AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi,
I am 42 years old now ( married ) and selling my flat to get a flat near town. ( Hopefully at Boon Keng Area ) I would like to ask if me and my wife am still able to use CPF if i get a new flat ( 5 rm ). I would ask for 30 years loan lease. Is there is any restriction on using our CPF after we reach 55 years old.

Thanks.

MR Singh.
0 •
1007 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Mike Lim
Replied
Evening,

As per your enquiry, to purchase another new HDB unit, using your CPF as mode of repayment is possible. But HDB only loan you till the age of 60y/o. Thus your idea of lending for another 30 years is only feasible if you purchase a resale unit, subjected to conditions.

FYI
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted
Catherine PANG
Replied
You need to take note of minimum sum $131k.The S&P process needs careful and confident planning in financial, timeline and checklist especially HDB, CPF, bank and lawyer etc. Recently my client 'suddently' bought a dream condo while 'holding on' to a HDB flat. They needed the extra 'funds' for the condo. Hence, after a series of planning, discussion and deliberation, they finally decided to sell their HDB unit. Engage an agent if you expect a consistent S&P process. The stress relief effort is enormous and the commission is insignificant. Check this site: www.catherinepang.com Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions