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Hi, assuming i have sold my only property (HDB) with a view of purchase a private property, portion that was paid for by CPF initially will be returned to my CPF account. 2 questions:
1) what is the OA:SA ratio that the monies will be returned to CPF?
2) will i be able to use the entire SA amount for next property purchase?

Tks!
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1 Answer

Mike Lim
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Afternoon SK,

The total amount used to pay for your current unit is based on OA hence the total amount used, including interest, will be credited back into your OA. However, there are exceptional cases where HDB and CPF board allow the owner to use part of the SA for the monthly mortgage installment. With such cases, the amount used by SA, including interest, will be credited into individual account respectively.
As per my statement stated above, under normal situation, you can only use your OA for the monthly repayment on your mortgage. If you are not 55 years and above and purchase the only property, you are allow to use all your OA. Do remember that for bank loan, minimum 5% must be paid in cash.

FYI
Mike Lim
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