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Hi,

Yes you can use CPF OA to purchase the next property, typically up till 120% of the property valuation (called the withdrawal limit). Your daughter can also be the co-owner (she needs to be at least 21 years old), and with spouse as occupier no issue. Assuming you are taking bank loan for the resale hdb, typical breakdown as follows:

5% Cash
15% CPF OA
80% max bank loan
3% stamp duties and legal and hdb fees
1% agent commission (of purchase price) + 7% GST
Cash over valuation (if any)

May I have more info and requirements about your plans 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

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He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

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Hi,

You could use your CPF (Ordinary Account) to purchase your next property.

Yes, you may put your daughter as co owner (as long as she is above 21 years old) and wife as occupier no issue.

For payment wise would be as follow, assuming you are taking bank loan, up to 80%
5% cash
15% cpf or cash
3% stamp duty
Ard $2k-$2.5k for lawyer fee if private lawyer and few hundreds if hdb act as coveyancing
1% of purchase price + 7% GST agent commission

May I have more info so that could provide you better accurate solution?

Should you have any queries, feel free to contact me at my mobile no. I would gladly be of a service to you.
Good day ahead!

Shawn Yim
CEA Reg. No: R049796J
Propnex Realty Pte Ltd
HP: 9695 4627 
Email: sean_5832@yahoo.com Read More

Good evening,

As you are getting resale HDB unit, you should will not be required to fork out additional cash as long as the purchase utilize bank loan. You can use all your CPF OA for the purchase, with your daughter as co-owner and your spouse as occupier. However, do note of the possible complication in the event if you intend to utilize your daughter's CPF for housing purpose.

Legal fee is around $3,500 while the stamp duty payable is based on the purchase price. How much cash is required would depends on age of the unit that you are buying, how much loan is eligible to you and purchase price.

Do feel free to contact me should you require additional assistance.

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

Hi. lets sit down so i can propose and work out your payment breakdown for you. I am reachable via 91442664  . Looking forward to hear from you.

Tricia Tan 91442664 
Group Director Read More

Hi Sir/Mdm,

Thanks for your post!

First of all I have to say it is a good move that you are looking to purchase your property now. As to your question of whether can you use all your CPF monies in your Ordinary Account for the house purchase, the answer is yes you can. You can also use your Daughter's name to be a co-owner while having your spouse as an occupier. My guess of having your daughter name in the ownership should be because either we needed a larger loan amount and/or we need to use her CPF. When we take this move, there will be some things that we need take note too like when she needs to take her name out of the house.

As for the further financial calculations of how much cash you need will really depend on what is the house you are buying and how much is our purchase price. There will not be any penalties from CPF for your scenario. Hope that is good news to you! Haha.

If you have anymore queries, please do not hesitate to give me a call or message. We can meet up for a chat if you want to and no worries there are no obligations at all. We can just meet up for a chat and get to know a friend! Cheers.

Best Regards,

Jeffrey Heng
Associate District Director (Sincerus Division)
NAVIS Living Group - A group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

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Web : www.sgpropertyadvisers.com Read More

Hi,

There is no penalty from CPF for purchases of resale HDB except that you have to take care regarding the age of the HDB ou purchase that if it is below 60 years at the time of purchase, then, there will be some restriction in the usage of CPF.
Call 94386522  or email dfsr2010@gmail.com to obtain more clarifications if needed.
Thank you.
David. Read More

Good morning,

There's no penalty in using your CPF OA funds for this purchase.

You can utilise all your CPF OA funds as you are not 55 years old yet.

You can place your daughter as owner (as long as she is at least 21 years old) and wife as occupier.

Care to share why are you having your daughter in the application? take higher loan?

Do take note of the implication if she wishes to withdraw her name from the unit in future.

The amount of cash outlay will depend on what type of loan you are taking.

1) bank loan
- max 80%
- 5% cash downpayment
- 15% cash or cpf downpayment

2) hdb loan
- max 90%
- 10% cpf or cash downpayment

other expenses:
1) valuation fee $200
2) resale submission $80
3) stamp duties estimated 3% of purchase price (can use cpf)
4) legal fees depends (hdb or private lawyer)
5) agent's commission (1% of purchase price plus GST)

Hope my explanation help!

Perhaps you can share more with me so I will be in a better position to value add further.

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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