Welcome Guest [Log In] [Register]
Welcome to the China Property Forum, a finance and economics discussion forum focused on Chinese and global housing markets. Please register here or log in below.

Username:   Password:
Add Reply
CPF Usage in Property Purchases- North Park Residences; Real Estate
Topic Started: 24 Nov 2014, 09:21 PM (57 Views)
Suzanne Ng
No Avatar

• 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
Offline View Profile "REPLY" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
« Previous Topic · China Real Estate Property Forum ( 中国房地产论坛 ) · Next Topic »
Add Reply



The China Property Forum is an economics and finance forum dedicated to discussion of Chinese and global real estate markets, including China house prices, global house prices, housing affordability, and the likelihood of a global house price crash or China house price crash. Is there a Chinese housing bubble? Will house prices crash, boom or stagnate? Is it better to buy using a home loan, or rent and save the difference? How might a credit crunch or peak debt environment impact Chinese property prices? Is the Chinese property market a pyramid scheme or Ponzi scheme? Can house prices rise forever as people bet on future gains, refinance their mortgage and borrow against equity, or can we find a more sustainable long term approach to managing the Chinese housing market? These are the type of questions we hope to address here, at the China Property Forum, the premier real estate site for property bears, bulls, investors, and speculators! Whether you're a Property Investor, First Home Buyer (FHB) or you're a happily renting tenant, this forum has something for everyone. The forum includes a blog feature, so members may create their own property blog.

China Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. China Property Forum is not a provider of financial advice. China Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. Posts on China Property Forum may contain links to other websites operated by third parties. These websites are not under the control of China Property Forum and CPF management is not responsible for their content.

It is not permitted for any China Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. China Property Forum members are solely responsible for the accuracy and authenticity of their posts, including any alterations made to posts. It is not permitted for China Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: China Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to China Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

China Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy