Under the Public Housing Scheme (PHS), CPF members can use their Ordinary Account (OA) savings to buy new or resale HDB flats.
CPF members who are eligible to buy a new or resale HDB flat can use their CPF savings under the PHS unless they are buying:
The CPF OA savings can be used to:
How to apply
To use your CPF to repay your HDB concessionary loan:
CPF members using CPF savings to pay monthly housing loan instalments for HDB flats must be insured under the Home Protection Scheme (HPS). The HPS is a mortgage-reducing insurance that protects members and their families against losing their homes in the event of death or permanent incapacity before their housing loans are paid up.
Valuation and Withdrawal limit
There are limits to the amount of CPF savings that can be used depending on:
The limits that may apply are:
Buyers of new HDB flats with a HDB concessionary loan can use their CPF OA savings until the loan is fully paid
Refund to CPF
Buyers who have used CPF savings to finance a HDB flat purchase will need to make a refund to their CPF after the sale of the flat.
The CPF refund includes:
If the sales proceeds after paying the outstanding HDB loan and HDB resale levy is not enough for a full CPF refund, you do not need to top up the shortfall in cash, provided the flat is sold at market value.
Source: HDB, CPF, The Edge Property