0112 Written Answer by Minister for Manpower Dr Tan See Leng on Utilisation of CPF savings for Mortgage Loans

NOTICE PAPER NO. 897 OF 2021 FOR THE SITTING ON OR AFTER 12 JANUARY 2022
QUESTION NO. 1390 FOR WRITTEN ANSWER

MP: Mr Zhulkarnain Abdul Rahim

To ask the Minister for Manpower whether the CPF Board will consider allowing CPF savings to be utilised to service mortgage loans for HDB flats based on Islamic financing.

Answer:

1. There are currently no mortgage loan products for HDB flats based on Islamic financing. If financial institutions approach relevant authorities to allow the use of CPF for such products, the CPF Board and authorities will assess such proposals, taking into consideration the need to protect CPF members’ retirement savings.