{"id":107077,"date":"2019-05-13T12:39:23","date_gmt":"2019-05-13T05:39:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-cpf-rules-give-hope-to-owners-of-older-hdb-flats\/"},"modified":"2019-05-13T13:02:56","modified_gmt":"2019-05-13T06:02:56","slug":"new-cpf-rules-give-hope-to-owners-of-older-hdb-flats","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-cpf-rules-give-hope-to-owners-of-older-hdb-flats\/","title":{"rendered":"New CPF Rules Give Hope To Owners Of Older HDB Flats"},"content":{"rendered":"


\nWith the new rules, Singaporeans will now have more flexibility in using their Central Provident Fund (CPF) when purchasing older properties.
\nThe introduction of\u00a0new rules on the use of Central Provident Fund (CPF) savings as well as Housing and Development Board (HDB) loan restrictions when acquiring a flat has given more hope to owners of ageing HDB flats who have been looking to sell their units for quite some time.
\nLilian Wong, who has been looking for a buyer of her parents\u2019 three-room flat at Jalan Bahagia since September 2018, revealed that some deals fell through as potential buyers were unable to use their CPF funds to finance the acquisition, reported Today Online.
\nThis comes as the previous rules prevent buyers who are planning to purchase a flat with less than 60 years of lease from using the full amount of their CPF savings.
\nBut with 50 years left on the lease of Wong\u2019s parents\u2019 unit, buyers aged 45 and older would enjoy flexibility in using their CPF savings in case they want to acquire the house under the new rules.
\nAlthough it is still too early to feel the new rules\u2019 impact, Wong said: \u201cFor older folks who want to downgrade, hopefully this will mean that some buyers might turn around and say \u2018maybe we want to think about it\u2019.\u201d
\nShe noted that unlike earlier announcements like Home Improvement Programme (HIP) II and Voluntary Early Redevelopment Scheme (Vers) \u2013 which are still \u201cin the air\u201d \u2013 the new rules are \u201cmore tangible\u201d.
\nGet insights on new and existing housing estates with PropertyGuru\u2019s\u00a0AreaInsider\u00a0series.
\n\u201cThis is in your hand, you know what you can do. To me, this is a plus,\u201d said the 67-year old retiree.
\nTechnical officer Tun Tun, who has been selling his three-room flat at Circuit Road since January last year for $280,000, believes the announcement of HIP II and Vers changed nothing.
\n\u201cNot many people are interested in HIP 1 or HIP 2,\u201d said the 64-year old, who has reduced his asking price for his flat, which has 50 years of lease left, to $250,000. This is lower than the $296,000 he paid when he bought it in 2011.
\n\u201cI am losing a lot of money,\u201d he said. \u201cIt\u2019s more than one year. It\u2019s very, very hard to sell. People who are interested have issue (in finalising the deal).\u201d
\nCalvin Loh, who has been selling his three-room flat at Commonwealth for about four months, believes the new rules could \u201chelp in some way\u201d even as the changes are \u201cnot significant\u201d since they only benefit older buyers who could maximise their CPF usage and secure higher loans.
\nAnd while he acknowledge that at least the government is doing something, the 39-year old observed that he and his fellow neighbours who are planning to sell their ageing units are \u201cstill stuck\u201d in this predicament.
\n\u201cYou know it\u2019s bad already; a lot of people are not looking at these kind of old flats. Unless you sell below valuation,\u201d added the showroom manager for kitchen fittings.
\nFind\u00a0HDB flats for sale\u00a0or read our\u00a0HDB guides\u00a0to make better-informed decisions. Can you afford an HDB flat? Check your\u00a0affordability\u00a0now.\u00a0
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New CPF Rules Give Hope To Owners Of Older HDB Flats<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With the new rules, Singaporeans will now have more flexibility in using their Central Provident...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107077","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rR3","jetpack-related-posts":[{"id":106993,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-rules-on-cpf-usage-how-will-this-affect-homebuyers\/","url_meta":{"origin":107077,"position":0},"title":"New Rules On CPF Usage \u2013 How Will This Affect Homebuyers?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","date":"May 10, 2019","format":false,"excerpt":"\r Singaporeans will now have more flexibility in using their Central Provident Fund (CPF) when purchasing older properties. From Friday (May 10), home buyers will be able to draw more from their CPF to buy ageing flats, provided that the property\u2019s remaining lease covers the youngest buyer until the age\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114503,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-offer-more-two-room-flats-in-may-and-august-sale-exercises\/","url_meta":{"origin":107077,"position":1},"title":"HDB to offer more two-room flats in May and August sale exercises","date":"February 25, 2020","format":false,"excerpt":"\r The upcoming BTO exercises in Tengah, Choa Chu Kang and Woodlands will offer more two-room flats for singles 35 years old and above.\u00a0 HDB will offer more two-room Build-To-Order (BTO) flats in Tengah, Choa Chu Kang and Woodlands as more singles acquire homes following a rule change in 2013,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cpf-rule-changes-likely-sparked-demand-for-older-hdb-flats\/","url_meta":{"origin":107077,"position":2},"title":"CPF rule changes likely sparked demand for older HDB flats","date":"August 7, 2019","format":false,"excerpt":"\r The government\u2019s policy updates on Central Provident Fund (CPF) usage and Housing and Development Board (HDB) housing loans may have given the HDB resale market a new lease of life. This comes as demand for older HDB flats surged in the second quarter of 2019, with the number of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":107077,"position":3},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-upgraders-on-a-condo-buying-spree\/","url_meta":{"origin":107077,"position":4},"title":"HDB upgraders on a condo buying spree","date":"November 15, 2021","format":false,"excerpt":"\r HDB upgraders on a condo buying spreeIn the first nine months\u00a0of 2021, 7,169 buyers with HDB addresses\u00a0purchased new and resale private homes, a 21% increase from the same period last year. The rapid increase in Housing and Development Board (HDB) resale prices has enabled HDB upgraders to easily acquire\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":113576,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/760000-cpf-members-to-get-home-protection-scheme-rebates\/","url_meta":{"origin":107077,"position":5},"title":"760,000 CPF members to get Home Protection Scheme rebates","date":"January 13, 2020","format":false,"excerpt":"\r Those eligible for HPS rebates will receive at least $500 and will be notified via email, SMS or letter.\u00a0\u00a0 Around 760,000 Central Provident Fund (CPF) members are set to receive premium rebates from the Home Protection Scheme this month. In fact, rebates worth $640 million will be given out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107077"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=107077"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107077\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=107077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=107077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=107077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}