Can I use my Ordinary Account (OA) savings to service the housing loan taken by my parent(s) or sibling(s) or transfer my OA savings to their accounts to help with the loan payments?
You can only use your Ordinary Account (OA) savings to service the housing loan if you are the co-owner of the property. This ensures that when the property is eventually sold, the CPF savings you have used can be recovered and returned to your account for your retirement needs. If you are not the co-owner, you cannot use your OA savings or transfer your OA savings to your parents’ or siblings’ OA to help with their loan payments.
If they require financial assistance with their housing loan, they can:
If they have an HDB loan:
- Apply for HDB's financial assistance measures
If they have a bank loan:
-
Approach their financier for alternative repayment arrangements
This information is sourced from CPF
Related questions
Can I transfer my Ordinary Account (OA) savings to my parents' OA so that I can help them pay their outstanding housing loan?
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Can I use my CPF savings for the down payment of my property?
I am currently using my CPF savings to service my housing loan. Can I continue to use my withdrawable CPF savings for housing payments?
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