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Hi,

For buying condo, SPR need to pay extra ABSD 5% - Understand we must come out ABSD by cash 1st and later reimburse from CPF account, may i know how long CPF giving back the money ?

Any way i can pay ABSF using CPF acc money without paying cash 1st ?

Thanks,
Peter :)
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6 Answers

YT Tan (陈永达)
Good afternoon Peter,

It depends whether are you going for resale or new launch.

Usually for resale, you need to pay stamp duties in cash then apply for reimbursement because CPF board might not release the funds quick enough for the payment to IRAS. Reimbursement normally takes up to 1 month.

While for new launch, there should be enough time to apply to CPF board for release of funds to pay the stamp duties.

Hope my explanation helps!

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  • PT
    That is great, then i will consider new lauch and wait for CPF to release funds to pay stamp duty.

    Read breakdown to buy new launch condo,i read is :
    1)5% cash of property price
    2)3% stamp duty (can pay by CPF)
    3)5% ABSD (Can pay by CPF)
    4)15% Down payment (Can be from CPF)

    I haven't apply any bank IPA, but from web calculation, i think i can loan up to 80% and condo price at 600K. (My CPF OA = 175K)


    From above breakdown and for new launch condo price at 600K, does it mean i only need to prepare cash :
    1)5% cash of property price = 30K.

    The rest just wait and pay by CPF since i shall have enough enough time to ?

    Thanks,
    Peter.
Hi Peter,

It depends on whether you are looking at resale or new launch property. Typically it takes about 1 month for the reimbursement to be done. It will be good to do a detailed financial plan before committing to anything.

May I understand your plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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YT Tan (陈永达)
Good evening buyer,

Sorry for replying late as Propertyguru doesnt prompt me when there's any reply to my post. Perhaps you will like to reach me via mobile or email in future.

Do share how much cash do you have on hand for this purchase and how can my bankers get in touch with you to advise you on IPA. It will be more accurate.

Once we sort out the financial portion, we can narrow down to which property to purchase.

Hope to hear from you soon!

Just to share!

Only a one time sign up, you will be able to receive a free SMS update on the value of your home and neighborhood from me on a monthly basis.

Click this now: http://goo.gl/Gg5pe3!

Join me on board towards a hassle free update on valuation now!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com

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You can do that. We can advice you how to pay using cpf instead of cash then refund.

Regards
Wilson
 96305577 
Wilsonleong61@gmail.com Read More
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Hi Peter,
For resale, due to time constraints generally have to pay stamp duty in cash first. Lawyer will assist you to claim from CPF board.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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GAN ENG JOO ONASSIS
Hi,

Can advise you to use CPF for stamp duties :)

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