Freelancer’s guide to securing a home loan in Singapore
most people opt to use their CPF Ordinary Account to foot the downpayment for their property, whether fully or in part.
As such, if you can afford it, you may consider topping up your CPF OA before applying for a mortgage. Having sufficient funds would mean that you won’t have to worry as much about how to finance your property purchase. The only thing you have to take note of is how it may affect your CPF withdrawal limits. You want to be diligent with declaring your income, tracking invoices and tax statements, and contributing to your Medisave, CPF OA accounts.
However, Paul Wee, Vice President – PropertyGuru Finance mentions that “homebuyers with special circumstances, such as those who earn an irregular income, or those who receive dividends, may not receive the most thorough assessment” when submitting their HFE application.
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