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I'm a 30yrs old man, single. I would like to ask if my family of 3 (Me, Mother & younger sister) wants to purchase a resale flat, can we use my mother's CPF for the downpayment of the flat and whereas my CPF for the monthly mortgage installments? Because my mother will no longer be working anymore soon due to her health conditions and will not be able to contribute any CPF further. My current CPF amount is est: SGD25k

Mother (1st Owner)
Me, Son (2nd Owner)
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1 Answer

Mike Lim
Replied
Afternoon Herman,

Firstly, how old is your mother? We need to set aside the minimum sum, after age of 55y/o. And the amount of CPF that's available will differ from normal situation.
You are eligible to purchase resale unit with your mother, with both being the owner. The mortgage loan will be computed based on your sole income. Whatever amount of CPF that is available to your mother can be used to pay for the down payment. (Do not forget the 5%cash if you are taking bank loan).
As for the monthly installment, you can request for the amount to be paid using your CPF only.

FYI.
Mike Lim
 96929209 
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