Real Estate Self Help - Home Financing Bank Loan
What are the ways for me to finance a property purchase?There are several ways for you to finance your purchases. Basically, you can either use your CPF and/or loan from commercial banks/finance companies. Often, a combination of different types of loans and savings from your CPF is used. From 19 July 2005, the maximum housing loan for private properties and HDB flats should not exceed 90% of the purchase price or valuation of the property, whichever is lower.
Bank Loans
ABN AMRO Bank
HSBC
Citibank
Maybank
DBS Bank
OCBC Bank
dollarDEX
Standard Chartered Bank
Hong Leong Finance
United Overseas Bank
Find out more about Using Your CPF
Monday, August 11, 2008
Wednesday, August 6, 2008
Purchasing Private properties with CPF
All about CPF for purchasing private properties
Central Provident Fund (CPF) usage in purchasing private properties in Singapore
Can I buy a private property using my CPF?
Yes. Under the Approved Residential Properties Scheme by the CPF Board, you can use your CPF savings for the following purposes:
1. Pay the purchase price of the property
2. Redeem a housing loan taken for the purchase of a residential property
3. Monthly installments of existing housing loan
4. Repay a housing loan taken for the purchase of land and the construction of a house on that land
5. Pay for stamp duty, valuation and legal fees on transfer or conveyance in the purchase or mortgage of a property
However, you cannot use your CPF savings for the deposit or down payment; monthly service and conservancy charges; property tax; renovations, and repair of your property.
How much CPF can I use to buy a private property?
You may use 100% of the existing savings in the Ordinary account, and 100% of your future monthly CPF contributions that are paid to your ordinary account.
When should I apply to the CPF Board if I intend to use my CPF to buy a private property?
You must do so as soon as possible because the CPF approval can take up to 3 weeks, and the Bank loan would only be released after the CPF has released the funds from your savings account.
My brother and I are buying a private property jointly, how much CPF can we use?
Immediate family members may jointly use up to 100% of their Ordinary Account balances to buy a property. However, the total amount (lump sum and monthly installments) cannot be more than the purchase price of the property.
What criteria must i fulfill to use my CPF to purchase private properties
The following conditions must be met when using your CPF savings for buying properties:
1. Leasehold properties bought cannot have less than 60 years left in the tenure.
2. Only immediate family members can combine their CPF savings to buy a property, and they can use up to 100 % of their Ordinary Accounts. However, the total amount (lump sum and monthly installments) withdrawn by all joint owners should not exceed the purchase price of the property.
3. The CPF Board must approve the sale of the property before the property is sold, mortgaged or transferred. After the sale of the property, all money withdrawn from your CPF account, must be returned to your CPF savings. The money return must include the principle sum withdrawn and the accumulated interest of the sum withdrawn.
4. There must be a lapse of 1 year from the date of the signing of the Sale & Purchase agreement before CPF members can re-use their refunded CPF savings and accrued interest. However, this rule does not apply to those who are upgrading from HDB flats to private properties.
Central Provident Fund (CPF) usage in purchasing private properties in Singapore
Can I buy a private property using my CPF?
Yes. Under the Approved Residential Properties Scheme by the CPF Board, you can use your CPF savings for the following purposes:
1. Pay the purchase price of the property
2. Redeem a housing loan taken for the purchase of a residential property
3. Monthly installments of existing housing loan
4. Repay a housing loan taken for the purchase of land and the construction of a house on that land
5. Pay for stamp duty, valuation and legal fees on transfer or conveyance in the purchase or mortgage of a property
However, you cannot use your CPF savings for the deposit or down payment; monthly service and conservancy charges; property tax; renovations, and repair of your property.
How much CPF can I use to buy a private property?
You may use 100% of the existing savings in the Ordinary account, and 100% of your future monthly CPF contributions that are paid to your ordinary account.
When should I apply to the CPF Board if I intend to use my CPF to buy a private property?
You must do so as soon as possible because the CPF approval can take up to 3 weeks, and the Bank loan would only be released after the CPF has released the funds from your savings account.
My brother and I are buying a private property jointly, how much CPF can we use?
Immediate family members may jointly use up to 100% of their Ordinary Account balances to buy a property. However, the total amount (lump sum and monthly installments) cannot be more than the purchase price of the property.
What criteria must i fulfill to use my CPF to purchase private properties
The following conditions must be met when using your CPF savings for buying properties:
1. Leasehold properties bought cannot have less than 60 years left in the tenure.
2. Only immediate family members can combine their CPF savings to buy a property, and they can use up to 100 % of their Ordinary Accounts. However, the total amount (lump sum and monthly installments) withdrawn by all joint owners should not exceed the purchase price of the property.
3. The CPF Board must approve the sale of the property before the property is sold, mortgaged or transferred. After the sale of the property, all money withdrawn from your CPF account, must be returned to your CPF savings. The money return must include the principle sum withdrawn and the accumulated interest of the sum withdrawn.
4. There must be a lapse of 1 year from the date of the signing of the Sale & Purchase agreement before CPF members can re-use their refunded CPF savings and accrued interest. However, this rule does not apply to those who are upgrading from HDB flats to private properties.
Friday, August 1, 2008
Er...what is confirmed list system?
Er...what is confirmed list system?
Aug 3, 2008
FINANCIAL QUOTIENT
Er...what is confirmed list system?
* Where do you see this?
In articles about property and Government announcements on the sale
of land.
* What does it mean?
It is a method of selling land that the Government employs.
Sites on the confirmed list are for outright sale, meaning they will
be tendered out on scheduled dates, regardless of whether developers
have indicated interest.
* Why is it important?
This is not a market-driven approach. But it allows the Government to
hasten the development of certain sites for planning and other
strategic reasons.
For instance, in its land sales programme for the second half of the
year, it offered a 3ha hotel site at Bukit Chermin Road under the
confirmed list.
The sale of the site, it said, is timed to coincide with the 2011
completion of Labrador Nature and Coastal Walk nearby. Together,
these developments will enhance the attractiveness of the area as a
premier leisure and recreation destination.
The Government also offered a site in Stamford Road comprising the
existing Capitol Theatre, Capitol Building, Stamford House and
Capitol Centre.
* So you want to use the term? Just say...
'The Stamford Road site with the conserved Capitol Theatre is on the
latest confirmed list. That means it should be sold soon. When it is
restored, the area will become more vibrant.'
Aug 3, 2008
FINANCIAL QUOTIENT
Er...what is confirmed list system?
* Where do you see this?
In articles about property and Government announcements on the sale
of land.
* What does it mean?
It is a method of selling land that the Government employs.
Sites on the confirmed list are for outright sale, meaning they will
be tendered out on scheduled dates, regardless of whether developers
have indicated interest.
* Why is it important?
This is not a market-driven approach. But it allows the Government to
hasten the development of certain sites for planning and other
strategic reasons.
For instance, in its land sales programme for the second half of the
year, it offered a 3ha hotel site at Bukit Chermin Road under the
confirmed list.
The sale of the site, it said, is timed to coincide with the 2011
completion of Labrador Nature and Coastal Walk nearby. Together,
these developments will enhance the attractiveness of the area as a
premier leisure and recreation destination.
The Government also offered a site in Stamford Road comprising the
existing Capitol Theatre, Capitol Building, Stamford House and
Capitol Centre.
* So you want to use the term? Just say...
'The Stamford Road site with the conserved Capitol Theatre is on the
latest confirmed list. That means it should be sold soon. When it is
restored, the area will become more vibrant.'
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