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The calculation is as such:

Cash proceeds from sales is derived from selling price of your property, minusing off your outstanding loan and subsequently minusing off the CPF monies used for this property plus its accrued interest. The latter amount will be refunded back to your CPF so if you parents have also used their CPF monies for this flat, this amount will also go back to their account.

You will be eligible to purchase another resale HDB with your fiancee and your CPF monies maybe utilised for the purchase, depending on your age as well. You may still be eligible to purchase the flat using HDB loan as you have not used any HDB loan before, unless your parents will also be co-owners for the next purchase. Is your fiancee a Singapore Citizen or PR?

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✅ My View: Your Plan is Feasible — With Careful Cash / CPF Planning

Given your situation — existing fully paid flat, sale will refund CPF used, your low current OA but previous CPF usage, and intent to use a bank loan for the next resale flat — it is feasible to sell current flat and buy a new resale flat with your fiancee.

What you should do before committing:

Estimate total CPF refund: log in to CPF “Home Ownership Dashboard” to check exactly how much OA will be refunded. That amount + any cash proceeds becomes your “liquid pool” to fund next purchase.
Central Provident Fund
+2
Central Provident Fund
+2

Budget downpayment + additional costs (stamp duty, legal, resale levy, renovation, etc.) — make sure you have enough cash beyond CPF.

Get a housing loan pre-approval from bank — given your OA is low, bank will look at income, loan servicing ability, cash top-up portion, and property.

Confirm co-ownership and eligibility with HDB — make sure both you and fiancee meet their requirements.

Have a financial buffer — don’t drain CPF completely. Keep some savings for retirement contingency.
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Hi,

1) In general, the sales proceeds will first deduct of the outstanding loan, follow by the refund of CPF utilized with accrued interest.
2) This refund of CPF + accrued interest has nothing to do with different of ownership.
3) The CPF board will only deduct the utilized CPF + accrued interest by each account and not split accorinding to the shares owned by each party.
4) In your situation, the CPF board will deduct the used CPF + accured interest based on each account owner. Your parents will get their funds back according to how much they have contributed during the purchase.
5) If this is a positive sales, you will received a cashier order bearing all owners' name at the sales completion. You have to deposit it into a joint account and split by yourselves after the cashier is cleared.
6) If this is a negative sales, i.e, the sale proceeds not sufficient to cover all CPF + accrued interest, it will try to cover most of the fund used by each account. You will have to get advice from the CPF to get a firm answer on this.
7) You may buy a resale flat since there is no limit on number of buying resale HDB flat, as long as you are eligible under one of the criteria listed by the HDB.
8) You will only not eligible to HDB loan if you have utilize twice HDB loan, or over-shot the income ceiling of $14k when buying with your fiancee.
9) Your fiancee can be a co-owner only if she is a SC or PR. A foreigner cannot be an owner of an HDB flat regardless of loan type and income level.

All The Best!!!

Hope the above answer to your main concerns, but if there are more query, 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 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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The short answer is that your plan with all of the above should be feasible.

You should be able to sell the flat, everyone should get back the respective CPF amounts contributed, and you should be able to purchase and co-own your next property with your fiancee who is not working if both of you are eligible to own a HDB together.

Happy to work out the specific plan as well as the numbers for you. I can help with
1) The specific valuation of your current HDB
2) Sales and marketing plan for your HDB if you intend to sell
3) Working out how much money each of you will get upon a sale (including how much in CPF vs cash)
4) Developing the plan for your HDB resale purchase with your fiancee, as well as your parents' plans if needed.
5) Sourcing potential options you can explore with your fiancee as a next home
6) Timeline and financial planning for all of the above to work smoothly

I'm a Harvard graduated real estate agent with a degree in economics, and have supported clients on more than $1 billion in transactions. Feel free to reach out below!

Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More

If you sell your current flat, here’s how it works:

1) Refund of your parents’ CPF
Yes, their CPF refund comes from the sale proceeds. All CPF used plus accrued interest must be returned to each person’s CPF account. It doesn’t matter that your OA is low. The refund does not come from your OA balance; it comes from the buyer’s money when the flat is sold.

If the sale price is high enough, everyone gets their full CPF refund. If the sale price is too low, then CPF will refund whatever is available and no one needs to top up the shortfall in cash.

2) Buying a resale HDB with low OA and using a bank loan
Yes, you can buy a resale HDB even if your OA is low. Many buyers with small OA balances still proceed using a bank loan.

What you need to prepare for:
• Cash for downpayment because bank loans require a minimum cash component.
• Cash or CPF for stamp duty and the rest of the completion fees.
• Monthly repayment must pass the bank’s TDSR/MSR checks based on your income.

Your OA doesn’t affect your eligibility to buy; it only affects how much CPF you can use.

3) Can your fiancée be co-owner even if she doesn’t work and has no CPF?
Yes, she can be a co-owner. CPF isn’t a requirement for ownership. It only affects whether she can contribute towards the monthly loan instalments using CPF (she can’t, since she has no OA). You’ll just need to make sure the total monthly loan repayment is something you can cover with your income alone.

If you want, tell me your income, preferred flat size, and rough budget and I can run the numbers for your estimated cash/CPF needed. Read More

Hi Sir,

Let me try to provide you with some clarity.

1. The amount of CPF used by your parents will go back to their CPF Ordinary Account + the accrual interests for the past 14 years. To know the exact amount, they can log on to CPF website and check under the home ownership dashboard. After deducting the outstanding loan and the CPF used, the balance will be the sale proceeds in cash.

2. You may still take up a HDB loan if your combined income is less than $14,000. Each Singaporean are able to take up HDB loan twice in their lifetime.

3. For the next resale flat, you may buy together with your financee together as owners or her as an essential occupier. You will need to find out how much you can borrow and with the CPF from sale of the current house, you will be able to find out what is a comfortable budget for yourself.

I will be happy to gather more information from you and assist you to plan the move. Please feel free to contact me so that I can assist you further.

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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Selling our house was a pretty stressful ordeal, as we have already committed to buying our new home and hence have a timeline to meet. Losing a s Read More

Good day to you.

1) Upon completion of sales for a co-owned unit, the CPF OA contributions made by the individuals, along with accrued interest, will be refunded to their respective CPF OA accounts. For example, if a total of $300,000 was contributed, this amount plus accrued interest will be returned to the contributor's CPF OA.

2) The HDB will issue the sales proceeds after deducting CPF funds and any outstanding mortgage balances via a jointly named cheque. The co-owners will determine the distribution of the proceeds.

3) Eligibility to own an HDB unit is limited to Singapore citizens and Singapore Permanent Residents. It is possible to purchase a resale HDB unit with a fiancé(e) under the relevant eligibility scheme.

4) Individuals earning below the HDB loan income ceiling cap are eligible for a second HDB loan.

How about getting together and working things out?

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Regards
Mike Lim
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