CPF Easy Info Thread. :)

[henrylbh]

If i remember correctly, you be co-owner, and this property got HDB grant, means u consume your HDB grant one time.

Any property agent cn confirm?

If the flat is not a resale flat, yes becoming joint owner means losing the first timer status. Not only that, there will be levy if he wants to buy a hdb flat directly from hdb.

 

[henrylbh]

call CPF today

check with my father situation. The replied, even if now is 0, once I top the amount to for e.g. $5k, it will be auto trigger and the amount will be $494 regardless.

They said however my father can make a request in the CPF portal to reduce the payout amount as less as possible to let the payout don't run out so fast

I gt another idea....

Can I pay my father mortage loan with my CPF OA account?

do I need to be co-owner? any disadvantage doing that? now only I am the only making money in the family

https://www.cpf.gov.sg/members/FAQ/schemes/housing/housing-scheme/FAQDetails?category=housing&group=Housing+Scheme&ajfaqid=2185326&folderid=11314

It may be better that you top up his RA and claim tax relief, if applicable, since whatever top up can be withdrawn the following month in any amount lower than $494.

You only need to ensure your father does not wow the payout, but use it to settle the monthly housing installment. I believe he can also defer the payout until his OA has been fully used to pay the housing loan or use the remaining OA to make a prepayment.

 

[goblinn]

hi guys, if i use my OA to invest, after i sell does the amount go back to OA and can use for housing etc, or SA?

 

[henrylbh]

hi guys, if i use my OA to invest, after i sell does the amount go back to OA and can use for housing etc, or SA?

Only 35% of OA can be invested in equities and the first 20k cannot be invested. All sale proceeds and dividends will get back to OA. Whatever available in OA can be used according to CPF rules.

 

[candy crush]

It may be better that you top up his RA and claim tax relief, if applicable, since whatever top up can be withdrawn the following month in any amount lower than $494.

You only need to ensure your father does not wow the payout, but use it to settle the monthly housing installment. I believe he can also defer the payout until his OA has been fully used to pay the housing loan or use the remaining OA to make a prepayment.

I understand, thanks for sharing , You only need to ensure your father does not wow the payout, this part is the part I am concern abt, sometimes he spend spend unknowingly.... I try to look at things at different angle from this issue/deadlock

Some of the best scenarios I can think of

1) Transfer my OA to my father OA...this one is the best, but I am not co-owner (knn CPF dun allow this)

2) Top up my father OA DIRECTLY, so he can only use the amount for housing use directly. However I cannot just top up his OA account (knn CPF dun allow this)

3) Use my father RA to pay from month housing loan, assuming I top up $400 to his RA every month, the HDB can deduct from that acc instead of OA, swee swee, I can earn some tax relief. (knn HDB dun allow this)

4) Use my father MA to pay for housing loan, my father got $50,000 in his MA for medical issue. if this can use half for his housing loan, then problem will be solved. (knn CPF dun allow this)

5) Straightaway use my CPF OA to pay for the housing loan, I got stable income but I am not co-owner. (knn CPF dun allow this)

 

[rrr2015]

just an idea … topup his RA (besides tax benefits, he gets 6% for first 30k)

then setup GIRO payment to pay auto from his bank account

I understand, thanks for sharing , You only need to ensure your father does not wow the payout, this part is the part I am concern abt, sometimes he spend spend unknowingly.... I try to look at things at different angle from this issue/deadlock

Some of the best scenarios I can think of

1) Transfer my OA to my father OA...this one is the best, but I am not co-owner (knn CPF dun allow this)

2) Top up my father OA DIRECTLY, so he can only use the amount for housing use directly. However I cannot just top up his OA account (knn CPF dun allow this)

3) Use my father RA to pay from month housing loan, assuming I top up $400 to his RA every month, the HDB can deduct from that acc instead of OA, swee swee, I can earn some tax relief. (knn HDB dun allow this)

4) Use my father MA to pay for housing loan, my father got $50,000 in his MA for medical issue. if this can use half for his housing loan, then problem will be solved. (knn CPF dun allow this)

5) Straightaway use my CPF OA to pay for the housing loan, I got stable income but I am not co-owner. (knn CPF dun allow this)

 

[candy crush]

Just check my father is not eligible for the Silver support scheme ...

cos his total contribution over 70 k in the past.......

 

[BBCWatcher]

Just check my father is not eligible for the Silver support scheme ...
cos his total contribution over 70 k in the past.......

OK. (How about your mother?) Is he eligible for the Silver Housing Bonus?

 

[candy crush]

OK. (How about your mother?) Is he eligible for the Silver Housing Bonus?

I am alrdy living in 3 room, cannot move even smaller le

and my parent nt keen to move out, I also not very keen actually

 

[henrylbh]

Some of the best scenarios I can think of

1) Transfer my OA to my father OA...this one is the best, but I am not co-owner (knn CPF dun allow this)

2) Top up my father OA DIRECTLY, so he can only use the amount for housing use directly. However I cannot just top up his OA account (knn CPF dun allow this)

3) Use my father RA to pay from month housing loan, assuming I top up $400 to his RA every month, the HDB can deduct from that acc instead of OA, swee swee, I can earn some tax relief. (knn HDB dun allow this)

4) Use my father MA to pay for housing loan, my father got $50,000 in his MA for medical issue. if this can use half for his housing loan, then problem will be solved. (knn CPF dun allow this)

5) Straightaway use my CPF OA to pay for the housing loan, I got stable income but I am not co-owner. (knn CPF dun allow this)

Best scenarios are not wishful thinking if you are able to meet the conditions

1) you can only transfer your OA to his RA if you meet the prevailing FRS.

2)

You can 'top up' his OA, but no tax relief.

Make a partial housing refund to his OA.

3) Instead of topping up his RA every month to swee swee meet the housing installments, you have to option to pay the housing installments by cash when his OA dries up in about 8 months time. Only no tax relief which won't be much as the relief is limited to 7k or no more than $250 tax savings.

4) No way can MA be used for any other purpose until he meets BHS at 65 and the excess will overflow into his OA.

5) Nothing to stop you from using your OA to pay if you are willing to be joint owner.

Of the 5 only (2) meets your requirement.

 

[henrylbh]

Earlier you mentioned about SSS, I reserved comments because you were just saying I am quite sure the father is not qualified for SSS.

But now that he said he has a mother who has little CPF and 'not allowed' to work, certainly the mother will automatically receive quarterly SSS depending on housing type.

Now SHB and just saying again.

OK. (How about your mother?) Is he eligible for the Silver Housing Bonus?

Instead of saying, now you are asking about SHB?

Gross monthly household income is within $14,000? Possible if candy crush is jobless. Also the father appears to be still working (may be off and on) and his gross income may be more than 14k.

Quite obvious their flat is a 3rm flat based on the loan quantum of existing flat. I think can only downgrade to a 2rm or flexi flat for SHB but not a 3rm to 3rm flat.

 

[candy crush]

Instead of saying, now you are asking about SHB?

Gross monthly household income is within $14,000? Possible if candy crush is jobless. Also the father appears to be still working (may be off and on) and his gross income may be more than 14k.

Quite obvious their flat is a 3rm flat based on the loan quantum of existing flat. I think can only downgrade to a 2rm or flexi flat for SHB but not a 3rm to 3rm flat.

SHB is out of question, my parent is too old to move house or change environment anymore

 

[candy crush]

Best scenarios are not wishful thinking if you are able to meet the conditions

1) you can only transfer your OA to his RA if you meet the prevailing FRS.

2)

Make a partial housing refund to his OA.

3) Instead of topping up his RA every month to swee swee meet the housing installments, you have to option to pay the housing installments by cash when his OA dries up in about 8 months time. Only no tax relief which won't be much as the relief is limited to 7k or no more than $250 tax savings.

4) No way can MA be used for any other purpose until he meets BHS at 65 and the excess will overflow into his OA.

5) Nothing to stop you from using your OA to pay if you are willing to be joint owner.

Of the 5 only (2) meets your requirement.

How to "Make a partial housing refund to his OA."?

I dun have any link on CPF website? I dun own the house, what refund?

https://seedly.sg/questions/how-can-i-top-up-my-cpf-oa-account-using-cash

I just started work in 2018, I dun meet any FRS or BRS

 

[henrylbh]

How to "Make a partial housing refund to his OA."?

I dun have any link on CPF website? I dun own the house, what refund?

https://seedly.sg/questions/how-can-i-top-up-my-cpf-oa-account-using-cash

I just started work in 2018, I dun meet any FRS or BRS

You said you wanted to top up your father's OA directly. The only way is to partially refund money to his OA for CPF amount used for housing. Just complete the Form and return with cheque to CPFB. If I remember correctly, can also do online.

 

[henrylbh]

SHB is out of question, my parent is too old to move house or change environment anymore

even if they want, they are not likely qualified for SHB.

 

[candy crush]

You said you wanted to top up your father's OA directly. The only way is to partially refund money to his OA for CPF amount used for housing. Just complete the Form and return with cheque to CPFB. If I remember correctly, can also do online.

Got it, I find the link below

https://www.cpf.gov.sg/members/FAQ/schemes/Housing/Housing-Scheme/FAQDetails?category=Housing&group=Housing%20Scheme&folderid=11762&ajfaqid=2186682


so if I refund $400 from my bank account, he will received $400 in his OA account right?

 

[henrylbh]

Got it, I find the link below

https://www.cpf.gov.sg/members/FAQ/schemes/Housing/Housing-Scheme/FAQDetails?category=Housing&group=Housing%20Scheme&folderid=11762&ajfaqid=2186682


so if I refund $400 from my bank account, he will received $400 in his OA account right?

Only $400? Might as well pay the installment by cash when his OA runs dry. Or agree with him that he use all his OA to make prepayments and you will pay cash for the monthly installment thereafter.

Or make a bigger refund to earn 2.5% if that matters.

 

[candy crush]

Only $400? Might as well pay the installment by cash when his OA runs dry. Or agree with him that he use all his OA to make prepayments and you will pay cash for the monthly installment thereafter.

Or make a bigger refund to earn 2.5% if that matters.

I need to go plan abt it, I dun want to give my father too much cash, later he anyhow spend...I dun really believe what he say....

 

[henrylbh]

I need to go plan abt it, I dun want to give my father too much cash, later he anyhow spend...I dun really believe what he say....

Putting money (as a housing refund) into his OA should be quite safe ..... if he is not allowed to withdraw cash.

Depending on his balances, he may be allowed to withdraw whatever that's outside RA and MA.

Best find out from CPF whether he is allowed to withdraw OA in cash as he wishes as the rules pertaining to his batch is different since he has not met the min sum of his cohort at 55.

 

[candy crush]

Putting money (as a housing refund) into his OA should be quite safe ..... if he is not allowed to withdraw cash.

Depending on his balances, he may be allowed to withdraw whatever that's outside RA and MA.

Best find out from CPF whether he is allowed to withdraw OA in cash as he wishes as the rules pertaining to his batch is different since he has not met the min sum of his cohort at 55.

That I dun worry, he is forgetful, most likely he will totally forget abt it

But thanks

the only drawback is there is no tax relief