Asked by Anonymous
Can I use all my cpf to buy house if i am turning 55?
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3 Answers
Hi,
It is better to purchase before you turn 55 so you can use your full CPF OA to purchase. Otherwise once you turn 55, you need to set aside the Basic Retirement Sum of $96k before any excess CPF OA can be used for property.
Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.
Contact: (+65) 97432395
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(Client's Testimonials)
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**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **
-- HDB Choa Chu Kang BTO 4-RM Sellers, 5-RM Purchasers, Zima & Faizal --
Ivan was prompt in replying to my endless queries & concerns. He was very attentive to details and he knows my exact 'taste' during the process of house hunting. I would say that my requirement in getting a flat is quite high because i was looking for a flat located near my parent's as well as the MRT station. It impressed me that he could read my mind well which makes the whole transaction alot easier. I also love the fact that he is calm, not pushy & always ensuring me that there are still sufficient time to look out for other available houses. We are so thankful beyond words for his understanding and patience thoroughout the whole process. We managed to sell our BTO with extension & secure a 5 room flat without COV, located near my parent's and a 3 to 5 mins walk to the MRT station.
-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you. Read More
It is better to purchase before you turn 55 so you can use your full CPF OA to purchase. Otherwise once you turn 55, you need to set aside the Basic Retirement Sum of $96k before any excess CPF OA can be used for property.
Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.
Contact: (+65) 97432395
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D
**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **
-- HDB Choa Chu Kang BTO 4-RM Sellers, 5-RM Purchasers, Zima & Faizal --
Ivan was prompt in replying to my endless queries & concerns. He was very attentive to details and he knows my exact 'taste' during the process of house hunting. I would say that my requirement in getting a flat is quite high because i was looking for a flat located near my parent's as well as the MRT station. It impressed me that he could read my mind well which makes the whole transaction alot easier. I also love the fact that he is calm, not pushy & always ensuring me that there are still sufficient time to look out for other available houses. We are so thankful beyond words for his understanding and patience thoroughout the whole process. We managed to sell our BTO with extension & secure a 5 room flat without COV, located near my parent's and a 3 to 5 mins walk to the MRT station.
-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you. Read More
Hi
You are allowed to use all of your CPF OA balance to purchase a property before turning 55 (SA and Medisave cannot be used to purchase a property). Upon turning 55 assuming you owned a property and meet CPF requirement, an amount equals to basic retirement sum ($96k if you turn 55 this year or $99,400 next year) will be transferred from your SA and OA to your retirement account. You may choose withdraw the balance if any in cash. No amount in basic retirement sum can be used to finance a property. If you do not have any existing property, an amount equals to full retirement sum ($192k if you turn 55 this year or $198,800 if you turn 55 next year) will be transferred from your SA and medisave to your retirement account. For the purpose of purchasing a property, CPF board typically allows usage of an amount in excess of basic retirement sum to be used. I understand this can be quite a confusing concept. I have experienced assisting those above 55 in transitioning or purchasing a new house partly funded by their retirement account. Do contact me at 93375051 for a free and non obligatory consultation on this.
Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051 Read More
You are allowed to use all of your CPF OA balance to purchase a property before turning 55 (SA and Medisave cannot be used to purchase a property). Upon turning 55 assuming you owned a property and meet CPF requirement, an amount equals to basic retirement sum ($96k if you turn 55 this year or $99,400 next year) will be transferred from your SA and OA to your retirement account. You may choose withdraw the balance if any in cash. No amount in basic retirement sum can be used to finance a property. If you do not have any existing property, an amount equals to full retirement sum ($192k if you turn 55 this year or $198,800 if you turn 55 next year) will be transferred from your SA and medisave to your retirement account. For the purpose of purchasing a property, CPF board typically allows usage of an amount in excess of basic retirement sum to be used. I understand this can be quite a confusing concept. I have experienced assisting those above 55 in transitioning or purchasing a new house partly funded by their retirement account. Do contact me at 93375051 for a free and non obligatory consultation on this.
Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051 Read More
Hi,
1) In order to fully utilize your CPF to buy a house it is recommended to do it before hitting the 55th birthday.
2) Once you reached 55, your CPF SA + OA will combine to form a new account known as RA (Retirement Account).
3) So if your SA amount is not sufficient to cover the FRS ($182k in 2022), your OA fund will be used to top it till it reached FRS.
4) If you intend to buy a house, you also must meet the basic minimum sum which is $96k in 2022. You can then reserve the excess fund apart from the BRS for your home purchase.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
1) In order to fully utilize your CPF to buy a house it is recommended to do it before hitting the 55th birthday.
2) Once you reached 55, your CPF SA + OA will combine to form a new account known as RA (Retirement Account).
3) So if your SA amount is not sufficient to cover the FRS ($182k in 2022), your OA fund will be used to top it till it reached FRS.
4) If you intend to buy a house, you also must meet the basic minimum sum which is $96k in 2022. You can then reserve the excess fund apart from the BRS for your home purchase.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
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