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Hi, I'm 80yo and my wife is 76yo staying in EC, after MOP. I would like to downgrade to a HDB. Both of us have RA (voluntary cash top up), can I use the money in RA to buy HDB, and use the cash from the sale of my EC to pay off the house in full?
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6 Answers

Hi Rachel Yee,

For usage of funds in RA to purchase HDB, you will need to seek CPF's approval in order to do so.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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1
Good afternoon Rachel,

As long as the Full Retirement Sum applicable to you is met, the funds in excess of this amount can be drawn down for own use, including housing. It is also likely the sale proceeds from the EC can cover a significant portion of the purchase price of the HDB, if the purchase price is relatively lower than the sale price of the EC.

I have helped various homeowners to successfully transit to their next property and would be happy to assist. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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0
Hello Rachel,

Congrats on your MOP!

You can use any RA savings in excess of the Basic Retirement Sum for your next purchase.

Alternatively, if you choose to pay off your next home in full, you can also use the cash proceeds from the sale of your EC (if sufficient)

Do contact me at 8333 0360  if you need help to play out the respective scenarios as well as go through the numbers to see if it makes sense for you!

I have also helped my clients right-size their home successfully without any renting interim and unlocking cash that they can use for their retirement as well.

Hope this helps!

Lucas Lim
 8333 0360 
ThePropGuide
E&K Realty Pte Ltd Read More
0
Hi Rachel;

Yes u can, provided you guys have fulfilled the Basic Retirement Sum.. If you would like to know what is your estimated Cash Proceeds from your sale of EC, i can help you to do a financial calculation at no obligation... Feel free to contact me if you have further queries..Thanks

Regards;
Lyna Song
 9623 8442 
Associate Group Director
Propnex Realty Pte Ltd
lynasong@hotmail.com Read More
0
Robbie Chen Chee Howe
Hi Rachel,

Congrats on meeting your MOP!

Yes, you will be able to use your RA funds for your next purchase provided you had set aside your Basic Retirement Sum in your RA. You can also use full Cash sale proceeds to pay off the HDB flat.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0
Hi Rachel,

First off, Congratulations upon your MOP!

You may use the excess from RA to purchase the HDB flat, so long your Full Retirement Sum has been met. Also, through downgrading from an EC to HDB, you are likely to receive a healthy sum of cash proceeds for your next purchase as well.

Feel free to contact me should you require any assistance, I would be glad to provide my assistance to you.

Best Regards
Gary Shien
 94507283 
gshien90@gmail.com Read More
0

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