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Hi,

You need to be the owner before you can use CPF to fund the property, hence in this case all 3 of you can apply to be owners. Then you will be able to use your CPF to fund the property, as well as use their incomes to apply bank loan.

If you are not taking any grant for this resale flat, it will not affect her first timer status. Just that next time when they apply, her name needs to be removed from this resale flat, and you need to return the cpf she utilized for this property, as well as be able to finance the property on you and your wifes name by then.

Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Good evening Bernard,

In order to utilise your CPF OA funds to finance the purchase, you will need to be one of the owners.

You dont have to be the borrowers, just both and your spouse can be the borrowers. I will suggest both of them to check how much loan can they obtain first before kickstart the house hunting process.

As long as this unit is purchased without CPF housing grant, it will not affect her first timer status.

If she will to remove her name from the ownership in future, both of you must be able to return her the CPF OA funds that she has used in this flat and take on the balance loan.

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Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

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