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Addressing enquires of using CPF after 55 to repay housing loans

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This is to address people who enquire because of the recent feeds from Facebook that states that Singaporeans can’t use CPF to repay housing loans.

The answer to this question from CPF is this:

“Whether your CPF can be used to repay housing loans after 55, depends on how much CPF savings you have at 55, and how much you have already used for housing.

When you turn 55, a Retirement Account (RA) is created using savings from first your Special Account, then Ordinary Account (OA) to meet the Minimum Sum (MS) relevant to your cohort. While the MS provides monthly payouts from your draw down age, the balance in your OA can be used for housing loan repayments.

Members who are able to set aside more than half of the MS, will be able to use the amount in excess of half of the MS for housing loan repayments.

For example:

1/2 of MS: $74,000
If you have $100,000
You can use $100,000-$74,000
=$26,000 for housing loan

If you continue working after 55, your CPF OA contributions can also be used for housing loan repayments.

However, housing withdrawal limits may apply. This is to safeguard members from overspending on their housing loan repayments at the expense of their retirement savings.”


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