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Home ownership is a significant milestone for many. Here's how to plan, manage your mortgage payments and make smart decisions about selling your property, all while preserving your financial security.
Purchasing a home should not strn your finances. Choose a house you can afford so that it is completely pd off by retirement time.
Consider Your Budget: Calculate how much you can realistically pay for a home without overexting yourself or compromising other financial goals.
When buying your property, consider the limits on how much you can use from your Ordinary Account OA. A combination of cash and OA savings ensures that you maximize returns while planning for retirement needs.
Calculate Your Usage: Check how much you have already used towards your mortgage from your OA. Understand how much more you can utilize before reaching any set limits.
Safeguard your home by enrolling in the Home Protection Scheme HPS. This insurance protects agnst losing your HDB flat due to unforeseen circumstances such as death, terminal illness, or total permanent disability.
When you sell your property, refunds must be made into the CPF. This restores retirement savings that were initially used for the purchase. If you have pledged your property to make up your retirement sum, this too will need to be refunded.
Amounts to Refund: Learn how much is due from you in terms of your original expiture and any accumulated interest on these funds when selling your home.
Effective budgeting plays a crucial role in your first-time homebuying journey. Our guide outlines essential strategies to manage costs while pursuing your dream property.
Gn insight into the HDB Flat Eligibility HFE letter - a document that guides whether you meet the criteria for purchasing an HDB flat and what steps are required.
Discover tips on how to effectively manage your home budget, particularly important when taking on a mortgage or large property-related expenses.
Explore the rules around how much of your CPF savings you can allocate towards buying a house.
Get clear guidance on calculating and performing refunds when selling your property, ensuring compliance with CPF guidelines.
Understand your insurance obligations if using CPF savings for monthly housing payments to protect agnst loss of the home in certn circumstances.
Explore various housing options, understand critical insurance plans, manage refunds effectively, provide feedback on your experience and access related articles for informed decision-making throughout your homeownership journey.
This article is reproduced from: https://www.cpf.gov.sg/member/home-ownership
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Budgeting for Home Ownership Managing CPF Savings Smartly HDB Flat Buying Guide Insurance Protection for Homes Selling Property and Refunds Efficient Home Budget Management