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Dear Property Gurus. I currently own a house with my mom. Outstanding loan is abt 70k. I took over the house back in 2014. But since then I've married and want to get a flat with my wife. We BTO under MGPS scheme and managed to get a 4 room while my mom got a 2 RM Flexi short term lease.

The problem is my mom cpf is in RA. Once we sell the house which most likely would be a lost. I'm not sure she will be able to use her RA to fund for her new house which is 80k. Current house valuation is at 320k. Her cpf she has put in to the house with arrears currently at 180k and mine is at 110k. Worried sick if she will be able to use her RA once selling the house to fund her new house.
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3 Answers

Hi,

1) Your mum's flat has to be fully paid upon key collection.
2) The requirement from the CPF board on the RA is she has to maintain the BRS.
3) This BRS amount is based on when she turned 55 yrs old and not the 2021 amount.
4) She has to write to the CPF board about how she intends to utilize the fund return to her account after selling the flat.
5) Even if her RA did not meet the BRS, she still can write in to appeal to fully utilize all funds return to finance for her purchase.
6) So don't have to worry that her funds will be stuck in her CPF.

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

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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, you could help your mum to write in to CPF to appeal for using her funds for the next purchase.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Dear Sir/Mdm,

For your mum's case, I would suggest for her to appeal to HDB board to allow her to use her RA to finance the purchase of the house. This is possible as CPF grants approval on a case by case basis. I have gotten approval for my clients before and will be happy to find out more about your situation and assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

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