AskGuru Q&A Community

HI,

You may wish to contact me and I will explain further in details.

Thank you.

Angela Chua
Propnex Realty Pte Ltd
H/P: 9323 3330  Read More

Hi,

For sellers aged 55 n above, you are right in saying the proceeds will be returned to their individual CPF accounts (depending on which Minimum Sum cohort they fall under). This sum 150K (if applicable to their cohort) will be transferred to their Retirement Account.

Thereafter, when they apply for their 3-room flat, depending on how much they have in their accounts, they may use up to 1/2 of their RA (for eg. 75k, dpding on their cohort) each for their flats (subject to CPF approval). They might also be able to withdraw a lump sum for retirement, if their CPF monies exceed the minimum sum required.

Thus when they buy the flat, the purchase price will be a combination of these
1) The utilizable RA portion
2) their lump sum withdrawn (if any)
3) cash proceeds from sold flat
4) any new loan taken

If they are taking a 2nd HDB loan, they have to do contra. All these may become a bit complicated from here. May I understand your situation and housing requirements further? Will be glad to meet up to do a financial breakdown so all your doubts can be cleared. Thanks and hope to have this opportunity to work with you.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More

Hi,

This CPF minimum sum is not actually a new ruling. It has been there for some time already.

Basically, it is to set side funds for one's retirement. And this minimum sum rises every year, though it won't affect those who have already past 55 years of age.

With this minimum sum in place, most people would look to downsize their property before the age of 55, to prevent these funds from being locked in for their RA, and not being able to fully utilise it for their next property purchase.

Nevertheless, do give me a call, so that I can arrange a meetup with you and your parents to go through these in finer details. Only then we can have a good gauge of how much your parents CPF can be used in their next purchase.

I can be reached at 97486305  . I await your call.

Best regards,
Robbie Chen,
Propnex Realty Read More

hello

Whatsapp to 8279 8327 

Our charges are 1% commission for sales ..

Owners / landlords need property agent in sg ( agt ) to rent out or sale of your property
please contact handphone whatspp text to 8279 8327 

Xu zhen feng
R05-7810C / L300-9250K
Orangetee & Tie Pte Ltd
8279 - 8327

Or you have more questions such as ?
Sg buying / selling house ?
Singapore Rentals property ? Read More