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Hi,
I would like to check on this.
Currently, I have an HDB flat and is fully paid up. I have bought a new condo and will only TOP in 2nd half of 2017.
Suppose I need to repay back CPF an amount of S$600K if I sell my HDB flat and I sell at S$580K. Will I get back any portion in cash ? Please let me know. Thanks.
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6 Answers

YT Tan (陈永达)
Good afternoon Kok Peng,

To derive at sales proceeds, we will use sale price minus off these few items:

1) outstanding loan
2) CPF OA funds plus accrued interest

If it's a positive sale, you will be able to get cash. If not, you will suffer a loss.

Perhaps you can share more with me so I will be in a better position to advise and assist you further.

Just to share!

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YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
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Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

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Hi Mr. Ho,

It depends on how much is your transacted price. Since the hdb is fully paid, if transacted price is 580k and the cpf utilized + accrued interest is 600k, you will have a negative sale and there will be no cash proceeds.

Its likely you have some wrong assumptions in your planning. May I have more info so to make better recommendations?
Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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  • HK
    Hi Ivan,
    Good evening to you and thank you for your reply to me.
    Yes, I am just puzzled as I have already discharged my current HDB flat in full almost 3 years ago.
    And roughly I have checked when I sold my current HDB flat, I need to repay CPF a total of S$288K (ie S$220K for lump sum housing loan and S$68K Accrued Interest). For my wife's portion, it will be S$333K (ie S$251K for lump sum and S$82K Accrued Interest). Is it correct I must pay back a total of S$621K and this is how CPF will calculate. Why so much ?
    I am really confused as to how CPF calculates the actual amount to be paid back.
    Let me know if you need further information.
    Pls advise me.
    Thank you.

    Regards,
    Joseph Ho
Hi Kok Peng,

Based on your calculations, that's a no; however there seems to be something wrong with assumptions somewhere.

Feel free to contact me at your convenience, and I can do a comprehensive financial calculation for you.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More
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  • HK
    Hi Teck Chuan
    Good morning to you and thank you for your reply to me.
    Yes, I am just puzzled as I have already discharged my current HDB flat in full almost 3 years ago.
    And roughly I have checked when I sold my current HDB flat, I need to repay CPF a total of S$288K (ie S$220K for lump sum housing loan and S$68K Accrued Interest). For my wife's portion, it will be S$333K (ie S$251K for lump sum and S$82K Accrued Interest). Is it correct I must pay back a total of S$621K and this is how CPF will calculate. Why so much ?
    I am really confused as to how CPF calculates the actual amount to be paid back.
    Let me know if you need further information.
    Pls advise me.
    Thank you.

    Regards,
    Joseph Ho
Hi Mr Ho,

May I know when did you bought your HDB? It is unlikely to be a negative sale and there might be some error in your calculation.

May I request for more information so that I can draft up a full financial plan for you and advise you further?

Regards,
Nick Tan
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B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
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  • HK
    Hi Nick,
    Good evening to you and thank you for your reply to me.
    Yes, I am just puzzled as I have already discharged my current HDB flat in full almost 3 years ago.
    And roughly I have checked when I sold my current HDB flat, I need to repay CPF a total of S$288K (ie S$220K for lump sum housing loan and S$68K Accrued Interest). For my wife's portion, it will be S$333K (ie S$251K for lump sum and S$82K Accrued Interest). Is it correct I must pay back a total of S$621K and this is how CPF will calculate. Why so much ?
    I am really confused as to how CPF calculates the actual amount to be paid back.
    Pls advise me.
    Thank you.

    Regards,
    Joseph Ho
Hi Mr Ho,

You said that you have fully paid up your HDB.
Full amount by CPF, or with cash also?
If your Condo will be ready by 2017, that mean you have stay in your current HDB for more than 5 years before you make your purchase at the new launch Condo. If thats so, kind of unlikely to make a loss, unless...
If you dun mind, I can help you do a calculation at no obligation to engage me after this. Just want to help you ease your mind on this if there is some mistakes on the calculation. You can in touch with me anytime to your convenient at 98532365  .

Thanks and Regards,
Sim Lenghua Read More
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  • HK
    Hi Leng Hua,
    Morning.
    Any rely for me.
    Thank you.

    Regards,
    Kok Peng
  • HK
    Hi Leng Hua,
    Good evening to you and thank you for your reply to me.
    Yes, I am just puzzled as I have already discharged my current HDB flat in full almost 3 years ago.
    And roughly I have checked when I sold my current HDB flat, I need to repay CPF a total of S$288K (ie S$220K for lump sum housing loan and S$68K Accrued Interest). For my wife's portion, it will be S$333K (ie S$251K for lump sum and S$82K Accrued Interest). Is it correct I must pay back a total of S$621K and this is how CPF will calculate. Why so much ?
    I am really confused as to how CPF calculates the actual amount to be paid back.
    Pls advise me.
    Thank you.

    Regards,
    Joseph Ho
GAN ENG JOO ONASSIS
Hi Mr Ho,

No cash proceed, as it neg sales. You need to ensure that the selling price will not below valuation. As the differences, you need to pay back in cash to CPF.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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