How Progress Payment Works?

[WhoAmI?]

I have some questions need help from the property expert her…

I bought a new condo in 2013 without taking any housing loan. For first three progressive payments I used hard cash to make all these payments. I predict my fourth progressive payment should be around early 2016. Question:-
1. Can I use my CPF OA to make this fourth progressive payment as my cash only available mid 2016?
2. After that can I use cash again to make my fifth and future progressive payment?


Thanks In Advance

[Arcachon]

How do I apply to use my CPF to buy my private property?

1. You will have to authorise your lawyer to submit

an application form to use your CPF savings to buy the private property; and
a valuation report prepared by a licensed valuer
2. You will receive a Letter of Approval.
3. You will have to instruct your lawyer to work with CPF Board’s lawyer to complete the legal documentation.

Your CPF savings will be released to buy the private property after you have:

submitted all legal documentation;
paid the required cash downpayment of at least 5% of the valuation limit; and
paid any balance purchase price after taking into consideration the CPF lumpsum and the housing loan amount.

https://www.cpf.gov.sg/Members/Schem...perties-scheme

[nydeidith]

just tell lawyer what you want to do...they will know how to settle for you

[Arcachon]

Pay cash, maybe lawyer also save.

[strawberrysis]

You cant go from cash to cpf(e.g. 4th payment) then back to cash. (5th payment)

[FREDDIE]

But for those buyers run out of CPF OA fund but still they have hard cash. How?

[FREDDIE]

My question is once we used the CPFOA to pay any progressive payment. All future payment must be from CPFOA and can not be cash. Is that true?
My friend said once activated CPFOA payment all future progressive payment must be thought CPFOA no way to revert back to cash.

[kaedenong]

I have some questions need help from the property expert her…

I bought a new condo in 2013 without taking any housing loan. For first three progressive payments I used hard cash to make all these payments. I predict my fourth progressive payment should be around early 2016. Question:-
1. Can I use my CPF OA to make this fourth progressive payment as my cash only available mid 2016?
2. After that can I use cash again to make my fifth and future progressive payment?


Thanks In Advance

hi WhoAmI, normally for new launch property purchase (no mortgage loan), if you are using your CPFOA, it will be utilized first and follow by cash top up for any shortfall (putting aside the first 5% booking fee is payable by cash). for your case you may seek lawyer advise whether you are still entitle to use your CPFOA to service the payment. they may also assist you to check with CPF board. hope this helps.

[hopeful]

But for those buyers run out of CPF OA fund but still they have hard cash. How?

would not the solution be voluntary contribution to CPF with the hard cash?
cash --> CPF OA --> progressive payment?