Good afternoon Mr. Choo,
The HDB property owned by her is "auto-pledged" to CPF to meet her Basic Retirement Sum requirements (ie. $85,500 if her 55th birthday is 1st Jan 2018 or after. It will not affect anything is she continues to stay in the fully paid property.
As HPS is an insurance scheme, it is an one-off payment towards the loan redemption. You might want to login to her CPF account to see the CPF OA utilized + accrued interest for the property. This sum needs to return to her Retirement Account after the property is sold. The Sale Price less this amount will be her sale proceeds.
I have worked on cases with the sale of flats of the Pioneer Generation and will be happy to advise further. One was to right-size from Telok Blangah resale to CCK BTO, the other was Clementi resale to another west-side BTO.
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Contact:
(+65) 97432395
Email: Ivanng10@gmail.com
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(Client's Testimonials)
**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **
--- HDB Flat Sellers Uncle "Seng" and Mdm. Png ---
Translation from Mandarin:
We are from the Pioneer Generation, already in our 70s, and have no experience selling HDB flat. As our new BTO is arriving, we considered selling our flat earlier.
We felt he was a patient agent who is willing to hear out our plans and concerns, and explain new HDB selling procedures clearly to us. He is also a hardworking agent who did Roadshows for weeks to create awareness for our unit, and we quickly found a buyer through this avenue.
We also appreciate that he made the extra effort to accompany us down to the Banks and Town Council to help us with the outstanding paperwork procedures, and ensure the sale go through smoothly. Throughout the process, we always felt assured and happy, as Ivan was always professional, accessible and saw things through till conclusion. Ivan will remain as a family friend and we will be glad to invite him over for coffee when our BTO is ready.
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