DBS Group Holdings has unveiled the DBS Home Equity Income Loan (DBS EIL), which allows Singaporeans and permanent residents (PRs) aged 65 to 79 years to borrow against their fully-paid private residential property to top up their CPF Retirement Sums on Aug 16.

The CPF Retirement Sums will be used for the CPF Lifelong Income for The Elderly (CPF LIFE) Scheme, a national longevity insurance annuity scheme that provides Singapore citizens and PRs with a monthly payout for as long as they live.

The financing solution is the first of its kind in the market. It aims to help seniors unlock the value of their housing assets while allowing them to continue living in their homes.

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