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Dear Sir/Mdm,

For your dad's case, assuming he does not have any outstanding loan and if he sells the property at 500k, the sales proceeds is 50k.

As for his CPF, he needs to fulfill his minimum sum of 181k and the balance will be transferred to his designated bank account as cash.

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

Regards,
Nick Tan
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Susana (Buyer) Read More

Hi there,

Thank you for your query.
To be able to assist more effective, perhaps you could contact me so that I can address all concerns and run you through the exact financial calculations and financial plan for your sales to ascertain the exact cash amount.
It will also be useful for me to run through transaction caveats of your property and customise and sales and purchase report for your understanding and perusal.

Please visit my website : www.kumarrai.com for all the up to date awards, testimonials and accolades. Thank you very much!

D Kumar
 +65 96659926 
ERA Associate Division Director
#1 team of ERA in Singapore, Asia Pacific International for 2014/5/6/7/8/9

ERA 2015 Q1 Top Achievers (Top1%)
ERA Top Achievers 2013-2019
ERA Multi-Million Dollar Club Award
2014-2019 ERA Asia-Pacific Business Conference Elite Award

P Group
Overall Top 100 achievers 2014-2019 Read More

Hi,

Assuming there is no outstanding loan, the sale price of 500k, less the CPF to be refunded and accrued interest of 450k, will be 50k sale cash proceeds.

After setting aside his Full Retirement Sum of 181k (from the 450k), the balance can be withdrawn and be transferred to his bank account as cash.

I have worked on similar cases for seniors who are looking to right size to another property and will be happy to share the best approach.

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 Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 600 Achievers in Year 2017 (Top 10% Company Level)
ERA Top 300 Achievers in 3rd Quarter 2017 (Top 5% Company Level)

SMU BBM (Finance), Magna Cum Laude
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