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Hi Eric,

Sorry to hear about the unfortunate situation, I understand where you are coming from. Unfortunately, this is one of the drawbacks of using CPF to fund the housing purchase, where they can be quite rigid in terms of the usage so as to safeguard one's retirement funds and prevent system abuse cases. Perhaps the CSO could have communicated the message to you in a more courteous and professional way. In any case, its not returning these funds to the govt, its returning to your CPF OA where you still can use for your next housing.

Theres not many solutions if you wish to keep the DBSS flat for your parents. One way could be to purchase private property under your spouse name for now, or rent a unit for the mid term. Thanks and hope it value-adds to your plans. Is there anything else I can assist with?

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

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
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(Client's Testimonials) Read More

Afternoon Eric,

It would be fruitless to get angry over the policies that the country have set. What you can do is to suggest that your parents down grade from their current DBSS to a 3 room flat or HDB studio apartment. This would allow all parties to cash out and move on. With that, you can also purchase resale unit with your wife.

Do feel free to contact me should you require any additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Eric,

I understand your predicament and I'm sorry that you are facing this situation now.

However, this has been how the policy is all along. There is no surprise they rejected your request.

But I have to say the HDB officer you should to should have handled it in a more proper manner. Firstly, CPF is your money, not Government's money. You will be allowed to use the CPF funds for your next purchase after disposing off your interest in your current property.

Since you plan to "gift" your parents the HDB flat, one suggestion I can give to you is, you top up your own CPF with the amount that is accrued, and withdraw your interest from the HDB flat. This way, you can proceed to purchase your own home with your spouse.

Alternatively, you can go for private housing instead. Do take note that you will be liable for ABSD should you take this option, as it will be considered your second property.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good day Mr Eric Loh

Would your parents consider selling their dbss and downgrade to a smaller cheaper hdb , at the same time they can return you your cpf monies from the sales proceed , similarly you can buy your own hdb thereafter .

Kindly contact me for a no-obligations chat for your property needs .

My charges are 1% commission for exclusive selling rights ( 1 sole agent only ) to your dbss , or 2% for open listing ( many agents ) .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More