Hi,
When buying property less than 60 years old lease, there are two main conisdering factors:
(A) Age
Your age + remaining lease of property is at least 80 years; 37 + 54 = 91.
Therefore this qualified.
(B) CPF usage:
A formula needed to apply to determine how much CPF OA can be used for lease less than 60 years:
(Remaining lease when youngest eligible owber using CPF turns 55/Remaining lease at the pt of purchase) * lower of purchase price or valuation value
(18/54)*$X = 33.33% of $X.
Meaning you can only used less than 34% of CPF to pay for the property.
Whether or not continue paying remaining via CPF shall dependent on the amount of down-payment, and how you finance the monthly installment.
But if you are referring to completely using CPF for the property, you already know the answer from answer in (B).
Hope the above answer to your main concerns, but if there are more queries, 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
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly.
Read More
