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Hi, you will need to be a owner to be able to use your CPF to help with monthly instalment. This will require you to have fulfilled MOP and will incur ABSD.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

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Should your girl friend add you in as a co-owner, you will be subjected to Additional Buyer's Stamp Duty as a 2nd property, provided also that you have already fulfilled your MOP for the HDB.

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Hi Sir,

You need to become one of the owners before you are able to use your CPF for the servicing of the mortgage loan. She can do a part sale to you but since you have a HDB flat, it will be considered as a 2nd property and the Additional Buyer Stamp Duty will apply.

In order to use your CPF for a 2nd property, you will need to meet the Basic Retirement Sum (BRS) before you can use the excess.

Please feel free to contact me privately so that I can explain to you in more details!

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Nick Tan
(M) +65 96 44 48 54
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Judy Rong (Seller) Dec 2023 Read More

Hi,

To use your CPF to pay the monthly mortgage, you must be an owner of the condo. If your name is added as a co-owner of her condo, it will be considered your second property, which would subject you to a 20% ABSD (Additional Buyer’s Stamp Duty). Therefore, this is not an advisable move.

Hope this helps,

This platform does not allow me to contact you directly so kindly contact me at https://wa.me/6597261112 I would be glad to assist you further.

Thank you and best regards,

Jenny Tran
Propnex Realty Pte Ltd
(HP) +65 97261112 
(Email) jenny.tran@propnex.com
BSc (Real Estate) (Hons)-NUS

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-- My husband and I wish to commend the sincere attitude and good customer service rendered by your staff Jenny, who handled the sale of our 5R HDB flat early this year. We have met several agents but none as genuine as Jenny. Being a seller agent, she took our interest at heart in handling the sale, unlike other agents who are self-interest. Jenny is punctual and prompt in the whole dealings and we were convinced that such an agent is hard for find nowadays. Jenny is a trustworthy, honest, sincere and hardworking agent. We are happy with her service and would gladly recommend her to our friends in future. Jenny is an asset to Propnex and the organisation should value her. Thank you Jenny for her efforts--
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1. To use CPF for monthly payments, you must be an owner of the property and have completed the Minimum Occupation Period (MOP).

2. If you already own a flat, purchasing another will be treated as buying a second property, which means **Additional Buyer Stamp Duty (ABSD)** will apply.

3. To use CPF for a second property, you must first meet the **Basic Retirement Sum (BRS)** in your CPF account, before using any excess for the purchase.

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Hi,

To utilize CPF for the property, you need to be owner as well. This means the 20% ABSD will be applicable on the ownership share that you buy over.

It is not necessary to clear your HDB loan before your name can be added, just that the loan for the 2nd property will be considered 2nd home loan, and the max loan to value will be lower. Do note if you have used CPF for the current property, for 2nd property CPF use again, you will need to set aside Basic Retirement Sum of 102900 in your CPF accounts before any excess CPF OA can be used for the 2nd property.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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