| Popis: |
In 1968, the Singapore government transformed the Central Provident Fund (CPF) into a housing finance institution for the purchase of housing built by the Housing and Development Board (HDB). Employees and employers are required to make contributions to the personal CPF account of the employee, which could then be withdrawn for housing purchase. Through a carefully structured housing finance and housing supply framework, domestic savings were channelled into the HDB homeownership sector. The use of CPF savings for private housing finance and commercial bank mortgage lending for HDB housing were added to the basic CPF-HDB framework at a later stage. |
