How is the CPF monthly deduction handled under the parent with children scheme?

For the Parent with Children scheme in the context of buying an HDB flat in Singapore, the CPF (Central Provident Fund) deductions are typically made from the applicants' or co-applicants' CPF Ordinary Account (OA) funds. Here’s how it generally works:

- CPF Usage: You can use your own CPF OA funds to pay for the down payment, as well as the monthly mortgage installments.
- Monthly Deductions: The monthly mortgage payments can be deducted directly from your CPF OA account, provided you have sufficient funds.
- Eligibility: The CPF funds used must be from the applicants or co-applicants, which in this scheme, would typically include you and possibly your spouse, but not your child.
- HDB Loan: If you opt for an HDB loan, you can use your CPF OA funds to service the loan. For bank loans, you may also use CPF OA funds, but the rules and limits may vary.

To ensure you have a clear understanding, it is advisable to check your CPF account balance and consult with HDB or a financial advisor to plan your CPF usage effectively for your housing needs. You can also find detailed information and tools on EdgeProp Singapore to help you manage your CPF and housing finances.