Partial Capital Repayment
 

A. General Information

You may make partial capital repayment of your outstanding mortgage loan by giving HDB one month’s advance notice. The proposed date for the partial capital repayment will be scheduled one month from the date of receipt of the application form.

Mortgage interest will be charged up to and inclusive of the date HDB receives the payment for the partial capital repayment. The minimum amount for making a partial capital repayment is $500 if your loan commencement is before 1 Apr 2012. If your loan commencement is on or after 1 Apr 2012, the minimum amount is $5,000 (and in multiples of $1,000). In the event that the payment amount received by HDB is less than the minimum amount applicable, no interest rebate shall be given.

Your application shall be subject to the terms and conditions of your Mortgage and Memorandum of Mortgage, as well as HDB’s prevailing policies. HDB fully reserves its rights to reject your request without furnishing any reason whatsoever.


B. All You Have To Do

You can submit an e-Application for Partial Capital Repayment of Mortgage Loan via My HDBPage (under "My Flat > Purchased Flat > Financial Information - Other Related Services") using your SingPass. This e-Application allows you to continue to pay the same monthly instalment following your partial capital repayment and your repayment period will be shortened. For payment via CPF, you can submit an online CPF withdrawal directly for processing. It is convenient, easily accessible and available 24 hours, 7 days a week.

If you wish to revise your monthly instalment following the partial capital repayment, you can:
* You need to have the “Adobe Acrobat Reader” software to view the Application Form. If you do not have the “Adobe Acrobat Reader”, please click on this hyperlink for instructions to download and install the free software.


The completed application form can be:
  • submitted it over the counter at any HDB Branch; or
  • sent by post to the Branch managing your flat for processing.

Please see Section C for Points to Note for Payment.


C. Payment Modes

You can make the partial capital repayment (lump sum payment) using CPF, GIRO, cash, cheque or a combination of these. Payment by GIRO is only available to flat owners with existing arrangement with HDB to pay their monthly mortgage loan instalments by GIRO.

You can decide the amount of repayment you wish to make after checking your outstanding mortgage loan balance via My HDBPage (under "My Flat > Purchased Flat > Financial Information") using your SingPass.

POINTS TO NOTE FOR PAYMENT
By CPF

Only flat owners are allowed to utilise their CPF from their CPF Ordinary Account for payment of mortgage loan. Flat owners need to submit the CPF withdrawal forms to authorise CPF Board to remit the payment to HDB.

You can check if you have sufficient CPF for the payment either by:
  • authorising HDB to obtain your CPF account information through a CPF Board-HDB link (authorisation provided in the application form); OR
  • obtain your CPF account information online via My CPF Online Services - My Statement at CPF Board's website (www.cpf.gov.sg) and submit it together with the application form (please delete the authorisation clause under Part IV of the application form and sign next to the deletion).

Under CPF Board's prevailing policy, for flat owners who purchase HDB flats from the resale market, their total CPF withdrawal are subject to the Valuation Limit (VL). VL is the lower of the purchase price or the market valuation of the flat at the time of purchase. Flat owners may make use of the online CPF Withdrawal Limits Calculator (select 'Calculators/Games') at CPF Board's website to estimate when they will reach their VL.

If the total CPF withdrawal towards the payment of your resale flat has reached the VL, flat owners may use additional CPF savings up to the Available Housing Withdrawal Limit (AHWL).

To determine the AHWL, flat owners may write to any CPF Board Office for statements of their AHWL. Alternatively, flat owners may make use of the online CPF Withdrawal Limits Calculator at CPF Board's website to estimate their AHWL if flat owners have reached their property’s 100% VL. For more information on the Public Housing Scheme, please visit the CPF Board's website. Flat owners can also contact CPF Board at Tel: 1800-2271188 (Option 2) or Email: public-housing@cpf.gov.sg.

You can submit the CPF form either:

  • Online via My HDBPage for “e-Application for Partial Capital Repayment of Mortgage Loan”
  • By Post
    If you are submitting your application form by post and have indicated to make your partial capital repayment by full/part CPF, the CPF withdrawal form(s) will be sent to you BY POST. Please submit the completed CPF withdrawal form(s) to the Branch managing your flat within 10 working days upon receipt of the CPF withdrawal form(s) so that CPF Board can remit the payment to HDB by the proposed partial capital repayment date.

  • Calling personally at any HDB Branch
    Please bring along your:
    • identity card for verification; and
    • latest CPF Statement of Account if you do not wish to authorise our officer from the Branch to enquire on your CPF Ordinary Account balance on-line from CPF Board.
By GIRO

You can use GIRO to pay for the lump sum payment if you have an existing arrangement with HDB to pay your monthly mortgage loan instalment by GIRO. You need to authorise HDB to deduct the amount from the GIRO account.

GIRO deductions are made on the 28th of the month and are posted to flat owners’ mortgage loan accounts on the last day of the month. For deduction to be effected in a particular month, the application form (with your authorisation for HDB to deduct the amount under Part III of the Request form) must reach the Branch managing your flat by the 21st of the month (not applicable to e-Application via My HDBPage). Otherwise, the deduction will be made only in the following month. Interest on the payment amount will then be charged up to the end of the following month.

If the first deduction is unsuccessful (due to insufficient funds in the bank account), we may attempt to make a second deduction on the 6th of the following month, subject to your confirmation. If second deduction is successful and payment is received by HDB by the proposed date for the partial capital repayment, mortgage interest will be charged up to and inclusive of the date HDB receives the payment for the partial capital repayment. In the event that the payment amount is received by HDB after the proposed date for the partial capital repayment, no interest rebate shall be given.
By Cheque/Cashier’s Order

Payment by cheque/cashier’s order should reach the Branch managing your flat not later than the proposed partial capital repayment date.

Cheques and cashier’s orders should be crossed and made payable to the ‘Housing & Development Board’. The flat address, HDB Reference number and the purpose (i.e. partial capital repayment or lump sum payment) should be indicated on the reverse of the cheque.
By NETS via AXS payment channels

When you receive HDB’s notification on your application for partial capital repayment**, you can proceed to make payment via any AXS payment channels (AXS kiosk, AXS e-Station, AXS m-Station (mobile application)).
** For e-Application via My HDBPage upon the successful submission of request.

Payments should be made by the proposed date of partial capital repayment. The maximum amount that you can make using NETS depends on the maximum limit set with the bank.
By e-payments using eNETS Debit

When you receive HDB’s notification on your application for partial capital repayment**, you can make payment via HDB's website or Mobile@HDB using eNETS Debit. Payments should be made by the proposed date of partial capital repayment.
** For e-Application via My HDBPage upon the successful submission of request.

To pay using eNETS Debit, you need to have your Internet Banking User ID and PIN from the participating banks (i.e. DBS/POSB, UOB, OCBC or Citibank). The maximum amount that you can make using eNETS Debit depends on the maximum limit set with the bank.
By Cash/ NETS at HDB Branch

Payment by cash or NETS can be made at any Branch.


D. CPF Board’s Home Protection Scheme (HPS)

If you are currently insured under CPF Board’s Home Protection Scheme (HPS), your HPS premium will be adjusted accordingly by CPF Board with the adjustment of your loan quantum/repayment period.

If you are currently covered under the Single Premium HPS, your existing HPS single premium cover will be terminated and the surrender value, which is the unused premium under the cover, will be refunded to your CPF Ordinary Account by CPF Board. At the same time, a new annual premium will be issued based on your latest outstanding loan and repayment period. You may wish to contact CPF Board at 1800-2271188 (Option 4) should you need any clarification on this matter.

Last Updated on 08 Jul 2014