CPF Easy Info Thread. :)

[henrylbh]

who says about vc? i am tokking about returning to his oa for property withdrawal. i have been doing that for years. you did not do does not mean other people cannot do.

also henry is lost.

I have done refund twice. First time was about 300k and the last time was about 60k. On hindsight, it was as dumb move for me

 

[candy crush]

Must confirm that his SA can be used for housing. If yes, leave matter at that, unless you wanna claim tax relief for money deposited in SA instead of now OA moved to SA.

But unlikely you can top up his SA as he is above 55 and can only top up his RA.

So what CPF did is for his best interest.

He has OA. You should also ask whether he can transfer his current OA to SA if SA can be used to pay for housing or whether he can withdraw all his OA and then recycle (via refund of cpf used for housing) into SA to pay for housing.

Call CPF

SA cannot use for housing loan, only OA. End of story

 

[henrylbh]

Call CPF

SA cannot use for housing loan, only OA. End of story

Then only left is writing to ask for ratification as top up to RA instead of refund of housing. At least got chance for payout to pay for housing and tax relief.

But your story is baffling as he has OA that's still not moved to SA while refund to OA went to SA

Can his OA/SA be withdrawn?

 

[candy crush]

Then only left is writing to ask for ratification as top up to RA instead of refund of housing. At least got chance for payout to pay for housing and tax relief.

But your story is baffling as he has OA that's still not moved to SA while refund to OA went to SA

Can his OA/SA be withdrawn?

OA I think can, SA nt sure I need to go check

 

[polyglob]

I have done refund twice. First time was about 300k and the last time was about 60k. On hindsight, it was as dumb move for me

Dumb move because the money got locked up in CPF, opportunity cost, or ...?

 

[babyrobo]

Call CPF

SA cannot use for housing loan, only OA. End of story

SA can be use for house.. for special case via appeal and only if OA is emptied. It was the real life case of a close friend whose OA is emptied and had to pay for his oversized hdb. That's probably 10 years ago. Things might have changed.

 

[tangent314]

Watch your language. The CPF officer is giving you all the correction information straight from the CPF rules. There are restrictions in place that everyone has to abide by, except maybe for a few very rare exceptions.

The CPF officer's advice to pay back to HDB is sound. In fact, it is marginally better than topping up OA directly, since OA earns 2.5% interest whereas paying back HDB avoids 2.6% interest.

 

[candy crush]

I just check my Father CPF, seem like the $2000 I accidentally put into his SA now "miraculously" move to his RA account

why uh?

 

[henrylbh]

I just check my Father CPF, seem like the $2000 I accidentally put into his SA now "miraculously" move to his RA account

why uh?

I am baffled by what you have been saying.

You are lost and so am I.

 

[henrylbh]

SA can be use for house.. for special case via appeal and only if OA is emptied. It was the real life case of a close friend whose OA is emptied and had to pay for his oversized hdb. That's probably 10 years ago. Things might have changed.

The was a period in which blanket concession was given to allow CPF SA to be used for housing for a limited time due to some crisis.

 

[THEMIKOS]

Since part of the topic here is about paying back your housing loan aka refund to OA, What happens during the following scenario?

Scenario: HDB bought by person A and B (family nucleus). A pays for everything i.e. downpayment and monthly mortgages (everything using OA funds). B stays with A and has co-ownership but doesn’t pay anything. A decides to refund OA payments while continuing to pay monthly mortgage (using OA, never cash) for the HDB. When the HDB is sold, the previously settled mortgage payments by OA will not be put back into A’s CPF right? They are now converted to “cash” components and so upon the sale of the house and deductions of the remaining loan, the cash component will be split between A and B as compared to if A did not do a Housing refund, upon the sale of the flat, whatever proceeds after minus the outstanding loan will go back to A’s CPF account as the priority.

Is the above analysis correct?

 

[henrylbh]

Since part of the topic here is about paying back your housing loan aka refund to OA, What happens during the following scenario?

Scenario: HDB bought by person A and B (family nucleus). A pays for everything i.e. downpayment and monthly mortgages (everything using OA funds). B stays with A and has co-ownership but doesn’t pay anything. A decides to refund OA payments while continuing to pay monthly mortgage (using OA, never cash) for the HDB. When the HDB is sold, the previously settled mortgage payments by OA will not be put back into A’s CPF right? They are now converted to “cash” components and so upon the sale of the house and deductions of the remaining loan, the cash component will be split between A and B as compared to if A did not do a Housing refund, upon the sale of the flat, whatever proceeds after minus the outstanding loan will go back to A’s CPF account as the priority.

Is the above analysis correct?

From my understanding, your understanding is correct. Any cash left after returning CPF and settling any outstanding housing loan will be paid by cashier order in joint names.

 

[candy crush]

I am baffled by what you have been saying.

You are lost and so am I.

the money from his sa move to his ra

Sent from 我好想射.... using GAGT

 

[tangent314]

It's very clear from the CPF RSTU rules that you can not RSTU to SA after the age of 55. Obviously the amount was mistakenly put into SA before that mistake was corrected and moved into RA where it belongs.

 

[BBCWatcher]

The was a period in which blanket concession was given to allow CPF SA to be used for housing for a limited time due to some crisis.

That could have happened during the Asian Financial Crisis. There were a few "rule breaking" exceptions back then.

It's very clear from the CPF RSTU rules that you can not RSTU to SA after the age of 55. Obviously the amount was mistakenly put into SA before that mistake was corrected and moved into RA where it belongs.

Nothing is really clear in this case.

 

[candy crush]

Ask u guys another thing

I follow the CPF person on the follow, send a request via the econceige at my request, how long will it take before they reply?

Usually if they never reply via email, so I need to send another request or call again>?

 

[henrylbh]

It's very clear from the CPF RSTU rules that you can not RSTU to SA after the age of 55. Obviously the amount was mistakenly put into SA before that mistake was corrected and moved into RA where it belongs.

To me, he is not clear in doing and saying and you are guessing what is happening. I have to discount what is 'done' or 'said'.

 

[henrylbh]

Ask u guys another thing

I follow the CPF person on the follow, send a request via the econceige at my request, how long will it take before they reply?

Usually if they never reply via email, so I need to send another request or call again>?

Simple or standard reply will take a few days and more difficult ones will take longer time. I have email that sent was to me after more than a week just to tell me they need more time give me the answers.

 

[b0ring]

Hi guys, i invested my cpf oa with aviva navigator and it seems quarterly maintenance fee for that account itself is pretty high.
I am looking to purchase myself via dbs digibanking, will it be able to go through cause it is mentioned only 1 cpf investment account can exist at 1 time. Do i need to transfer all out and is dbs slightly cheaper?

 

[candy crush]

housing loan will be suspended in 2020 right?

or only education loan?