Everything so expensive
Now after knowing all the Cost/Other factors in Part 1, let’s move on to the only way to get a Second Home.
Utilising CPF – If only you never wipe out your CPF after your 1st house
- You can only utilise it if your CPF(OA/SA/CPIS-SA) have more than Half of the prevailing CPF minimum Sum currently at $80,500 [$161,00/2].
- If your CPF surpass the $80,500 mark ( You can only use the excess – the amount above $80,500)
- How much can you use?
- Valuation Limit – Purchase Price or The Value of the property (Which ever is lower)
- Withdrawal Limit (Maximum amount use on private property) – 120% of Valuation Limit
- Which can you use?
- You are first entitled to use the valuation limit which is 100%
- In order to use the Withdrawal Limit your CPF have to set aside the Basic Retirement Sum (BRS) in your ...
- How much can you use?