International Business & Economy Can I use my CPF and other questions on buying that second...

Can I use my CPF and other questions on buying that second property in SG

Author

Date

Category

- Advertisement -

QUESTION 1: Can a HDB owner buy a 2nd property in Singapore?
A Singapore Citizen CAN buy a 2nd (private) property after completing the 5 years MOP (minimum occupation period) of his HDB flat. He need NOT sell his existing HDB flat to buy a 2nd property. A Permanent Resident however CANNOT buy a 2nd property. He will be required to sell his HDB flat prior to purchase of another property.
QUESTION 2: Can a Bank Loan be used to buy the 2nd property?
Yes it can. However if the loan on the HDB flat is not fully paid up yet, the new loan will be capped at the maximum of 50% of the Purchase Price.
QUESTION 3: Can CPF savings be used to buy a 2nd property?
Yes it can. However half of the Retirement Sum (“RS”) (currently $80,500) will need to be locked in the CPF Ordinary Account (“OA”) and Special Account (“SA”) combined and cannot be touched. Any excess amount in the OA (after taking into account the $80,500) can be used to purchase the 2nd property and the serving of monthly installments.

Abstracts from APEX LAW LLP.

- Advertisement -

Still no news about investigations into Ivan Lim, six months after GE2020

Some netizens are wondering why there has been no news on the investigation into former People’s Action Party (PAP) candidate Ivan Lim, especially since it has been more than half a year since the 2020 general election took place. Ivan Lim made...

Photo of deliveryman praying at HDB void deck goes viral

Over 13,000 netizens on Facebook have appreciated a viral photo of a deliveryman silently conducting his prayers at the void deck of a HDB block in Pasir Ris. The photo was published on social media by Facebook user Ong Beng Lee, who...

Video: Wheelchair-bound uncle rummaging through food waste at Chinatown hawker raises questions

A short clip of a wheelchair-bound elderly man has been circulating on social media, drawing various reactions and raising questions from netizens. The clip, posted on Monday (Jan 11), showed an old man turning over a bin at the utensil-return area in...