Rules on CPF usage and HDB housing loans updated to ensure homes for life.
SINGAPORE - Home buyers can draw more from their Central Provident Fund to buy ageing flats from Friday (May 10), provided the property's remaining lease covers the youngest buyer till the age of 95.
They would also be entitled to the maximum Housing Board loan of 90 per cent of the property price or valuation if they are buying resale HDB flats, according to a joint statement by the ministries of Manpower and National Development on Thursday.
This comes as the Government shifts the rules to focus on whether a property can last a home owner for life, instead of its remaining lease.
Adapted from The Straits Times 9 May 2019