AskGuru Q&A Community

Evening,

You are not eligible to utilize SA for purchase of residential properties. As for OA, it would depend on your age and whether you have any existing residential property in hand which have utilized CPF monies. If you are below the age of 55 and does not have any residential property in hand, you will be eligible to utilize all your existing OA for the purchase.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good evening buyer,

I am afraid to inform you that you are not eligible to utilise your SA for purchase of residential property.

As for the usage of CPF OA funds, you can utilise up to 120% (withdrawal limit a.k.a WL) of valuation limit. Valuation Limit (VL) is lower of valuation or purchase price at time of purchase.

Btw do take note that in order to continue using your CPF beyond VL, up to WL, you need to meet the following requirements:

1) Below 55 years old: To set aside the current Basic Retirement Sum (BRS) in your Special Account (SA), including the amount withdrawn for investment, and Ordinary Account (OA).

2) 55 years old and above: To meet the BRS in your Retirement Account (RA), SA (including the amount withdrawn for investment) and OA.

Hope my sharing is beneficial to your property purchase.

May I know how can I continue to value add in this purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi,

You can't use your SA for residential property purchase. Depending on whether this is your 1st or 2nd residential property, the amount of CPF monies in OA you can use will vary. If its your 1st residential property, its likely you can use your current full OA amount. Otherwise, there will be minimum sum restrictions. May I have more details so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi Sir/Mdm,

You are only able to utilize the money in your Ordinary Account (OA) for your housing needs. As to how much you can use, it depends on your age as well as the age of the property.

Please feel free to contact me so that I can assist you to determine the amount you will be able to use!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi,
Only can utilize OA to purchase residential property. How many % will depends on the age.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More