Under the 2-room Flexi Scheme, you have the flexibility of choosing the length of lease on your 2-room flat, based on your age, needs, and preferences. If you are aged 55 and above, you can take up a lease of between 15 and 45 years in 5-year increments, as long as it covers you to the age of at least 95 years. However, do note that you will need to set aside a Basic Retirement Sum of $93,000 in 2021 before you are allowed to use your remaining CPF Ordinary Account.
Under this scheme, you must be at least 55 years old at the time of flat application. The allowable lease period will be based on your age at the time of flat application. The chosen lease must be able to last you until at least age 95. The selection of lease period will be made during the flat selection.
If you are a first-timer and single, you can buy a new 2-room flat in non-mature estates.
If you or any person listed in your flat application owns a private property either locally or overseas, you must dispose of all private properties within 6 months from the date of taking possession of the 2-room Flexi flat.
Hope this answers your question.
I may need some info from you. Do reach out too me at 8866 7000 for a non-obligatory discussion.
If you're buying cash, then no problem.
You can also explore buying 2 room resale before 55. It your CPF is able to pay all, then your cash proceeds is untouched.
You win time and don't have to do 30 months waiting time.
Either option, do the calculation for money vs time.
See which one will be better for your situation..
Hope this helps !
- Hakim Realtor