May 12, 2009
Central Provident Fund Board
How do I make an application to use my CPF money?
You must first obtain a bank's or finance institution's Letter of Offer before you make an application to the CPF Board to use your CPF money. It is also advisable to consult a bank officer handling your loan application to assist you in filling up the CPF application form. If you are purchasing the property jointly with someone and you intend to use your joint CPF savings, then both applicants must either be immediate family members or your spouse.
How can I use my CPF moneys?
You may use your CPF moneys to: -
a. make payment to the Vendor for the purchase of the property;
b. redeem the whole or part of your housing loan;
c. pay the monthly installment of your housing loan; and
d. pay legal fees, stamp duty,transfer fees and other related costs.
You may use up to 100% of your existing CPF savings in the Ordinary Account and 100% of your future monthly CPF contribution paid into your Ordinary Account.
Can I use my CPF savings to pay for the stamp duty and legal fees?
Yes, you can do so as long as the bank or finance institution has no objections and provided that the loan quantum and total CPF withdrawals do not exceed 80% of the purchase price or the valuation whichever is lower.
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