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We are currently staying in a 4-room flat in AMK (fully paid) and thought to downgrade to a 3-room flat in Punggol (near the children). Currently my spouse and I are still working but just wondering what are the monies we need to return to our CPF account and whether we have the monies to buy a resale 3-room flat in Punggol.

Thanks,
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7 Answers

Good afternoon,

When you sell a property, you will need to refund the CPF utilized + accrued interest which both owners have used for the property. This amount can be found when you do a singpass login to CPF website.

If you have reached 55 years and above, part of the above mentioned amount needs to be set aside for your Basic Retirement Sum ($96k for people turning 55 in year 2022) before any excess can be utilized for property.

If the prices of both the sale & purchase are similar, and if you can still take a small loan amount, it is definitely possible to do the change.

I have helped clients in similar situation like you and helped them to transit smoothly. Happy to tailor a plan for your situation.

-- HDB Executive Maisonette Sellers, Mr & Mrs Yeo --

Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends. Thank you very much, Ivan. We are definitely your satisfied customers!

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.

-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. Read More
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Hi

You may text 9620 0827  for a casual chat. We can do an estimate financial statement for the discussion.

Warmest regards

Gavin Read More
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Hi Sir/Mdm,

It is important to find out more about the numbers before you proceed further. By doing a detailed financial analysis, we will be able to know how much CPF needs to be refunded after the sale and how much CPF can be reused to purchase the next flat (assuming you are over the age of 55 years old.)

If you want to leverage on a loan for the purchase, it is important to find out how much you can borrow and also explore any possible CPF housing grant that you are eligible for.

I have assisted many of my clients to transit smoothly from one HDB flat to another and the process involved meticulous planning in terms of your timeline and finances. Please feel free to contact me so that I can better understand your situation and assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in d Read More
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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi!
There are many factors and regulations to consider when buying or selling house. Not as simple as just going house viewing. That is just PART of the whole process.

I would encourage you to find an agent that you are comfortable with to help you work thru the whole process. Call me for a free consultation at 8782 0722  - no obligations!

Financial calculations is key - as well as timeline as you don't want to be left with not having enough time to move into new place etc.

Only when all are viable and makes sense then you proceed.
You need to look at it on the WHOLE when deciding.

Free consultation/discussion to find out more on your aim of wanting to downgrade, the financials (costs, refunds, payments etc), the plans and timeline.

Buying and selling house need professional experience and best to have a competent agent to assist you.
Please feel free to contact me at 8782 0722  for a free discussion!

Charis Tan
 8782 0722 
R058802H

https://wa.me/6587820722 Read More
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Hi Do contact me at 97970200  to understand more and discuss

Mark, your RIGHT choice
Propnex Read More
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Robbie Chen Chee Howe
Hi Sir/Mdm,

For this, you will need to login to your CPF accounts to determine the CPF Refund amount. You will also need to know how much CPF you can use for your next purchase, after setting aside your Basic Retirement Sum, assuming you're past age 55.

Do let me know should you require further assistance in the financial planning for your sale and purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require 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
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