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Home Buying

Asked by Roy 28 Nov 2012

Hi Gurus,

My parents (SC) no existing liabilities nor own any property anywhere. My father is 53 years old with about S$180k in OA & my mom has about S$20+k in OA. We are looking at purchasing a 3/4 room. Question is, are we allowed to use up all the CPF Monies in my dad's CPF account for purchase of a resale flat? Are there any repercussions or "nasty surprises" in future if we do.

And secondly, if yes to previous question, What can we be looking at getting for S$200k CPF + S$20k Cash + S$100k estimated Bank Loan.

All your advices will be greatly appreciated.

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3 Answers

Previously Asked Questions

Mike Lim · Answer 1 · 2012-11-28T19:08:22+08:00

Mike Lim

Replied 28 Nov 2012

Evening Roy,

Your parents are eligible to utilize all their CPF monies as they have not reached the retirement age of 55. There will be zero surprises except that they will have no funds from CPF for retirement usage.

To purchase a 3 room flat with $320k, you might want to venture into Circuit Rd or Changi Village.

FYI
Mike Lim
96929209
ERA Read More

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Geryl Lim · Answer 2 · 2012-11-29T10:52:10+08:00

Geryl Lim

Replied 29 Nov 2012

Hi Roy,

Before reaching the stipulated age of retirement, your parents would be entitled to utilise their CPF accounts for HDB purchase. Like what Mike has mentioned, what can be projected will be there will be no funds from CPF available for retirement usage in this case. Any further surprises, as the word is, are surprise.

With the amount of funds available that you have projected, the likely available unit for purchase will be a 3rm HDB, although choices will be limited.

Regards,

Geryl LIM
Senior District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565
ECG Property Pte Ltd (L3009759F)
Dynamic Alliance Group @ www.DAG.com.sg

**Aspiring to be your preferred partner in real estate** Read More