02 May 2014

CPF Board Approved My Application to Use My CPF Savings for Housing

I received a letter dated 25 Apr 2014, it stated that the maximum amount of CPF that I can use for the flat is $127,500, which is 51% of the resale price of $250,000, by the way the valuation for my flat is $260,000 so they use the lower which is the resale price. It also say that my application to use my CPF savings for the purchase of the flat has been approved, doesn't that sound a bit strange, I need approval to use my savings, but well, you live in Singapore you play by it's rules, no choice.

I also called up CPF board for two questions, one is whether I need to apply for Home Protection Scheme (HPS) because the letter mentioned that I need to apply, the other is to confirm the exact number of months that I can pay by CPF. So for the HPS, CPF say I don't need to apply because I already applied for it during my HDB first appointment, and that I should have signed something to apply but I can't remember what I signed, anyway in my CPF statement, I noticed that an amount has been reserved for HPS, so I guess it's settled, I don't need to do anything for HPS.

Amount Reserved for HPS

As for the number of months payable via CPF, so far I have utilized $91,008.35 for housing, this amount is inclusive of the $15,000 singles grant.

Utilized $91,008.35 So Far

Which means that I am left with $36,491.65 ($127,500-$91,008.35) that I can pay via CPF, once I cross that amount, the rest I will have to pay in cash. My monthly payment for housing is $721, that means I can pay using CPF for about 4 years and 2 months.

2 comments:

3M said...

IS your flat a very old one? How come the max cap on the CPF usage is so low?

marrythaigirlsingapore said...

Yeah it's a very old flat, lease started in 1967.