Paying off a loan is not a walk in the park, as it requires a lot of financial planning. 

However, if you are wondering how to pay housing loan in Singapore, you can tap into your CPF savings. This eases the burden of monthly installment payments and other loan costs. 

If you have borrowed a mortgage, read on to learn how to use your CPF savings to settle your housing loan, make payments, and the different payment modes available. 

How To Use CPF To Pay For Your Housing Loan

If you are asking yourself “should I pay off my HDB loan using CPF?”, don’t worry because you aren’t alone. Most Singaporeans battle with this, but using your CPF savings on your housing loan is not a bad idea.

You can use your savings for:   

Bank Loan Or Purchasing A Private Property Without Loan Financing 

If you want to use the savings in your CPF Ordinary Account (OA) to buy private property, you will need to get a lawyer to submit your request. This request will accompany a declaration, letter of authorisation, agreement, and consent. 

Once the legal process is over, the funds will be available, and you can use them to pay:

  • Downpayment in cash: A minimum of 5% of the valuation price of the property at the time of purchase
  • Any purchase price balance that is beyond the property’s stated value 
  • Any option fees

HDB Loan Or Buying A HDB Flat Without Loan Financing 

If you want to purchase a HDB flat in Singapore without loan financing, you can use your CPF OA savings. The process is simple since you only need to visit the HDB office and fill up and sign a CPF withdrawal form.

Installment Payments 

You can use your CPF savings to pay a housing loan in monthly installments. You can make the payments online regardless of whether you took a bank loan or HDB loan. 

How To Pay For Your Housing Loan Installments

The process of how to pay back a CPF housing loan in Singapore depends on the type of loan you took. 

HDB Loan

First, you should ensure you have enough OA savings and the maximum CPF savings you need for a property. 

After that, there are two ways you can make your monthly installments: 

  • Visit the HDB official website and submit an online application using your Singpass. After logging in, go to My Flat > Purchased Flat > Financial Information > Other Related Services > Partial Capital Repayment/ Redemption of Housing Loan. It takes three working days for HDB to process your application after receiving your request. 
  • You can also visit a HDB branch and fill up the CPF withdrawal form (PHS9). However, you have to book an appointment first via the e-Appointment System.  It will take three to five working days for your application to be processed after HDB receives your request. 

Bank Loan

If you took a bank loan, follow this procedure to pay your monthly installment using your CPF savings:

  • First, you need to get approval from your housing loan financier. 
  • Then, ensure that you have enough savings and have reached the maximum CPF savings you can use to pay a HDB loan. 
  • Finally, submit an online application using your Singpass. It takes up to five working days for your application to be processed.

Partial Capital Repayment

When you borrow a HDB housing loan in Singapore, there are various payments that you can make to repay, including partial capital repayment. If you request this payment type, HDB schedules its proposed date to be one month after receiving your request. You can submit your request online using your Singpass on My HDBPage. 

The minimum amount for partial capital repayment is $500 if your loan commencement date was before 1 Apr 2012. 

On the other hand, if your loan commencement date was on or after 1 Apr 2012, the minimum amount is $5,000 with increments in multiples of $1,000.  

There are two ways to do it:

  • You can revise your monthly installment amount after paying your partial capital repayment. 
  • Make the partial capital repayment to cut down your repayment period as you continue to make your usual monthly installment amount. 

Paying Off Your HDB Loan Early 

In Singapore, you can pay off your housing loan early using CPF. 

If you want to do so, you need to submit a redemption of HDB housing loan request via My HDBPage using your Singpass. The proposed payment date is set a month from when HDB receives your request. 

After submitting your request, HDB will compute the redemption amount and the fees payable for discharging the loan. 

This includes the outstanding housing loan at the submission month and the interest for the beginning of the redemption month up to the proposed redemption date. The fees consist of the registration and conveyancing fees for the Total Discharge of Mortgage (TDM). 

Payment Modes

You can use the following payment modes if you are considering how to pay housing loan: 


To use CPF savings for a HDB loan payment, you must be the owner of the HDB flat. You can use your CPF savings account to pay your monthly installment, partial capital repayment, or pay off your loan early. 

Check with the CPF Board on the remaining amount you can withdraw for a successful deduction of the loan payment from your CPF account. 


If you are wondering how to repay your CPF housing loan in Singapore, you can use GIRO. This payment method is available to settle your monthly installments and other loan payments.

You need to submit a request to HDB for it to deduct your loan repayments. Usually, the deductions happen on the 28th of the month, and the transaction will be reflected on your housing loan account on the last day of the month.

Cheque Or Cashier’s Order 

If you want to use a cheque or HDB cashier order, ensure it is crossed and payable to the Housing & Development Board.

In case of a reversal, provide your flat’s address, HDB reference number, and the purpose of the payment.

eNETS Debit/ PayNow Via SGQR

You should have an internet banking account with the participating banks to use these payment modes.

Also, the maximum amount you can pay via these methods depends on your daily withdrawal limit with your preferred bank. Therefore, check your limit with your bank before making your HDB loan repayment. 

Late Payment Charges 

Sometimes, you may have financial challenges and fail to pay your HDB loan on time. 

The monthly installment payments are due on the 1st of every month. If you do pay within the month, you incur a late payment fee. This is charged on your outstanding installment as of the end of the month.

According to HDB, the late payment charge rate is 7.5% per annum from 1 Apr 2022 to 31 Mar 2023. 

It’s Easy To Pay Your Housing Loan 

Are you wondering how to pay housing loan? Your CPF OA savings can help you settle the debt. You can use these savings for your bank or HDB housing loan in Singapore. 

You can make monthly installments, partial capital repayment, or repay your loan early. Use your CPF, GIRO, HDB cashier’s order, or eNETS Debit accounts for your loan repayments. Remember, failure to pay your loan on time leads to late payment charges.

If you are looking for a trustworthy lender in Singapore for a housing loan, check out the loans offered by Credit 21

Contact us now or apply for a loan now and enjoy some of the most reasonable interest rates in the market.