How Public Home Scheme works?
When buying a new flat, all the savings in the CPF Ordinary Account may be used to pay the 20% deposit as well as the balance of the buying price. For a resale flat, CPF savings may be used to pay either the purchase price or its market value as determined by a valuer appointed by the Housing Board, whichever is lower. If a housing loan is taken out, future monthly contributions may be used to pay the instalments. The savings can also pay for stamp duty and legal fees incurred in the purchase.
