8 Answers

Hi,

In your scenario the CPF monies (cpf utilized + accrued interest) will be refunded to your CPF OA upon the sale completion. This amounts in excess of the FRS can be drawn down as cash proceeds since you already fulfilled the FRS.

I have helped various homeowners to successfully right-size and cash out the existing property. Look forward to assist you with the same and I am contactable at 97432395  .

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

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Ivan Ng Realtor
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In this scenario, your CPF funds utilised for the condo including the accrued interest will be refunded to your OA and if excess of your FRS, this amount can be drawn down as your cash proceeds. What do you plan after the sale of your condo?

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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We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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Hi, appreciate your sharing. Able to double check with CPF your current CPF requirement by taking an Eappt via their app.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, the CPF plus accrued interest will goes back to your OA. And for the excess of FRS, you could draw it out as cash proceeds.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Dear Sir/Mdm,

Since you have fulfilled the FRS, the refunded CPF can be used towards the purchase of the next property or you may choose to withdraw out as cash for other retirement needs.

Please feel free to contact me so that I can understand your intentions and give you an overview of the sale and buying (if required) processes.

Regards,
Nick Tan
(M) +65 96 44 48 54
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“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”
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Susana (Buyer) Read More
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Hi,

1) When you reach 55 years old. The CPF board will transfer funds from your SA and OA respectively to a new account known as RA (Retirement Account).
2) If the amount of funds in SA fulfilled the FRS requirement. The CPF board will not touch your funds in the OA, otherwise, they will transfer the shortfall from the OA to top up the difference.
3) When you sell your condo at the age of 55. The sales proceeds will be used to pay the following in order of priority:
(a) Outstanding mortgage loan
(b) Return to your OA account with accrued interest incurred.
(c) Cashier order

4) If the amount is insufficient to cover the utilized CPF, the CPF has the right to request you to top up the difference using cash.
5) But if your condo was sold at market rate, you shall not need to worry about (4).

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
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https://www.facebook.com/Homesellerbuyer Read More
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Consult CPF Board: For any detailed questions or to understand your specific situation better, it's recommended to contact the CPF Board directly. They can provide you with accurate and up-to-date information.
By understanding this process, you can plan your finances effectively after selling your condo at 55 and beyond Read More
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