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The available balance in my Ordinary Account has been fully earmarked for payment of legal and stamp fees on my private property. Can I use my Special Account savings for the housing instalment?

April 26, 2017account Balance earmarked fees fully Legal payment private stamp

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The available balance in my Ordinary Account has been fully earmarked for payment of legal and stamp fees on my private property. Can I use my Special Account savings for the housing instalment?

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Yes, if your property was bought before 1 January 1999. Monies that are earmarked in your CPF Account will be reserved. The Special Account can be used if the balance in the Ordinary Account has been depleted after setting aside the monies earmarked. The amount that can be used every month is the shortfall in your monthly instalment payment arising from the cut in the CPF contributions to your Ordinary Account, subject to a maximum of $360 (ie 6% of $6,000) per contribution per month.