Central Provident Fund (CPF) members will continue to earn interest at 2.5 per cent per annum on their Ordinary Account (OA) and at 4 per cent per annum on their Special and Medisave accounts (SMA) between Jul 1 and Sep 30. The concessionary interest rate for Housing and Development Board (HDB) mortgage loans - pegged at 0.1 per cent above the OA interest rate - will remain unchanged at 2.6 per cent per...
Central Provident Fund (CPF)
New CPF, HDB loan rules give buyers flexibility, may make older properties more attractive: Analysts
Rules for buying homes using Central Provident Fund (CPF) money and HDB housing loans will be updated on Friday (May 10) – a move “in the right direction” that will give home buyers here more flexibility, some industry watchers said. The new rules could also sway demand for ageing homes, they added. READ MORE: New rules on buying properties using CPF, HDB housing loans Citing changing needs...
CPF rule change for HDB loans gives buyers flexibility, but beware of over-leveraging risks: Experts
Allowing those who are taking a home loan package from the Housing Board to have options in how they want to use their Central Provident Fund (CPF) money is a “good” move that will give flat buyers greater flexibility in planning for their finances, experts said. However, there could be some risks of over-leveraging as would-be homeowners take up bigger loans, they cautioned. In an announcement...
Flat buyers can now choose to keep up to S$20,000 each in their Central Provident Fund (CPF) when taking a loan from the Housing and Development Board (HDB), the housing board said on Tuesday (Aug 28). Previously, buyers would have to fully utilise the balances in their CPF Ordinary Account (OA) to pay for their flat before taking up an HDB loan. The move will provide flat buyers with "greater...
Besides improving retirement adequacy, the move to allow flat buyers to retain S$20,000 in their Central Provident Fund (CPF) Ordinary Account when taking up Housing and Development Board (HDB) loans would provide some relief and flexibility to homeowners who are retrenched or between jobs, said experts. Before the change, which took effect on Tuesday (Aug 28), buyers had to first use up the entire...
Minister for National Development Lawrence Wong said in a blog post on Monday that his ministry is looking into how to let buyers of shorter-lease flats use more of their CPF funds for their purchase, without compromising their retirement savings. Improving the liquidity of the resale market for older flats, he said, would facilitate an elderly resident’s move to a smaller unit. Currently, CPF...
The CPF Valuation Limit is not a constraint for most members who are servicing home loans via their CPF savings. This is in response to MP for Pasir Ris-Punggol GRC Gan Thiam Poh's question on whether the CPF Board will review the CPF withdrawal limit for housing. The valuation limit restricts the amount of CPF savings members may use for property purchases to the lower of property price or property...
From July, the prevailing CPF minimum sum (MS) will be revised upwards to S$131,000, up from S$123,000. The CPF Board said the new MS will apply to members who turn 55 from July 1 2011 to June 30 2012. It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013. CPF Board said the increase in minimum sum, which includes an adjustment for...