Paying for my HDB with CPF after 55 Years Old


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We have got many readers asking us if they can utilise their CPF to pay for their homes after they reach the age of 55.
We have found the answer for you!

Answer: YES YOU CAN!

When you reach the age of 55, the money in your CPF Ordinary Account (OA) and Special Account (SA) gets transferred into a new CPF Retirement Account (RA).
2 points to note when using your CPF money to pay for your house after you reach age 55.

1) You may use the money in your Retirement Account in excess of your cohort’s Basic Retirement Sum (BRS).
Eg; you turn 55 in year 2018. Your cohort’s BRS is $85,500.
This means you can withdraw your RA savings above $85,500 to pay for your house.

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2) You may use the money in your OA to pay for the remaining outstanding amount (or loan).
After setting aside money into your RA, if your OA still has money to cover your outstanding housing amount, it will be used to pay for it.
However, if there is insufficient balance in your OA currently, your monthly OA contribution will then be used to pay for the monthly installment for the housing loan.

However, you cannot touch the money in your RA to pay for your outstanding home loan.
Eg; you transferred $30k from OA and $40k from SA into your RA when you reach age 55. Now your RA has $70k, but the BRS for your cohort is $85k. In this case, you will not be able to use any of the $70k to pay for your home loan. Instead, the amount for your home loan will be deducted from your monthly CPF contribution.

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