Asked by Faez
Can i use cpf to buy resale EC
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1 Answer
As of my last update, CPF (Central Provident Fund) can be used for the purchase of a resale Executive Condominium (EC) under certain conditions. Here’s what you need to know:
### Using CPF for Resale EC Purchase:
1. **CPF Eligibility:**
- CPF can be used for the purchase of a resale EC if the property meets specific criteria set by the CPF Board.
- The EC must be approved by the Housing and Development Board (HDB) and purchased under the CPF Housing Scheme.
2. **Resale Levy:**
- If you have previously bought a subsidized HDB flat or EC, you may be subject to a resale levy when purchasing a second subsidized flat or EC. This levy must be paid fully in cash and cannot be paid using CPF funds.
3. **Minimum Occupation Period (MOP):**
- Similar to HDB rules, there is a Minimum Occupation Period (MOP) for ECs. This means you must occupy the EC for a minimum period before you are eligible to sell or rent out the unit. For resale ECs, the MOP is usually 5 years.
4. **CPF Usage Limitations:**
- CPF usage is subject to CPF Board regulations, which include restrictions on the amount of CPF funds that can be used based on factors such as valuation limits, remaining CPF Ordinary Account savings after setting aside the Minimum Sum, and your age.
5. **Financial Planning:**
- Before using CPF for any property purchase, it’s advisable to check with the CPF Board or a financial advisor to understand your eligibility, CPF limits, and any financial implications.
### Conclusion:
Yes, CPF can generally be used for the purchase of a resale Executive Condominium (EC) in Singapore, subject to CPF Board rules and eligibility criteria. Ensure that you meet all requirements, including the MOP and resale levy considerations if applicable, and consider seeking professional advice to navigate the CPF usage for your specific circumstances.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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### Using CPF for Resale EC Purchase:
1. **CPF Eligibility:**
- CPF can be used for the purchase of a resale EC if the property meets specific criteria set by the CPF Board.
- The EC must be approved by the Housing and Development Board (HDB) and purchased under the CPF Housing Scheme.
2. **Resale Levy:**
- If you have previously bought a subsidized HDB flat or EC, you may be subject to a resale levy when purchasing a second subsidized flat or EC. This levy must be paid fully in cash and cannot be paid using CPF funds.
3. **Minimum Occupation Period (MOP):**
- Similar to HDB rules, there is a Minimum Occupation Period (MOP) for ECs. This means you must occupy the EC for a minimum period before you are eligible to sell or rent out the unit. For resale ECs, the MOP is usually 5 years.
4. **CPF Usage Limitations:**
- CPF usage is subject to CPF Board regulations, which include restrictions on the amount of CPF funds that can be used based on factors such as valuation limits, remaining CPF Ordinary Account savings after setting aside the Minimum Sum, and your age.
5. **Financial Planning:**
- Before using CPF for any property purchase, it’s advisable to check with the CPF Board or a financial advisor to understand your eligibility, CPF limits, and any financial implications.
### Conclusion:
Yes, CPF can generally be used for the purchase of a resale Executive Condominium (EC) in Singapore, subject to CPF Board rules and eligibility criteria. Ensure that you meet all requirements, including the MOP and resale levy considerations if applicable, and consider seeking professional advice to navigate the CPF usage for your specific circumstances.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX Read More
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