When will we need the CPF money to be ready by for purchase of BTO?
Currently I am waiting for the appointment date and my ballot number has been issued. The CPF investment from Prudential will be processed at 3 working days from OCBC to my OA account. The thing is the BTO wouldn't be ready until 4 - 5 years later, we need to sign the lease now and get the CPF money ready so early?
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Glenn Toh
25 Jun 2019
Founder at Whatcard.sg
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Never gone through the process, but sharing from personal knowledge (anyone who has personally gone through the process can feel free to correct any errors!)
The CPF money will be taken in two stages. For this initial period where you are about to sign the lease/book the flat you only need to pay the 5% downpayment, which can be done via CPF or cash.
After this you have the 4-5 year waiting period where no additional payments are required, and then only when the house is complete HDB will take all the money currently sitting in your CPF OAs and use that to paydown the cost of the house. The remaining value will then be your home loan. If you have a lot of money in CPF OA, this is the stage where you will need it in the account to payoff the loan value.