Dear sir/mdm,
There are different schools of thoughts currently on usage of CPF funds on property purchase. On 1 hand, CPF funds are locked up and besides using it for housing, there are minimal other ways we can utilise the CPF, thus many consumers will max out their CPF usage for the housing options, but we are aware that when we sell the property, we will need to refund the CPF back and on top of it, with accrued interest. Since CPF interest rates are still quite attractive as compared to bank loan or HDB loan, it definitely will make sense to keep as much funds in the CPF as possible. Your key concern now is how to balance out the usage of CPF and cash to plan for your renovations and furnishings.
A good way to do this is to utilise the CPF funds first if cash on hand is an unknown factor. Once you have completed your renovation and furnishings, you can still opt to make a voluntary refund to your CPF account with the excess cash amount on hand that is not utilised for reno and furnishings. This will ensure that you have necessary funds on hand to do up your place nice and cosy while not compromising on your retirement plans.
Hope the above helps!
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.
With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.
We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!
Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main]
+65 6471 8888
[mob]
+65 81577565
[LDA]
+65 92787772
www.geryllim.com
My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0
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