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Can I use my CPF savings to pay for my housing loan after I turn 55?

Updated by CPF
Yes, you can continue to use your Ordinary Account (OA) savings to pay for your housing loan after you turn age 55 years old.  
 
What happens when you turn 55
On your 55th birthday, a Retirement Account (RA) is automatically created for you. Savings up to your Full Retirement Sum will be transferred from your Special Account and OA to your new RA.
 
How to continue using OA funds for housing loan
 
  • Reserved OA savings: You can apply to reserve OA savings for housing loan repayments before you turn 55.  Once you start monthly payouts from age 65 onwards, any remaining reserved OA savings will be transferred to your RA (up to your Full Retirement Sum) to increase your payouts.
  • New CPF contributions: If you continue working after 55, your new OA contributions can be used for housing loan payments. However, CPF contribution rates and OA allocation rates decrease after age 55, so you should factor these reduced amounts into your financial planning and make alternative financing arrangement if needed.  

This information is sourced from CPF.

Topics:

Home OwnershipHousing Scheme

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