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Hi, I am PR 34 years old, looking to buy my 1st condo
Can I ask some questions:
- can I use all my CPF OA for downpayment?
- after purchase can I use all my CPF OA to pay loan installment? Or is there any max amount for monthly loan repayment using cpf?

Anything else to take note on using CPF for buying condo?


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11 Answers

Hi,

Yes you can use all the CPF OA for down payment, assuming the property lasts you until 95 years old. You can also use the CPF OA for monthly installments. The valuation limit is the maximum amount of CPF you can use for the property, which is typically the market valuation of the property.

I have helped SPR clients to purchase their first home and will br able to provide a comprehensive process overall view. Please contact me at 97432395  so I can come up with a customized plan for you.

May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

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Robbie Chen Chee Howe
Hi,

Yes, you will be able to utilise the full sum in your CPF-OA to pay for the condo. Also, you can use all the CPF-OA monies for your monthly mortgage installments, up till the Valuation Limit of the property.

Do contact me for further discussion on your housing plans. I will be able to guide you in your first home purchase.

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 +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
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Hi, the short answer is yes. You can use all of your cpf OA for your downpayment and loan repayment. However the amount of cpf you can use depends on the valuation of the property.

Payment scheme would be slightly different for a new launch condo and a resale condo.

Assuming you are buying a $1M resale condo. Payment scheme would be:

Grant of option (Booking fee) - 1% = $10,000 (cash only)
Exercise of option - 4% = $40,000 (cash only)
Remaining downpayment - 20% = $200,000 (cash/cpf)
Buyer stamp duty + additional buyer stamp duty 5% for PR buying 1st property = $74,600 (cash/cpf)
Legal fee = $2000 - $3000 (cash/cpf)
Valuation fee = $350 - $500 (cash/cpf)

Assuming you are taking a 75% bank loan
Interest rate = 4.5%
Loan tenure = 30 years
Monthly repayment = around $3,800 which you can use your cpf OA to pay.

There are also other cost involved when buying a resale condo such as property tax and maintenance fee.

I am also a SPR, look forward to assisting you with your calculations, no agent fee for private property purchase. Please feel free to contact me at 98005200  or samanthakza@gmail.com

Samantha Han
PropNex Realty Read More
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Hi, appreciate your sharing. Yes you can, can I get some bankers to assist you for the loan, before we work out the final budget.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, yes you could utilise your OA to fund the monthly mortgage and pls feel free to let me know if you need any contacts of a mortgage broker ok?

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
Hi there

Downpayment will be 25% for a Condo. Out of the 25%, 5% have to be cash while the remaining 20% can be in CPF. You can also use your CPF to pay the monthly instalment.

As you are PR, you will have to pay for the Additional Buyer's Stamp Duty apart from the usual Buyer's Stamp Duty. That will also be payable by CPF.

May I have more information and requirements about your plan to understand your situation better? My team & I have curated an exclusive app to help our clients make better decisions for their Property Portfolio as well as concerns. You may contact me at 90300391  https://wa.me/6590300391

Looking forward to connect with you!

Ng Chung Sze
PropNex
ChungRealtor智 Read More
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Dear sir/mdm,

In most circumstances, you will be able to wipe out your CPF OA for downpayment and loan instalments if purchased within valuation. Your upfront cash required will be 5% of the purchase price. This is with the conditions that the balance lease of the property will be able to last you until 95 years old.

You may read more about CPF funds usage for property purchase at https://www.cpf.gov.sg/member/faq/home-ownership/housing-scheme/how-much-cpf-savings-can-i-use-for-my-property-purchase.

Do take note of the prevailing Additional Buyer's Stamp Duty and normal Buyer's Stamp Duty rates for your purchase of your 1st residential property in Singapore.

Hope the above helps!

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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Hi Sir/Mdm,

It is a good idea to get into real estate investing as early as possible. You will be able to use all your OA for the down payment, stamp duty and legal fees. There is no max amount that you may use monthly for CPF payment. During the purchase, as a SPR, you will need to factor in the Additional Buyer Stamp Duty of 5% into your financial planning.

I have assisted many of my first timer buyer to purchase a property. Please feel free to contact me so that I can give you an overview of the purchase process, draw up a financial plan for you and more importantly highlight to you what are the important issues to look out for when purchasing a unit.

Regards,
Nick Tan
(M) +65 96 44 48 54
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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Hi Sir/Madam

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Thank you.

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Silvia Yang

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Email: Silviayang8@gmail.com Read More
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Hi Do contact me at 97970200  to understand more and help with your financial calculation.

Mark, your RIGHT choice
Propnex Read More
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I am Sorry that This platform does not allow me to direct contact you.

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