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What are the conditions for using CPF to purchase a private property? |
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The following conditions must be met: Tenure left for leasehold properties cannot be less than 60 years. The total amount withdrawn from ordinary account cannot exceed the purchase price of the property. though 100% of the funds in the CPF ordinary account can be used.. Joint owners must be immediate family members. Before the property is sold, transferred or mortgaged, it must be approved by the CPF Board. If the property is sold, all money withdrawn from the CPF ordinary account, including the accumulated interest of the sum withdraw must be returned to the account. CPF members can only re-use their refunded CPF saving and accured interest after one year from the date of the sigining of the Sale and Purchase agreement. The rule, however, does not apply for upgraders from HDB flats to private properties.
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