Asked by Anonymous
My BF & I are intending to get a BTO in nxt 2 years. However, he co-owns an EA with his 2 parents as his dad was hit with bankruptcy previously. They have not complete paying for the EA in full as of date and his dad, mom and himself are still financing the loan via their CPF. Outstanding balance is substantial and the amount of interest they need to pay is high..
He is gg to withdraw his name from the flat so we can proceed to BTO, but that would mean his parents would need to pay him back his CPF & accrued interest in cash, which I doubt they have the ability to do so. His dad has already passed 55 years old but his mom will hit 55 years old in Feb 2018. We plan to sell off the EA before his mom hits 55 and all her CPF gets locked in RA.
However if they sell the EA, they need to refund their CPF back. the sale from the EA is not enough to return all 3 accounts of CPF. they say have to sell above valuation so they can appeal not to return back to CPF. Is it true?
He is gg to withdraw his name from the flat so we can proceed to BTO, but that would mean his parents would need to pay him back his CPF & accrued interest in cash, which I doubt they have the ability to do so. His dad has already passed 55 years old but his mom will hit 55 years old in Feb 2018. We plan to sell off the EA before his mom hits 55 and all her CPF gets locked in RA.
However if they sell the EA, they need to refund their CPF back. the sale from the EA is not enough to return all 3 accounts of CPF. they say have to sell above valuation so they can appeal not to return back to CPF. Is it true?
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