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my aunt is already 65 yrs old but she recently thought of buying a 3room resale hdb. her cpf ordinary has $500k. can she use cpf to buy after setting aside retirement sum. does she need to take out cash? how do agent charge ?
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2 Answers

Hi,

Do you mean her Retirement Account instead? Does she have ownership currently in any property? Yes she can use her RA after setting aside the retirement sum, you can ask her to also login to cpf website to confirm the amount available for property use. Whether cash ia required depends on the purchase price. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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SMU BBM (Finance), Magna Cum Laude

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Hi,

There are few concerns here, let me try to break in down and answer individually;

(1) 65 yrs old:
(a) There are no withdrawal limit from CPF to purchase property.
(b) Her Retirement Sum would already locked down 10 yrs ago. And thus, it is not difficult to check from her CPF account.
She should has a RA indicating the sum, and OA is the amount she is free to use, either draw it out as pocket money or to buy property.
Her Full Retirement Sum should be $99,600 if her birthday on or after 1 July 2007.
A Real Estate Salesperson shall be able to assist in the financial planning and advise.

(2) Need cash for the purchase?
It depends on the location she is buying, 3-rm flat in different estate is listing at different prive level.
On top of location, size (56~88 sqm), level, facing, conditions, remaining lease are the other factors that determine the price level.

(3) Agent serving buyer in market is asking for 1%+GST of the purchase price.

Hope the above answer to 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 
ling.ck7@gmail.com

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