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My Parents are about to sell their 4rm HDB, my dad is 62 and my mum is 60. The flat is fully paid, will they have to fulfil the minimum sum required in CPF before cashing out the rest? Where can I check if my dad pledge his property for 50% of the minimum sum?
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2 Answers

Mike Lim
Replied
Afternoon Rex,

As your parents have long attain the retirement age, they are only required to return the CPF amount that they have used for the unit, inclusive of interest. The balance would be considered as their profit.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
CEA Reg No: R026708F
Email add: m52i@yahoo.com
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Ander Ang
Replied
Hi Rex,

Do your parents have singpass? If have, you can ask them to log into their CPF account, the amount to be refunded upon selling the flat will be displayed.

Since they are above 55 yrs old, upon selling the flat, need to refund either the minimum sum (this amount is based on the year they reached 55 yrs old) or the amount used in financing the property, whichever is lesser.

If you have any more query, pls call me at 98628691  to discuss.

Thanks.
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