Lifeinmotion
Junior Member
- Joined
- Aug 21, 2019
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I have been checking my housing loan accrued interest. The figure seems to be way higher than what I calculated base on my understanding of how CPF calculates and credits to our account.
https://www.cpf.gov.sg/members/FAQ/...s&group=Others&ajfaqid=2192131&folderid=13726
It takes the lowest amount we have per month, calculates and then credits that at the end/start of the year.
https://www.cpf.gov.sg/members/FAQ/...Housing Scheme&folderid=11482&ajfaqid=2185821
Since it does not reflect the interest rate for CPF housing per year in our statement, has anyone check the accuracy of their calculation? And come to a number different from what CPF is telling you?
https://www.cpf.gov.sg/members/FAQ/...s&group=Others&ajfaqid=2192131&folderid=13726
It takes the lowest amount we have per month, calculates and then credits that at the end/start of the year.
https://www.cpf.gov.sg/members/FAQ/...Housing Scheme&folderid=11482&ajfaqid=2185821
How does the Board calculate the accrued interest on the amount of CPF used for my property?
Accrued interest is the interest amount that you would have earned if your CPF savings had not been withdrawn for housing. The interest is computed on the CPF principal amount withdrawn for housing on a monthly basis (at the current CPF Ordinary Account interest rate) and compounded yearly.
Since it does not reflect the interest rate for CPF housing per year in our statement, has anyone check the accuracy of their calculation? And come to a number different from what CPF is telling you?
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