Eligibility Criteria for RSA for Residential Mortgage
The eligibility criteria for RSA holders accessing their RSA balance for equity contribution in residential mortgage payments are as follows:
- The RSA holder must have an Offer Letter for the property, signed by the property owner and verified by the Mortgage Lender.
- The applicant's RSA must have both employer and employee mandatory contributions for a cumulative minimum period of 60 months prior to the application.
- The applicant may utilise the contingent portion of their Voluntary Contribution (VC) for equity contribution, in line with the Voluntary Contribution Guidelines, after meeting the requirement in point 2.
- NSITF and Pre-Scheme contributions can be considered as part of the RSA balance in determining the 25% equity contribution, subject to meeting the provision in point 2.
- If an RSA holder wishes to include their VC contingent portion, NSITF, and Pre-Scheme contributions as equity contribution, they must sign a consent with their PFA.
- Micro Pension Contributors are eligible to access their RSA balance for equity contribution, provided they have made contributions for a minimum of 60 months prior to their application. The contingent portion of their contribution can also be utilized, following the Guidelines for Micro Pension Plan, after meeting the provision in point 6.
- If a Micro Pension Contributor wishes to include their contingency portion as equity contribution, they must sign a consent with their PFA.
- The RSA holder must provide the required documents/information specified in Section 5.0 of the Guidelines, along with any additional documentation requested by the Commission.
- RSA Holders who accessed their RSA balances due to loss of employment prior to the issuance of these Guidelines are eligible to access their RSAs for equity contribution, provided their RSAs received employer and employee contributions for a minimum of 60 months from the date of first contribution and are currently engaged or back in employment.
- RSA holders who have utilized 25% of their RSA balance for equity contribution are eligible for payment of 25% of their RSA for loss of job, in line with the provision of Section 7(2) of PRA 2014.
- RSA holders with less than 3 years to retirement are not eligible to use a portion of their RSA balances as equity contribution for residential mortgage.
- Existing retirees on CPS and exempted persons under PRA 2014 are not eligible to use their RSA balances for payment of equity contribution for residential mortgage.
- Married couples who are RSA holders can make a joint application, provided they individually satisfy the eligibility requirements outlined in these Guidelines.