Definite Guide to Using Your CPF to Repay Your Home Loan Installments For HDB Flats and Private Property
By Seedly  •  July 13, 2020
Times are tough. Singapore is staring at an upcoming recession, with the Singapore Government projecting Gross Domestic Product (GDP) to fall 4% to 7% this year. Unemployment is also rising. In the first quarter of 2020, data from the Ministry of Manpower (MOM) indicates that Singapore’s overall unemployment rate has risen from the previous quarter, increasing from 2.3 to 2.4 per cent. This 2.4 per cent rate is the highest Singapore has experienced since the 2009 global financial crisis, due in part to the fallout from COVID-19. I would think that most of us would be affected financially or know someone who has been financially affected during this difficult time. And its times like this when debt like your home loan can weigh heavily on your finances and affect your cash flow. In Singapore, the Median Gross Monthly Income from work, inclusive of CPF contributions of full-time employed residents is at $4,563. Out of this amount, $1,232 goes to your Central Provident Fund (CPF)....
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.

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