May I know if our flat is valuated @ $300k and we are selling @$330K, how much cash would we receive and how much have to go back to our cpf account? Thank you!
Posted by Nicole Chua on Aug 16, 2008 in Home Selling | 1088 Views
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Latest Answers by Real Estate Professionals (5 Answers)
Answer Posted on Aug 18, 2008
Hi, Nicole
My suggestion is that you should ask CPF Board for the sum payable into your personal CPF account as it incurs interest repayable for your own benefit during the loan duration and up to the date when the sale proceed is completed usually three months.
Cheers
David Lim
Lock Property Consultants Pte Ltd
email: yoongchuen98@yahoo.com.sg
My suggestion is that you should ask CPF Board for the sum payable into your personal CPF account as it incurs interest repayable for your own benefit during the loan duration and up to the date when the sale proceed is completed usually three months.
Cheers
David Lim
Lock Property Consultants Pte Ltd
email: yoongchuen98@yahoo.com.sg
Answer Posted on Aug 19, 2008
Hi Nicole,
No. 1. Do you have outstanding loan??
No. 2. Bank or HDB.
No. 3. If bank, Check with you bank what is your outstanding loan. If HDB, you can check thur your HDB my page.
No. 4. Check your CPF used for property. Check thru CPF homepage.
Financial plan work like this
a) Selling price
b) minus outstanding loan
c) minus your CPF usage.
d) minus and some misc charges
e) Balance is your take away CASH.
This is legal way to do.
Not 30K cash in you hand..that wrong. if under declare..you will be in big trouble.
Need help to work out on your financial planing, do call me Eddy 98652270
No. 1. Do you have outstanding loan??
No. 2. Bank or HDB.
No. 3. If bank, Check with you bank what is your outstanding loan. If HDB, you can check thur your HDB my page.
No. 4. Check your CPF used for property. Check thru CPF homepage.
Financial plan work like this
a) Selling price
b) minus outstanding loan
c) minus your CPF usage.
d) minus and some misc charges
e) Balance is your take away CASH.
This is legal way to do.
Not 30K cash in you hand..that wrong. if under declare..you will be in big trouble.
Need help to work out on your financial planing, do call me Eddy 98652270
Answer Posted on Aug 18, 2008
Hi Nicole,
Are you paying your current house by cpf or bank loan? If you are paying by bank loan, you have to check with your banker. If you are paying by cpf then, it's best that you have your sing pass password so that you will be able to know of your cpf statement that is used to pay for the property. Cause, both loans involves incurred interest.
You can call me at 98322390 for further questions.
Maria
HSR
Are you paying your current house by cpf or bank loan? If you are paying by bank loan, you have to check with your banker. If you are paying by cpf then, it's best that you have your sing pass password so that you will be able to know of your cpf statement that is used to pay for the property. Cause, both loans involves incurred interest.
You can call me at 98322390 for further questions.
Maria
HSR
Answer Posted on Dec 22, 2011
Hi Nicole,
You may find this response abrupt coming after more than 3 years after your query. My writing to you is according to my action plans for 2012 to revisit all my past clients and query posted on this forum to see if there is anything I maybe able to assist in.
With the new government measures introduced to curb the escalation of property prices, should there be any assistance you may require in real estate, feel free to call me for a non-obligatory discussion.
Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565
Email: lim.geryl@yahoo.com.sg
You may find this response abrupt coming after more than 3 years after your query. My writing to you is according to my action plans for 2012 to revisit all my past clients and query posted on this forum to see if there is anything I maybe able to assist in.
With the new government measures introduced to curb the escalation of property prices, should there be any assistance you may require in real estate, feel free to call me for a non-obligatory discussion.
Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565
Email: lim.geryl@yahoo.com.sg
Answer Posted on Aug 19, 2008
Greetings Nicole.
Please note that you will NOT get $30K worth of cash if you are selling at $330K.
The cash you will be getting will be based on 2 major components. They are (1) CPF utilized + Accrued Interest and (2) Outstanding loan. The other components are Resale levy, Upgrading levy, HDB penalty fees, etc.
It is critical for you to get the correct information when you make any resale transactions, otherwise you will face much difficulties – financially and legally, Besides the financial aspect you must also consider the timing factor, otherwise you will end up with no place to stay after the selling your flat.
Please feel free to call me if you have any other further queries. I will be happy to assist.
Warm Regards
Anwar Pillay
ERA Realty Pte Ltd
Mobile: (+65) 9734 7257
anwarpillay@yahoo.com.sg
Please note that you will NOT get $30K worth of cash if you are selling at $330K.
The cash you will be getting will be based on 2 major components. They are (1) CPF utilized + Accrued Interest and (2) Outstanding loan. The other components are Resale levy, Upgrading levy, HDB penalty fees, etc.
It is critical for you to get the correct information when you make any resale transactions, otherwise you will face much difficulties – financially and legally, Besides the financial aspect you must also consider the timing factor, otherwise you will end up with no place to stay after the selling your flat.
Please feel free to call me if you have any other further queries. I will be happy to assist.
Warm Regards
Anwar Pillay
ERA Realty Pte Ltd
Mobile: (+65) 9734 7257
anwarpillay@yahoo.com.sg
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