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| CPF Usage in Property Purchases- North Park Residences; Real Estate | |
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| Tweet Topic Started: 24 Nov 2014, 09:20 PM (66 Views) | |
| Suzanne Ng | 24 Nov 2014, 09:20 PM Post #1 |
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• What can be paid with CPF? • Who can use CPF? • Sole owners • Immediate family members • Fiancé-fiancée • Non-related singles • Restrictions to usage of CPF • Procedure What can be paid with CPF? CPF can be used for: •Any part of the purchase price (subject to minimum cash down payment rules) • Reimbursement of stamp fees • For BUCs, it is possible to pay stamp duty directly from CPF. However, it is usually done on a reimbursement basis due to the timeline • For completed properties, stamp fees have to be paid by the purchaser in cash, and can only be reimbursed from their CPF • Repayment of monthly instalments • Repayment of bridging loan NB: If a loan is involved, the bank needs to consent (usually stated in the bank’s Letter of Offer) Who can use CPF? Sole owners • No cap to the number of properties using CPF Immediate family members • No cap to the number of properties using CPF • Need to prove relationship (marriage/birth certificate) Fiancé-fiancée • Need to undertake to produce certified true copy of marriage certificate to CPF Board • For EC, within 3 months from taking over possession of the unit • For BUC, within 1 year from date of release of CPF funds • For completed properties, provide intended date of marriage (e.g. date of ROM, booking of banquet) Non-related singles • Can only be used once • Parties must be single, and cannot be related (i.e. not immediate family members) Restrictions to usage of CPF • Only funds in CPF Ordinary Account and certain amounts in Retirement Account (shown when logged into the CPF Portal) may be used • Minimum Sum: currently $155,000 • If CPF was used previously, half of Minimum Sum (i.e. $77,500) needs to be set aside • The amount needs to be set aside in OA, SA and CPFIS-SA Procedure • CPF funds require usually 2 to 3 weeks from date of application before disbursement • Documents required:- • Duly signed Letter of Offer (if taking a loan) • Marriage/birth certificate • CPF statement (for lawyers to ensure funds are sufficient) • For ECs, purchasers need to meet with their lawyers as early as possible upon receipt of S&P http://propertylaunch-invest.com/2013-09-25-10-29-25/district-27/property/northpark-residences.html |
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4:27 PM Jul 11