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My parents have $0 on their CPF account. They were born in 1957 and 1960. They intend to sell their existing HDB and buy one from the resale market. 200k were used from their CPF to fund the existing HDB. They do not intend to take up any loan due to their age. How much money does them need to pay back to their CPF account?
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7 Answers

Hi

They need to refund the 200k cpf utilized + accrued interest into their cpf accounts upon the sale. Part or full amount of that will go to meet their retirement sum requirements, and this amount is indicated when you singpass login to their cpf website to see. I can share with you the steps on how to find out. We will then be able to know if we want need to top up cash to their cpf accounts.

May I know if they are looking to downsize and where is the preferred area for their next flat?

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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1
Hi Jared,

They have the pay back to their CPF account the 200K plus accrued interest that they have used for their existing HDB.

I would be able to assist them on their sale of existing HDB and share with them more on their retirement plans including how much to set aside for their retirement. You may reach out to me via WhatsApp 9189 0029  for further discussion.

Angel Lim 9189 0029  R070213E Read More
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Hi, this will depend on how much accrued interest there is on the cpf amount they used. You can check this in the CPF website by logging in with your singpass.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
1
Hi Jared,

By right, all CPF monies used for the flat purchase must be refunded into their CPF account plus the accrued interest. If your parents require to use the funds for their next purchase, they will need to write in to CPF to appeal for these funds to be set aside for their next purchase.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Hi Jared,

The amount of CPF that your parents have used so far + the accrual interests will need to go back to their CPF account. The amount can be found under the "Home Ownership" Dashboard when they log in to the CPF website using their singpass. Due to their age, they may not be able to reuse this amount as they will need to satisfy the retirement sum.

If their intention is to downsize from their current flat, then it is recommended that we do a calculation to determine how much cash they can get back from the sale and whether it is sufficient to purchase the next flat. If is it not sufficient, we can try to appeal to CPF board to allow them to use some of the refunded CPF amount for the purchase.

I have assisted many of my elderly clients to downsize their flat. Please feel free to contact me so that I can assist them with the calculation and share with them the timeline planning considerations so that they are able to transit from one house to another smoothly and seamlessly!

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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Mr & M Read More
1
Hi, appreciate your sharing. Have to login their HDB portal and CPF OA portal to check.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More
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The repayment amount to the CPF account comprises the initial $200,000 utilized, along with any accrued interest.
The calculation of accrued interest depends on the CPF amount utilized and can be checked on the CPF website using SingPass login credentials.
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