New rules on buying properties using CPF and HDB loans announced; changes take effect tomorrow
SINGAPORE: New rules on buying homes using CPF or HDB housing loans will be introduced, that will focus on whether the lease of the property can cover the buyer until at least age 95.Advertisement
If the property has less than 60 years left on its lease, a buyer is eligible to use CPF if his age plus the remaining lease is at least 80 years. “These rules have to be updated to take into account the changing needs and higher life expectancy of Singaporeans,” said the ministries in a joint media release.
This is to encourage CPF members to have “a home for life” and to secure a basic level of retirement income, said the ministries.
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