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Good afternoon,

it depends on which loan you are taking for your purchase.

If you are taking a bank loan, you can decide how much CPF OA funds to utilise for the upfront payment.

But if you are using HDB loan, you have to utilise all CPF OA funds (can choose to set aside $20k each max) to reduce the loan.

When you sell the unit in future, the grants will go back into your CPF OA. Resale levy will be payable if you decide to buy BTO or new EC in future.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

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Hi,

Whether you need to pay back the Grant is not dependent on whether you use the Grant monies to pay for the flat. It is dependent on whether you purchase a second subsidized housing after the sale of your first subsidized flat.

If you have no need for CPF Housing Grant, you may choose not to get the Grant for your purchase, and retain your status as a "first timer".

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

1) Think you have mistakenly on how the grant can be used.
2) These grants received can be used to pay for the down payment and also to reduce your mortgage, but not to use to pay stamp duty and legal fees.
3) You can use your own fund from your CPF OA to pay for the stamp duty and legal fee, thus not an issue.
4) If you are taking an HDB loan, the maximum amount allowed to keep is only $20K. The rest of your funds under CPF OA will be fully utilized to reduce as much mortgage loan as possible.
5) You then can make use of your monthly CPF contribution together with the $20K reserve for your monthly installment, or leave them untouched but to top up with cash instead.
6) These grants received are subsidies from the govt and not expecting you to return.
7) However, by taking these grants means you have enjoyed subsidy from govt once thereby you are subjected to pay a resale levy when you buy a BTO/SBF.
8) The resale levy is based on the current flat type you bought now and not the BTO/SBF you are buying.
9) If in future when you sell and buy another resale HDB flat. You can utilize all returned CPF funds for the purchase which includes the grants + accrued interest. You are also not required to pay any resale levy.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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