Organization : Central Provident Fund Board
Scheme Name : Public Housing Scheme
Country: Singapore
Website : https://www.cpf.gov.sg/member
Public Housing Scheme:
The Public Housing Scheme (PHS) enables CPF members to use their CPF Ordinary Account savings to buy new or resale Housing and Development Board (HDB) flats.
Related : CPF Central Provident Board CPF Education Scheme Singapore : www.statusin.org/419.html
What is Public Housing Scheme (PHS)?:
Under PHS, you can use your CPF Ordinary Account (OA) savings to buy an HDB flat (new or resale).
It can be used to:
** finance all or part of the purchase price;
** service monthly housing loan instalments taken to buy the HDB flat; and
** pay the stamp duty, legal fees and other related cost such as flat upgrading cost.
Am I eligible to use CPF savings under PHS?:
All CPF members who are eligible to buy a new or resale HDB flat are eligible to use their CPF savings under PHS.
You are not eligible if you are:
** buying an HDB flat with a remaining lease of less than 30 years; or
** buying an HDB flat with a remaining lease of less than 60 but at least 30 years and your age plus the remaining lease of the HDB flat is less than 80 years.
You can check your eligibility to buy an HDB flat at the HDB website.
Read the Terms and Conditions to use your CPF to buy an HDB flat with HDB concessionary loan.
Read the Terms and Conditions to use your CPF to buy an HDB flat with a bank loan*.
Note:
*includes housing loan taken from the bank or financial institution.
Evaluate:
How much CPF savings can I use?:
To ensure you have enough CPF savings for your retirement years, there are housing limits on the amount of CPF savings you can use. It depends on:
** whether it is a new or resale HDB flat; and
** whether you are financing your HDB flat via an HDB concessionary loan or bank loan.
Based on the above two factors, the following limits will apply:
Valuation Limit (VL) is the purchase price or the value of the HDB flat at the time of purchase, whichever is lower.
Withdrawal Limit (WL) is 120% of the VL. This is the maximum amount of CPF you can use for the flat.
You can refer to the table below for more details if you are buying a HDB flat with a remaining lease of at least 60 years.
How much do I need to refund to my CPF upon the sale of my HDB flat?:
If you have used your CPF savings to finance your HDB flat, you will have to refund to your CPF:
** the principal CPF amount (P) which you have withdrawn for the HDB flat; and
** the accrued interest (I) which you would have earned if the savings were not taken out from your CPF account.
If you are 55 years old and above, and have pledged your property to withdraw your Retirement Account (RA) savings in cash, you will need to refund the pledged amount on top of the P and I.
The amount refunded will be used to set aside:
** your Full Retirement Sum in your RA; and
** the current Medisave Minimum Sum (MMS) in your Medisave Account (MA) if required.
Afterwhich, you can withdraw the balances in cash.
From 1 January 2016, the MMS will be removed. You will no longer be required to top up your MA before making a CPF withdrawal. In view of this upcoming change, from now till 31 December 2015, you have the option not to top up your MA when making a housing refund. Please write to our Housing Schemes Department to do so.