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Can I use CPF monies for condominium downpayment?

Posted by Anonymous on Feb 23, 2012 in Condo Questions | 1004 Views

Latest Answers by Real Estate Professionals (3 Answers)

Lewis Tan
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Answer Posted on Feb 24, 2012
Hello,

You certainly can use the balance in CPF-O/A to finance the down-payment when buying a condo.
However, do note that the first 5% of the purchase price must be in cash, and the balance 15% can be by CPF-O/A. You can also service the monthly loan repayment with your monthly CPF contribution, and top up cash if amount is insufficient.

I will be glad to assist you in your property purchase. Please call me or send me an email to discuss the detail of your budget planning & buying requirement. Look forward to be of service to you.

Warmest Regards

Lewis Tan
CEA R017443F
Associate Sales Director
CBRE Realty Associates Pte Ltd
HP : 9723 6721
Email : lewistms@singnet.com.sg
www.lewistms.myweb.sg
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Shao Inn Tian
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Answer Posted on Feb 23, 2012
Hi

Yes, for new launches:

1)5% in cash
2)15% in cash or CPF

The percentage of bank loan depends on individual credit assessment. You may wish to speak to a banker for a clearer breakdown.

We do know some good bankers from various banks. Let us know if you need any referrals.

Hope this helps!

If you have further questions, pls feel free to contact me.

Inn Tian
9068 8568
inntian@gmail.com
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Reply from Anonymous - Feb 24, 2012
Thanks Inn,

As I am working in overseas for a few years now, is it still possible to get a bank loan?

Rgds
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Vincent Ng
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Answer Posted on Feb 23, 2012
Hi

Assuming 80% Bank Loan. The 20% downpayment, 5% cash
15% cash/cpf

Any queries please call me at 98320616.

Regards
Vincent
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