8 Answers

Hi there, you will only need to return tp CPF whatever has been used plus accrued interest to the CPF. You should be able to retrieve this information via CPF site. However it would be good for you to do a financial calculation and necessary check before you proceed with the sales and also familiarize yourself with the timeline. Drop me a all or text for a more detailed discussion and I may just be able to point you in the right direction.
Rix
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Hi,

Yes since you have utilized CPF for the house, you will need to set aside FRS before any excess CPF OA can be used for the next property. However I have also helped clients in similar situation to appeal to set aside some CPF funds for the next home before they go into the FRS, it is not impossible. I am contactable at 97432395  for further discussion.

Hope the above clarifies. 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.

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You will be required to return all the CPF monies utilised for the financing of this flat back into your CPF plus the accrued interest. That is all, thus your downsize plan definitely sounds feasible. If you wish to work out more details for this transition, feel free to get in touch with me for discussion.

I have been in the real estate business since 2009, with more than 14 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!

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Hi Sir/Mdm,

There is no need to top up your CPF to the Full Retirement Sum. However the CPF used + interests refunded from the sale will go into the retirement account and you may not be able to use them for the purchase of the next flat.

I have assisted many clients in the same situation before to downsize to a smaller unit. It is important to calculate the figures to determine whether you are able to pay the smaller flat in full and find out how much sale proceeds is left after the sale. In some cases, I also assisted my clients to appeal to CPF to allow them to use some of the refunded CPF for their next housing.

Please feel free to contact me so that I can understand your situation and gather more information from you before assisting you to proceed further!

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
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1
My Answer with regards to your Question:

There's no requirement to top up your CPF to the Full Retirement Sum.

The CPF funds used for the property, along with accrued interest, will be refunded from the sale and deposited into your retirement account.

These refunded CPF funds may not be immediately available for use in purchasing the next flat.

Consider calculating the figures to assess your ability to pay for the smaller flat in full and determine the remaining sale proceeds after the sale.

In similar situations, clients have appealed to CPF to utilize some of the refunded CPF for their next housing purchase.

It's essential to evaluate your financial situation and explore options before proceeding with the downsizing plan.

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Hi, appreciate your sharing. Have to consider in the A.interest required for the used. Able to share the formula and allow you to decide.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Robbie Chen Chee Howe
Hi,

You will need to refund whatever you had paid from your CPF back to your OA, plus accrued interest.

Once you reach 55 years old, you will need to set aside your FRS from your OA to your RA.

Have you past your birthday yet?

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 +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
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Hi,

1) The basic rules from the CPF board are:
(a) You have to fulfill your FRS (Full Retirement Sum) if you don't own any property
(b) You are allowed to only fulfill BRS (Basic Retirement Sum = half of FRS) if you own a property.

2) So, in your case, after you sell your flat. The CPF board will rope in all funds from your OA to fulfill the FRS since you don't own any property after selling.
3) It is important for you to appeal to the CPF board before selling your flat on your intention to utilize your funds returned from the selling.
4) You can only start your selling after receiving approval from the CPF board.
5) But, according to the info provided. The funds utilized from your CPF are not too much to affect your selling/buying plan.

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
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