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I am 50 years old and have plans to buy a 4-room resale HDB at $350k. My CPF OA is $380k, my SA $75k, and my MediSave $35k. I wish to use all my OA amount to make the purchase without loan. Am I affected by the CPF minimum sum rule based on the information above.
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Roland Seow
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At 50 years old you are not affected by the CPF Minimum Sum Rule. However, please note that you can only use 100% of your OA to pay for the flat up to valuation amount of the flat that you are purchasing. Any amount above that has to be paid in cash (i.e. cash above valuation when the buy the flat above the HDB valuation amount). In any case, you would have to incur some cash payment in a HDB transaction such as conveyance fee, misc fee, etc, as well as agent commission. If you need to work on your financials, please feel free to call me at Tel: 83662131  or email me at roland.seow@orangetee.com. Thank you and best regards. Read More
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