purchase or take over ownership of an existing flat before the HDB housing loan can be granted.If you are taking a housing loan from a financial institution , at least 5per cent of the downpayment needs to be in cash.“You and your co-owners may use your respective Ordinary Account savings up to the lower of the purchase price or the valuation price of the property at the time of purchase.

 

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