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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?

Updated by CPF
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:
If they have a bank loan:
  • Approach their financier for alternative repayment arrangements

This information is sourced from CPF.

Topics:

Home OwnershipHousing Scheme

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