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Good evening Segar,

Both of you have to be owners of the condo in order to utilise your CPF OA funds in the condo purchase.

If you decide to be co owners of the condo purchase, you can use this calculator to calculate your CPF housing usage:
https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

May I know how old are both of you?

If you are 55 years old and above, CPF OA funds utilitised in your flat will be refunded twithin 2 weeks from HDB sale completion date to meet your Full Retirement Sum in your Retirement Account.

Any balance amount will be paid to you in cash within a week after refunds are credited into your CPF account.

https://www.cpf.gov.sg/member/home-ownership/using-your-cpf-to-buy-a-home/cpf-refund-when-selling-or-transferring-property

Do share more information about your situation so I will be in a better position to assist and talior make a plan for your family.

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!

Association of Chartered Certified Accountants Graduate
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Good evening Mr. Segar,

After the sale, the CPF utilized + accrued interest of the existing HDB will refund back to your respective CPF OAs within 2 weeks after sale completion. Since both of you have met the full retirement sum, and if both of you are 55 years and above, you can withdraw the CPF OA amounts in excess of the FRS as cash and use the cash proceeds however you choose to, including funding down payment of another condo.

If you are not yet 55 years old, to be able to use your CPF OA to fund another property you need to be the owners as well. I will be happy to draw up a detailed financial plan to help you understand the overall process, please contact me 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.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

SEAA Salesperson Achievement Award 2021 (Gold)
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Dear Mr Segar,

Once you have met your Full Retirement Sum, you can withdraw all your Special and Ordinary Account savings once you are 55 years old or older. (Refer to https://www.cpf.gov.sg/member/retirement-income/retirement-withdrawals/withdrawing-for-immediate-retirement-needs#:~:text=You%20can%20withdraw%20anytime%20from,you%20are%20making%20the%20withdrawal.&text=If%20you%20have%20met%20the,withdrawal%20in%20your%20retirement%20years.)

The funds will take approximately 3 weeks to be returned to CPF from sale of your current property.

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.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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

Warmest regards,
Geryl Lim
Associate Group Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
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Propnex Read More

Hi Do contact me at 97970200  to understand more and discuss

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Both of you have to be owners of the condo in order to utilise your CPF OA funds in the condo purchase. If you decide to be co owners of the condo purchase, you can use this calculator to calculate your CPF housing usage: https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage May I know how old are both of you? If you are 55 years old and above, CPF OA funds utilitised in your flat will be refunded twithin 2 weeks from HDB sale completion date to meet your Full Retirement Sum in your Retirement Account. Any balance amount will be paid to you in cash within a week after refunds are credited into your CPF account.
rephrase in point simple format Read More

as per YT Tan has mentioned is correct,To obtain personalized advice and clarification on CPF usage for property purchases and the expected timeline for sales proceeds to be credited to your CPF accounts, consider consulting with CPF Board Read More

Hi Mr. Segar,

1) It is strongly suggested you pay a visit to have a face-to-face discussion with the CPF officer:
https://www.cpf.gov.sg/member/contact-us
2) If you want a contactless consultation, you may also call or write to them. You may find the alternatives in the same shared link above.
3) In general, after satisfying the FRS. You may withdraw the remaining in cash from your SA & OA if there is any balance.
4) The CPF will not limit what you intend to do with the cash withdrawn.
5) The CPF had stated clearly on their web that it takes 14 working days for the utilization of the sale proceeds upon completion of sales.
6) In our practice, we noticed it could take less than 5 days and up to 10 days before the CPF funds can be used for the next purchase.
7) So, we are not able to guarantee or confirm the timeline. We always planned according to the worst-case scenario.

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
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer Read More

Hi,

After you sell your current property, your CPF OA used +accured interest will be returned back to your OA account in about 2 weeks time from sale completion date.

After selling your current property, CPF Ordinary Account (OA) used plus accrued interest, will be returned to your OA account within approximately two weeks from the completion date of the sale.

If you have already met the Full Retirement Sum (FRS) and are 55 years old or above, you can withdraw any excess amount to finance your son's private property purchase. However, if you are under 55 years old, you must be a co-owner of the private property to utilize your CPF funds for this purpose.

This platform does not allow me to contact you directly so kindly contact me at https://wa.me/6597261112 I would be glad to assist you further.

Thank you and best regards,

Jenny Tran
Propnex Realty Pte Ltd
(HP) +65 97261112 
(Email) jenny.tran@propnex.com
BSc (Real Estate) (Hons)-NUS

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Hi Mr Gopal,

If you're using your CPF monies for the property purchase, you have to be the owner of the property. You may choose to co-own the property with your son too, either in Joint Tenancy, or Tenancy-in-Common.

May I know what's both you and your Wife's age? I suppose your Son is above age 21 as well?

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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