28/06/2021
The CPF Property Buying Rules have changed in recent years, and might be impactful to your house buying decisions! Here are a few important pointers that you should take note of:
๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐๐ฒ๐ฎ๐๐ฒ ๐๐ผ ๐ฐ๐ผ๐๐ฒ๐ฟ ๐ฌ๐ผ๐๐ป๐ด๐ฒ๐๐ ๐๐๐๐ฒ๐ฟ ๐๐ถ๐น๐น ๐ฎ๐ด๐ฒ ๐ต๐ฑ
In order to buy a property, you would need to take into account the youngest buyer of the house. If the lease of the house does not cover the youngest buyer till age 95, CPF usage will fall to 90 percent of the valuation limit, rather than the original 100 per cent. The Loan-to-Value will also fall below the usual 90 percent, and will be prorated. This change is to dissuade younger buyers from buying older leasehold houses.
๐๐ฃ๐ ๐ฃ๐ฎ๐๐บ๐ฒ๐ป๐ ๐๐ถ๐๐ต ๐ฎ๐ ๐น๐ฒ๐ฎ๐๐ ๐ฎ๐ฌ ๐ฌ๐ฒ๐ฎ๐ฟ๐ ๐ผ๐ป ๐๐ฒ๐ฎ๐๐ฒ
Previously, a property would need at least 30 years on the lease for you to be eligible to use CPF for it. Now, you can use CPF to pay for your house as long as it has at least 20 years left.
๐ก๐ผ ๐บ๐ผ๐ฟ๐ฒ ๐ฒ๐ฌ ๐ฌ๐ฒ๐ฎ๐ฟ ๐๐ถ๐บ๐ถ๐
If the flatโs lease can last till the youngest buyer hits age 95 with at least 20 years left on the lease, you are eligible for the full HDB housing loan. You can borrow up to 90 per cent of the flatโs value and pay the remaining 10 per cent with CPF.
๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐ฎ๐น๐น ๐ผ๐ณ ๐๐ต๐ฒ๐๐ฒ ๐ท๐ฎ๐ฟ๐ด๐ผ๐ป๐ ๐บ๐ถ๐ด๐ต๐ ๐๐ผ๐๐ป๐ฑ ๐ฐ๐ผ๐บ๐ฝ๐น๐ถ๐ฐ๐ฎ๐๐ฒ๐ฑ. ๐๐ณ ๐๐ผ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐ต๐ฒ๐น๐ฝ ๐๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐น๐ฎ๐๐ฒ๐๐ ๐๐ฃ๐ ๐ฟ๐๐น๐ฒ๐, ๐ด๐ถ๐๐ฒ ๐บ๐ฒ ๐ฎ ๐ฐ๐ฎ๐น๐น ๐ฎ๐ ๐ต๐ฐ๐ฏ๐ฑ ๐ญ๐ณ๐ฐ๐ฑ ๐ฎ๐ป๐ฑ ๐ ๐๐ถ๐น๐น ๐ฒ๐
๐ฝ๐น๐ฎ๐ถ๐ป ๐๐ต๐ฒ๐บ ๐ถ๐ป ๐บ๐ผ๐ฟ๐ฒ ๐ฑ๐ฒ๐๐ฎ๐ถ๐น ๐๐ผ ๐๐ผ๐!
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