Do you fully understand how CPF can be used to offset a portion of your flat purchase? As Singaporeans, we may complain about the large proportion of our income going into our CPF accounts. But when it comes to purchasing a house, it may seem like a godsend — a large pool of funds that can be utilised instantly.
For the uninitiated, buying a property means wiping out your entire CPF funds in all of your accounts and then topping up the extra. But there are so many components of using your CPF that will make you rethink how you will be using them for the property.
For instance, does the grant money from the government need to be paid back to them? Are our CPF funds only available if we take a HDB loan? Here are some misconceptions about using CPF to finance your house that you may have mistakenly believed in, so you don’t continue spreading false news to your peers.