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Hi Rafeah

A very good day to you and May Peace be upon you.

Yes. You are right. The Balance lease of the flat that you will be buying when added with your age should equate to 95years or more.

However u still can buy older flats, but ur grants and your CPF usage will be pro rated.

As a single first timer , gou can enjoy up to $80,000 in grants.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 88383966  .I'll be glad to assist.

Best Regards
Mohamad Fadily Senen
 88383966 
Propnex Pte Ltd Read More

Hi Rafeah,

35 (age) + 60 (remaining lease of the house) = 95
If you wish to use your cpf fully, you can select house that have a remaining lease of 60 years or more. If the lease is below 60 years, you need to use a pro rated cpf. You can check pro rated housing usage of cpf from this link : https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

Thank you very much. If you have any questions, you can contact me at 82002029  Read More

Good morning Rafeah,

It's not necessary to buy a house built in the 90s. This rule is usually applicable for HDB loan and CPF usage. If you as a buyer who wish to buy a HDB loan and/ or use CPF OA funds fully, it will be best to buy a house that can last you till 95 years old minimally which means the oldest flat you can buy is 1983 as of this year.

2022- 1983 = 39 years old.
99 lease - 39 = balance lease 60
60 + 35= 95 years old

If you choose to buy a resale HDB which lease commenced before 1983, do beware that your HDB loan or CPF usage will be pro rated.

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

Contact:
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Hi Rafeah,

Congratulations on hitting 35!

Anyway, it's not true. You can still purchase old flats which your age and the balance lease adds up to less than 95. It's just that there will be a cap on your CPF usage on these older flats. The lesser the amount adds up, the more stringent on the CPF usage. For example, you will be able to use more CPF for a flat that is built in 1980, as compared to another flat built in 1970.

In order not to have such restrictions, you can look at flats beyond Year 1983.

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 Rafeah,

1) In order to fulfill the 95, the flats you should be considering are those TOP in 1983 and above.
2) If happened that you found a flat lease + your age that didn't meet 95, the implication is you cannot fully utilize your CPF for the flat. It does not mean that you are not allowed to buy at all.
3) You may find out the percentage of CPF utilization on flats with a lesser lease under the CPF weblink:
https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

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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