HDB Question

[Ironstarz]

Ask u guys ah, if i buy a HDB at 280 k , after 5 years i paid a total of 180 k left with 100k , then if i sell the flat at 380k How will the system work ? How much can i expect to get back in term of CPF / cash if any ??

[Bystander50]

Ask u guys ah, if i buy a HDB at 280 k , after 5 years i paid a total of 180 k left with 100k , then if i sell the flat at 380k How will the system work ? How much can i expect to get back in term of CPF / cash if any ??

 

Once you sell, all the $$$ goes into your CPF account first.

They'll deduct off your accured interest which is the interest you'll earn had you not taken it out and the principle sum. You can log in to check from your CPF account for the estimated amount.

Any balance then they refund you, if the amount is not enough, you gotta top it up.

 

[Ironstarz]

Any balance then they refund you, if the amount is not enough, you gotta top it up.

 

 

Refund in in cash ???

[Carer]

yes, refund in cash. interest also depends on how many yrs your loan is on. there is interest rebated to you if u sell off earlier.

 

from the figures, you paid $180k with all CPF or cash?

[Dsmnd]

whatever you paid from cpf will go back to cpf, the rest should be cash to you.

[Alechi]

a comprehensive reply to ur query can be found in hdb website as well as cpf website

 

Ask u guys ah, if i buy a HDB at 280 k , after 5 years i paid a total of 180 k left with 100k , then if i sell the flat at 380k How will the system work ? How much can i expect to get back in term of CPF / cash if any ??

 

[Vextan]

can i hijack and pose a question to each of you ? if say your house has appreciated in value, if now you sell you will make a hefty profit. will you sell to encash this profit ? but selling means will have to buy another one at presumably the same price level, so the profit is actually like encashing future money, and then tied down to paying for another house at higher price in the future ahead. so whats your take ? thx..

[Wind30]

can i hijack and pose a question to each of you ? if say your house has appreciated in value, if now you sell you will make a hefty profit. will you sell to encash this profit ? but selling means will have to buy another one at presumably the same price level, so the profit is actually like encashing future money, and then tied down to paying for another house at higher price in the future ahead. so whats your take ? thx..

 

err... no all houses are the same. You can either upgrade or downgrade, depending on your take on whether the property prices will go up or down

[Gearoil]

can i hijack and pose a question to each of you ? if say your house has appreciated in value, if now you sell you will make a hefty profit. will you sell to encash this profit ? but selling means will have to buy another one at presumably the same price level, so the profit is actually like encashing future money, and then tied down to paying for another house at higher price in the future ahead. so whats your take ? thx..

 

I would like to answer your question but you have not provide enough information for the correct answer that would suit you.

 

You have not disclosed whether you have other loans commitments or other family related obligations. Or you perferred place to stay based on your location or your need to stay frugal, as your fianacial postion might change.

 

Buying and selling property is not like the same as buying and selling of shares.

[Ben5266]

You sell your old flat at $400k, making $200k profit.

Then you buy another flat for $400k. As you are risk adverse, you did not cash out but put back all your cash and get a smaller loan.

So, you gain nothing!

But the property agent, renovation contractors, government, bank, insurance company will be very happy.

 

[Fourth]

Yes it will make you more liquid. If you are savvy investor it may also works in your favour.

 

But be careful on amount to pay back on cpf. I was able to calculate quite accurately for case of private property but not for hdb. Don't ask me why. Somehow calculation for hdb is different. It is still your money but just a warning note so that you don't over estimate on your cash back.

[Hiphiphoray]

Ask u guys ah, if i buy a HDB at 280 k , after 5 years i paid a total of 180 k left with 100k , then if i sell the flat at 380k How will the system work ? How much can i expect to get back in term of CPF / cash if any ??

 

Simple.

 

380k minus (180k + CPF interest incur over 5 yrs) = HDB issue joint cheque to you & yr partner.

[Ironstarz]

Thanks for all the answe, i'm just asking so i know next time when sell house what to expect lol

[Mummypenguin]

Ask u guys ah, if i buy a HDB at 280 k , after 5 years i paid a total of 180 k left with 100k , then if i sell the flat at 380k How will the system work ? How much can i expect to get back in term of CPF / cash if any ??

 

Assuming no lock-in from bank or you're on hdb loan:

1st if have to deduct your outstanding loan from your sales proceeds. 380k-100k=280k

There is still a small amt of legal fees etc maybe $100~$200.

 

Than return whatever amt you've taken from cpf + int (can check that from cpf website) i.e $180k+x

where x is the amt of int you would have earned if you didn't use your cpf money.

 

Your cash proceeds are $280k-($180k+x) = $100k-x