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My husband and I are above 55 years, and are considering downgrading from our fully paid HDB EA to a 4-room. My husband CPF met all the requirements as in RA, etc. but not mine (as I am a homemaker). The concern is the mandatory requirement of money to be returned to my RA after selling our flat, and the balance that can be utilized for the downgrade without having any loan.
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8 Answers

Dear Mdm,

I understand your concerns. Firstly you can singpass login and check the CPF website on the CPF utilized + accrued interest you have used for the property. This amount needs to be refunded and will be deducted from the sale price. If you have set aside Basic Retirement Sum and can do a property pledge, the excess can still be used for the next property purchase.

I can assist to do some calculations so as to ascertain the feasibility of the move and the kind of 4-room options we have and to go to a fully paid 4-room flat. I have worked with clients in similar situation so would be able advise better with more info. I am contactable at 97432395  for further discussion.

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.

Warm Regards,

Ivan Ng Realtor
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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, sure no issue with that as I just need to go thru a few steps of financial calculation in order to determine the total amount of CPF usage which could be utilised for the next housing.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
0
How much CPF have you utilised for the current flat? You may wish to write in to CPF to allow you to use your CPF funds to be returned from the sale of current property to be reserve for your purchase of the next flat. Read More
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Hi Mdm,

You may have some misconception about the return of your CPF into the RA. Only the amount of CPF and accrual interests that you have utilised towards the house will need to be refunded when you sell the flat. The balance will be release to you in the form of cash and can be used to fund the purchase of the 4 room flat.

Please contact me so that I can do up the actual calculation for you so that you can have a better idea of your financial position before you proceed for the move.

Regards,
Nick Tan
(M) +65 9.6444854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
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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.
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1
Hi, appreciate your sharing
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More
0
Hi there, it's actually quite common for guys to downgrade or rather rightsize to a smaller unit as it make sense to them whether in terms of cashing out or day to day cleaning. I have actually just helped a couple with a very similar situation rightsize their property. As for your CPF concern, it would be best to talk to a real estate professional and work out your budget and maybe do up a detailed financial plan and we can determine from there if its a feasible plan. Some other things you may want to take note are the timeline and also net cash proceed after the transaction is done. If you need any clarification on the financial and timeline planning. Feel free to drop me a text or a call and I would be happy to help clarify your questions.
Thanks and Regards
Wei Ming
 9687 1379 
rix.jim@hotmail.com Read More
0
Hi,

1) I suggest you make an appointment with the CPF to clarify all your doubts on the RA. (https://www.cpf.gov.sg/appt/oas/form)
2) The general requirements of the RA are as follows:
(a) It is mandatory to fulfill the Full Retirement Sum (FRS) if you don't own any property.
(b) It is mandatory to fulfill the Basic Retirement Sum (BRS) if you own at least one property.

3) You may also request a portion of your BRS to be reserved in OA for the purchase of the 4-room flat if the remaining sum after deduction of BRS is insufficient for the purchase.

4) You may put up the request before or after selling your EA.

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

Hope the above answer 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
Ling CK
9011....
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Robbie Chen Chee Howe
Hi Madam,

I understand your housing needs to down size your flat. Your concern with regards to CPF Refund to RA may be misinterpreted.

Yes, you're right that you will have to fulfill the RA requirements after selling the flat before being able to utilise the balance left for your next housing. However, if you're unable to meet the RA after the refund, you will not be required to dump your Cash sale proceeds into your RA.

I have helped many clients above age 55 to shift house, and will be able to assist you and your husband to have a smooth transition to your new home too.

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 +65 97 48 63 05. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
+65 97 48 63 05
PropNex Realty Read More
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