Twelve years ago, Mr Francis Tan and his spouse sat across from a Housing and Development Board (HDB) officer, preparing to sign the deed for their first home. The money they had in their Central Provident Fund (CPF) accounts was enough to pay off in full their selected four-room flat in Woodlands. “I felt so proud inside,” Mr Tan, 47, recalled. By then, he had already spent over a decade working in the Singapore Air Force.