6 Answers

We are unsure if the $500k will be fully back to your CPF as it is depending on how much CPF monies you have used for the purchase of the current HDB, including the accrued interest, that will be refunded back to your CPF account.

Depending on both your wife and your age, CPF usage can be drawn down for the next purchase as per what you have mentioned. As to the CPF refund arrangements in future, it will still be based on the CPF usage with accrued interest to be refunded into the CPF accounts before the rest are being split as the sales proceeds. If you have preference on the arrangements and apportionment of the sales proceeds, you can speak to a lawyer to make necessary arrangements. Read More
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Hi,

You only need to refund the CPF utilized + accrued interest you have used for the property. You can find out this amount via the singpass login at CPF website or singpass app.

Assuming there is 300k cpf to be refunded and there is more than 300k balance after home loan redeemed and deducted from the sale price, yes you can use this buy the BTO

Yes the sale cash proceeds will be allocated in the proportion of the tenancy in common. But the cpf refund + accrued is not, and depends on how much the owner used.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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Hi, appreciate your sharing. For HDB loan to HDB loan, the CPF OA usage only allow to keep up 20,000.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More
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Hi Sir,

As long as you are below the age of 55 years old, you will be able to use 100% of the CPF + Interests which is refunded to your CPF account after the sale of the flat.

If you wife is a co-owner of the new BTO, then she will be able to use her CPF refunds. When you sell the flat in the future, the respective CPF amount used will be refunded and the profits from the sale will be distributed according to the 80:20 proportion.

Please feel free to contact me so that I can understand your intentions and provide you with further assistance.

Regards,
Nick Tan
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1
Hi,

1) In order to decide how much funds from CPF to be utilized on the HDB flat, you must be taking a bank mortgage instead of the HDB loan.
(a) When you are taking an HDB loan, the maximum fund to be retained in your CPF OA is $20k. This is applicable to all buyers using HDB loans.
(b) If you are using an HDB loan now, and applying for a 2nd HDB loan. Half of the cash proceeds from the sales must be used to pay for the new purchase.
(c) If you have applied and received grants for the current flat. You will have to pay a resale levy in cash before collecting keys for your BTO.
(d) You may decide the amount of funds to be used in the BTO when taking a bank loan. You have to highlight the amount to loan from the bank before they issue the Letter Of Offer (LOO).
Otherwise, the bank will release the maximum loan you are eligible for instead of what you need.

2) The CPF refunded will be according to:
(a) how much was utilized with accrued interest in each account if this is a positive sale.
(b) If this is a negative sale, it will be allocated according to the percentage of the shares.
(c) The cash proceeds will be returned under a single cashier order bearing all owners' names.
The above is when the couples are still under a married status.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
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Refunding CPF for Your HDB Flat:

You only need to return the CPF money you used for the flat, plus any interest it earned.
You can easily check this amount by logging in to the CPF website or app with your Singpass.

Sharing Sale Proceeds: in proportion> engage a PRIVATE LAWYER TO ADVISE AND IMPLEMENT

The money left after everything is settled (sale cash proceeds) will be divided between you and your co-owners based on the percentage of ownership you each have (tenancy in common).
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255

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