A Flat Buyer Seeking Advice

[Jman888]

eh bro.

 

out of curiosity i have asked my hdb pals on this. 

 

and apparently if the transactional price and valuation too big gap. like what you described, then there will be a red flag. potentially might scupper the deal.

 

if the flat is fully paid off. a better alternative would be for them to "gift" the flat to your sis. just arrange paperwork at hdb and transfer to her name. and then the cash portion settle seperately. just that depends on "trust" lor

 

 

gift mean the parents got no more cpf left for retirement?

[Little_prince]

gift mean the parents got no more cpf left for retirement?

 

that's why i said then the cash settle offline lor.

 

that's one way to get around it.

 

otherwise even if hdb allow you to sell so much below valuation. after repayment to cpf and all the misc stamp fee etc, you also won't get much cash, if at all. most will be back inside the cpf.

[Showster]

CPF used must still return one lah.

 

They will take cheque make sure the CPF of the transferee is enough under normal situations.

 

Extraordinary situations think must check with HDB safer. 

 

gift mean the parents got no more cpf left for retirement?

 

[Ysc3]

that's why i said then the cash settle offline lor.

 

that's one way to get around it.

 

otherwise even if hdb allow you to sell so much below valuation. after repayment to cpf and all the misc stamp fee etc, you also won't get much cash, if at all. most will be back inside the cpf.

 

the scenario is abit complicated ...

 

both my parents already 75 years old ... so I guess they can take whatever they have inside their CPF account right ?

 

so if my sis buys the flat from them, they can take out the almost all the cash from the transaction ?

 

also the flat is fully paid long time ago already ... bought at 80k in 1989 ... so I even at 80k loan, at the most need to put back total 180k into their CPF now ... so even if my sis buys at 300k, should be more than enough to cover the CPF part. Anything more, my parents will receive in cash right ? eg in this case, about 120k ? if so, then if my sis buys at 400k, then my parents will similarly receive 220k in cash - or the total of 300k or 400k which they will then return to my sis again ...

 

I might be wrong ... coz most of my understanding is hearsay.

 

I will check with HDB when things are confirmed ... but right now just asking around for more information so won't be caught unaware when we visit HDB.

[Jman888]

the scenario is abit complicated ...

 

both my parents already 75 years old ... so I guess they can take whatever they have inside their CPF account right ?

 

so if my sis buys the flat from them, they can take out the almost all the cash from the transaction ?

 

also the flat is fully paid long time ago already ... bought at 80k in 1989 ... so I even at 80k loan, at the most need to put back total 180k into their CPF now ... so even if my sis buys at 300k, should be more than enough to cover the CPF part. Anything more, my parents will receive in cash right ? eg in this case, about 120k ? if so, then if my sis buys at 400k, then my parents will similarly receive 220k in cash - or the total of 300k or 400k which they will then return to my sis again ...

 

I might be wrong ... coz most of my understanding is hearsay.

 

I will check with HDB when things are confirmed ... but right now just asking around for more information so won't be caught unaware when we visit HDB.

 

 

CPF and HDB are two different organisation, whether can take the $220K out and leave $180K as minimum retire sum have to be clear from CPF. This part has to check with CPF.

 

for your sis to buy at $400K, she has to fork out from her CPF or take loan to pa. If your parents can cash out the $22)k and pass to her at later stage, she will then use the money to offset against the loan amount.

[Showster]

Yah confirmed extraordinary case.

 

Other than scheduling walk-ins, you can also choose to write in to HDB and/or CPF to check as well.

 

They may schedule a few appointments to clear everything with your family.

 

They will not force you to make decisions on the spot so after that you can decide over the remaining sessions which can stretch for months.

 

Do keep us updated for reference.

 

the scenario is abit complicated ...

 

both my parents already 75 years old ... so I guess they can take whatever they have inside their CPF account right ?

 

so if my sis buys the flat from them, they can take out the almost all the cash from the transaction ?

 

also the flat is fully paid long time ago already ... bought at 80k in 1989 ... so I even at 80k loan, at the most need to put back total 180k into their CPF now ... so even if my sis buys at 300k, should be more than enough to cover the CPF part. Anything more, my parents will receive in cash right ? eg in this case, about 120k ? if so, then if my sis buys at 400k, then my parents will similarly receive 220k in cash - or the total of 300k or 400k which they will then return to my sis again ...

 

I might be wrong ... coz most of my understanding is hearsay.

 

I will check with HDB when things are confirmed ... but right now just asking around for more information so won't be caught unaware when we visit HDB.

 

Edited March 6, 2017 by Showster

[Kklee]

Some information below.  

 

How much do I need to refund to my CPF upon the sale of my HDB flat?

If you have used your CPF savings to finance your HDB flat, you will have to refund to your CPF:

• the principal CPF amount (P) which you have withdrawn for the HDB flat; and
• the accrued interest (I) which you would have earned if the savings were not taken out from your CPF account.

If you are 55 years old and above, and have pledged your property to withdraw your Retirement Account (RA) savings in cash, you will need to refund the pledged amount on top of the P and I. The amount refunded to your CPF account will be used to meet your Full Retirement Sum in your RA. After this, any balance housing refunds will be paid to you in cash.

Source : https://www.cpf.gov.sg/Members/schemes/schemes/housing/public-housing-scheme

 

 

[Ysc3]

 

Some information below.  

 

How much do I need to refund to my CPF upon the sale of my HDB flat?

If you have used your CPF savings to finance your HDB flat, you will have to refund to your CPF:

• ...blah blah blah ...

 

the same thing was in the letter CPF sent me ...

 

anyway, i still dun understand ... my mom is 75, my dad is 76. my mom needs to put back $37k into her CPF is she sells the flat but my dad does not have to put anything back as he is not required to have a RA.

 

....  

[Kklee]

the same thing was in the letter CPF sent me ...

 

anyway, i still dun understand ... my mom is 75, my dad is 76. my mom needs to put back $37k into her CPF is she sells the flat but my dad does not have to put anything back as he is not required to have a RA.

 

....  

 

Pension?

[Ysc3]

Pension?

 

no idea ... mom stopped working as a factory line operator in her 60s .... dad was a taxi driver.

 

CPF mentioned that my dad will have to put 28k back into his a/c but then they will release it full back to him a a few months.

 

whereas my mom will have to put back 80k ... and then they will give her half of it in a few months and the balnce half will disburse over the next 5-10 years.

 

very complicated .... just like choosing between butter and margarine.

[Kklee]

no idea ... mom stopped working as a factory line operator in her 60s .... dad was a taxi driver.

CPF mentioned that my dad will have to put 28k back into his a/c but then they will release it full back to him a a few months.

whereas my mom will have to put back 80k ... and then they will give her half of it in a few months and the balnce half will disburse over the next 5-10 years.

very complicated .... just like choosing between butter and margarine.

 

Ya, sometimes these sort of things are so complicated. 

Butter and margarine - Choose butter, unsalted. 

[Sdf4786k]

I supposed many silver hair generation are affected by the changes in the employment landscape and hence, the usual risk adverse nature of most flat buyers are to have a wait and see attitude OR at least, make some sense of the commit and "what if" scenario before they embarked on the single biggest ticket item in life.

 

http://www.straitstimes.com/singapore/housing/large-number-of-balance-flats-in-2-towns

 

Looking at the ramp up and build of the flat and the larger then usual balance, seems like a storm is brewing on the ground.

 

 

[Jman888]

I supposed many silver hair generation are affected by the changes in the employment landscape and hence, the usual risk adverse nature of most flat buyers are to have a wait and see attitude OR at least, make some sense of the commit and "what if" scenario before they embarked on the single biggest ticket item in life.

 

http://www.straitstimes.com/singapore/housing/large-number-of-balance-flats-in-2-towns

 

Looking at the ramp up and build of the flat and the larger then usual balance, seems like a storm is brewing on the ground.

 

 

why unsold flat got to do with silver hair generation? they should already have a fully paid up flat.

[13177]

I supposed many silver hair generation are affected by the changes in the employment landscape and hence, the usual risk adverse nature of most flat buyers are to have a wait and see attitude OR at least, make some sense of the commit and "what if" scenario before they embarked on the single biggest ticket item in life.

 

http://www.straitstimes.com/singapore/housing/large-number-of-balance-flats-in-2-towns

 

Looking at the ramp up and build of the flat and the larger then usual balance, seems like a storm is brewing on the ground.

According to the article, quite surprisingly that quite a huge number of balance flats are from mature estate close to the city?

Edited May 25, 2017 by 13177

[Jman888]

According to the article, quite surprisingly that quite a huge number of balance flats are from mature estate close to the city?

 

Those balance units in Queenstown was not open to public cos it was a SER project, confirm will be over subscribe in this round of balloting.

[13177]

Those balance units in Queenstown was not open to public cos it was a SER project, confirm will be over subscribe in this round of balloting.

Queenstown confirmed over subscribe, but other mature estate which close to town maybe still not many takers?!

[Angcheek]

who the hell still go town ........... 

[13177]

who the hell still go town ........... 

Still have la, although town is not as crowded as last time but still quite many people on weekends de.