Hi,
Since you're only 30 years old do note the below:
1) Your age + remaining lease of the property is at least 80 years old. In the case of your wife is younger than you, means that you have use her age as a reference. If the sum is less than 80, than you are not allowed to use any CPF to pay for the property.
2) The formula of how much CPF allowed to use is [(remaining lease when you reach 55yrs old/remaining lease at the pt of purchase) x value or purchase price whichever is lower].
You may also use this link to do the calculation: https://www.cpf.gov.sg/eSvc/Web/Schemes/PropertyWithLessThanSixtyYearsLease/Input
3) The amount of CPF allowed to use not necessary to starts in beginning. That is to say you may use majority or all of it, but you have to use more cash when your allowed CPF quota is low.
4) Thus everything the same in the beginning for the purchase, but you have to top up more cash for the mortgage in later years.
Hope the above answer to your main concerns, but if there are more queries, do not hesitate and 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
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