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Hi Balmeg,

Over here, I can only try to guess what you intend to find out.
It is not whether your parents are able to purchase a flat, but whether or not will the sales proceed locked into the CPF.

The reason to interpret this way is there are no limit on age to buy a property, but it is the usage of CPF that is the main concern as most of us are using CPF to purchase our home.

Your parent CPF RA would have already created at the age of 55 yrs old. And the payout for their retirement are already secure or more layman; locked.

Sales proceed =Selling price - CPF OA with accrued interest - legal fee - resale application - Miscellaneous - agent fee, as per normal transactions.

Your parents are still allowed to use their CPF amt under OA to pay for the upgraded flat, and listed as essential occupier.

The reason I suggest to list them as "essential occupier" is so as you are allowed to apply for longer loan tenure. If their names are under "owner", I'm afraid you will have to pay a very high monthly installment.

Hope the above answer to 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
 90110636 
ling.ck7@gmail.com

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Hi,

It is still feasible if the finances are sufficient (that is cash + available OA) or if the 3rm price has appreciated significantly. It is unlikely they be able to get a loan under their names only.

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

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)

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-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More

Dear Sir/Mdm,

Your parents may not be able to secure a loan due to their age and they will not be able to utilise all the CPF refunded from the sale of your current flat due to the minimum sum requirement.

Your concern is certainly valid. However, you will also need to consider other factors such as the price that you purchase your current flat and the amount of loan that you will be eligible for.

Please feel free to contact me so that I can understand your situation better and have a look at the numbers before giving you a more informed recommendation!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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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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We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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Mr and Mrs Chan (Sold and Bought a property through Nick) Read More

Good morning,

Based on your parent's age, it would be unlikely that bank will facilitate them with mortgage loan on the next purchase. Hence you can only depend on the following to finance your intended purchase:

1) Amount of mortgage loan you can get based on your income status, credit record and age.
2) Amount of CPF OA available in your CPF account.
3) Amount of CPF OA and/or RA available in your parent's account , subjected to approval on case by case basis.
4) Amount of cash that you have on hand.

Do feel free to contact me for detail discussion.

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