CPF OA

wisely98

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hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?
 
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henrylbh

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hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

You con your mum?
 
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OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,
 

henrylbh

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OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,

Definitely less than 2 weeks upon receipt.
 

Sinkie

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hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

You born in 98?? How u accumulate so much oa? I think u need to be 35 to take over the hdb ba.
 

ocs_woodlands

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[[ForeverAlone said:
];116498248]OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,

Ermm..... Have you lost your way?

This is money mind not edmw..:D
 

wisely98

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Also let's say, I use OA to fully fund this purchase. At 65, if i choose the lease buyback scheme:

1. I suppose I can get the full proceeds in cash, since I already met the FRS?

2. What happens to the accrued interest portion on the OA used? Any ruling saying that this portion must be repaid?
 

Sinkie

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:eek: sure or not

I just call my relative , she claim CPF letter stated Aug 27

till now she haven't received it in her bank account . kinda like past 2 weeks

Don't anyhow spread fear with your imaginary relatives la
 

dork32

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hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

you are a wise guy.

your cpf is useless money. it is trapped there till god knows when. so use it to buy the hdb.

your mom's cpf is real money. you can withdraw it anytime. if the money is stuck in the hdb, release it.

what you do is correct.

but i have never transferred hdb before. dont know what is the cost of the transfer

i have done transferring of private property before. it is very painful. kena 3% stamp duty + lawyer fees on both sides
 

rrr2015

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i thought loan amt + accured interest needs to put back into her OA … but RA met she can withdraw freely

also by doing so, your OA no longer earns 2.5% + start accumulating accured interest instead

the transfer will involved some transaction charges as well
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?
 
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BBCWatcher

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Of course there's also the change in title. If somebody wants to give me his/her home, thanks I guess, but I'd never ask a parent to give me his/her home. That strikes me as most odd.

If you're really hell bent on extracting unrestricted cash from your CPF account, I think you're allowed to transfer at least Special Account funds to your parent's Retirement Account, then transfer your own OA funds to replenish your Special Account. Upon the parent's demise the Retirement Account residual goes to his/her CPF nominee. I hate to be morbid, but if your parent is in poor health then that won't take long. Yes, there are a fair number of people who do exactly what I just described.

rrr2015 said:
the transfer will involved some transaction charges as well
Yes, good point. These costs are non-trivial.
 

henrylbh

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:eek: sure or not

I just call my relative , she claim CPF letter stated Aug 27

till now she haven't received it in her bank account . kinda like past 2 weeks

How can I not be sure? I completed the online form to withdraw the deceased's money and within a week I got the money credited into my posb :s13:

In fact the Board was sending reminder after reminder to me to withdraw the bequest when I actually wanted to leave the deceased's untouched. In the end, I have no choice but to withdraw it just before the end of 7 years as no interest will be paid after that.
 
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How can I not be sure? I completed the online form to withdraw the deceased's money and within a week I got the money credited into my posb :s13:

In fact the Board was sending reminder after reminder to me to withdraw the bequest when I actually wanted to leave the deceased's untouched. In the end, I have no choice but to withdraw it just before the end of 7 years as no interest will be paid after that.

hmm weird , My relative even send back the form , CPF send back acknowledge claim will credit

haven't come in
 

henrylbh

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hmm weird , My relative even send back the form , CPF send back acknowledge claim will credit

haven't come in

Correction. Checked my record.

Online application was made on 2 Nov and the amount was credited on 12 Nov of year xxxx.

Suggest she log into her CPF account and under My Requests complete the Application to withdraw deceased member's cpf.
 
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Correction. Checked my record.

Online application was made on 2 Nov and the amount was credited on 12 Nov of year xxxx.

Suggest she log into her CPF account and under My Requests complete the Application to withdraw deceased member's cpf.

she don't have sing pass , what I know she does submit back the form vial mail , and CPF does submit back acknowledge her reply via mail , and stated Aug 27 process

now kinda more than one week haven't in

BUT I do check CPF website , it does claim one week ,
 
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