Quick Answer: Can I Use Special Account To Buy HDB?

Which CPF account can I use for housing?

You may use your OA savings to pay the monthly instalments of your housing loan up to the VL.

2.

Meet the BRS in your Retirement Account, Special Account and Ordinary Account if you are 55 and above.

The Withdrawal Limit (WL) is 120% of the VL..

How do I put money in my CPF Special Account?

8 Steps to Transfer Cash Into Your CPF Special AccountSTEP 1: Navigate to “Building Up My/ My Recipient’s CPF Savings” … STEP 2: Enter Your CPF Account Number. … STEP 3: Select “Top Up Your Own SA Account Under The Retirement Sum Top Up Scheme”STEP 4: Key in Your CPF Account Number Again.More items…•

Can special account be used for housing?

CPF members can use their Ordinary Account (OA) savings for the downpayment, monthly instalments and mortgage arrears for their housing purchase. The Special Account (SA) savings are generally preserved for members’ retirement needs, and cannot be used for housing purposes.

What is CPF Special Account Interest Rate?

They will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and MediSave accounts (SMA) monies in the last quarter of 2020.

Can use CPF Special Account buy property?

Can I use my Special Account savings to make a lump sum payment for my housing loan? As your Special Account (SA) savings are meant for retirement, only your Ordinary Account (OA) savings can be used to make a lump sum payment for your property.

What can special account be used for?

Ordinary Account: Used for housing, insurance, investment, and education. Special Account: Used for retirement and retirement-related investments. Medisave: Used for hospitalisation and medical insurance.

What is the maximum amount in special account?

It must also be noted that there is a cap. to your Medisave Contribution (which is up to $49,800 as of 2016) and Special Account (which is up to S$166,000 as of 2018).

Can I withdraw money from CPF Special Account?

The amount you can withdraw depends on the balances in your CPF account and the year you reach 55 years old. In general, you can withdraw the balances in your Special Account and Ordinary Account, if you have set aside your Full Retirement Sum in your Retirement Account.

Can I transfer from OA to SA after 55?

You may transfer your Special Account (SA) and/or Ordinary Account (OA) savings to your Retirement Account (RA) if you are: age 55 and above, and. have less than the current Enhanced Retirement Sum in your RA.