Flat buyers using CPF can keep up to S$20,000 in Ordinary Account when taking HDB loan | Singapore Property News

Flat buyers using CPF can keep up to S$20,000 in Ordinary Account when taking HDB loan

28 August
Property News


FLAT buyers now have more flexibility in using their CPF money, the Housing and Development Board (HDB) said as it launched 5,101 flats on sale from Tuesday.

Buyers can now keep up to S$20,000 in their CPF Ordinary Accounts (OA) when they take a HDB loan. Before, they had to use all the funds in their OA first.

Said HDB: "The funds can be used for their monthly mortgage instalments in times of need and will improve retirement adequacy if left unutilised."

The flats offered for sale are 4,375 Build-to-Order flats in Yishun and a new waterfront district in Punggol and 726 Re-Offer of Balance Flats (ROF) - units that remain unsold after several exercises.

Prices excluding grants for the new flats range from S$75,000 for a two-room flexi flat in Yishun to more than S$411,000 for a three-generation flat in Punggol.

The Punggol flats, in two housing projects called Punggol Point Cove and Punggol Point Woods, are in a new waterfront district that the HDB launched on Sunday.

Meanwhile, the balance flats comprise 67 two-room Flexi units, 171 three-room units, 294 four-room units, 152 five-room units, 33 three-generational flats, and nine executive flats across various towns.

About 58 per cent of these are already completed, said the Housing Board.

Applications close next Monday (Sept 3).

The next BTO launch will be in November, where the HDB will offer about 3,800 flats in Sembawang, Sengkang, Tampinese, Tengah and Yishun.

Apart from the flats in Tampines and Tengah, the rest will have a shorter waiting of time of 2.5 years instead of the typical three to four years. They are the first batch of projects with shorter waiting times first announced in 2017.

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