CPF interest for 2016

[peacefulday]

SA can never overflow. Overflow from Ma goes into sa/oa according to age.

you really read every single words ~ thumb up

yes it's my overflown MA's interest to OA that I'd transferred out to wifely SA.
My SA's interest just stay n keep compounding.

 

[homer123]

that is what i need.. my mom only has a RA almost identical to ur dad cpf account

But it's a simple spreadsheet tailored for own use and it's not useful to others unless there is no other transaction except outflows of fund.

 

[henrylbh]

that is what i need.. my mom only has a RA almost identical to ur dad cpf account

Ok no problem. But don't know how to attach spreadsheet with formula in this thread or how to pm spreadsheet to you.

 

[OngHuatHuat]

Can use iCloud.
Then share the link here.

Ok no problem. But don't know how to attach spreadsheet with formula in this thread or how to pm spreadsheet to you.

 

[elnewbie]

Yup that's what I was referring to. The loophole has been closed.

last time can decouple.

if you buy your wive's share, then your wife becomes homeless. but her cpf will be flush with cash.
the wife then can use the cpf to buy second property and siam absd because she is homeless.

now they cut this loophole.

 

[homer123]

I will pm you with my email

Ok no problem. But don't know how to attach spreadsheet with formula in this thread or how to pm spreadsheet to you.

 

[culture_counter]

My current HDB still $70k outstanding.

Interest rate by HDB is 2.6%.

Is it better to clear this outstanding loan using OA ? Please advise. Thanks.

Stretch to maximum loan tenure, don't pay up lump sum, unless you are wealthy!

 

[henrylbh]

Can use iCloud.
Then share the link here.

ICloud? More like iLost to IT noob like me.

 

[OngHuatHuat]

ICloud? More like iLost to IT noob like me.

I teach you how:
1. log into your google drive(not a problem if you have Gmail).
2. click on my drive, then right click anywhere and select upload files.
3. Once file is uploaded, right click on the file and click on "get a shareable link".
4. once link is generated, share it here.

Example:

https://drive.google.com/file/d/0B7sOdT-Xab0ZaGc3WGllYnFobmM/view?usp=sharing

This is a pdf file about cooling measures in SG property market.

 

[henrylbh]

I teach you how:
1. log into your google drive(not a problem if you have Gmail).
2. click on my drive, then right click anywhere and select upload files.
3. Once file is uploaded, right click on the file and click on "get a shareable link".
4. once link is generated, share it here.

Example:

https://drive.google.com/file/d/0B7sOdT-Xab0ZaGc3WGllYnFobmM/view?usp=sharing

This is a pdf file about cooling measures in SG property market.

Thanks for the effort. Will try some day as still apprehensive about living info in iCloud.

 

[SBC]

Yup that's what I was referring to. The loophole has been closed.

This loophole was closed up around 1st Apr 2016.
I have done mine in Q3 2015, quite heng. Saved about 77k.

 

[henrylbh]

This loophole was closed up around 1st Apr 2016.
I have done mine in Q3 2015, quite heng. Saved about 77k.

Can I find out from you if your first joint property is a HDB dwelling? If it's HDB, can I know whether you are subject to MOP again when buying over your spouse's share?

 

[henrylbh]

I will pm you with my email

Have you received my spreadsheet?

 

[henrylbh]

My current HDB still $70k outstanding.

Interest rate by HDB is 2.6%.

Is it better to clear this outstanding loan using OA ? Please advise. Thanks.

The savings is too little to forgo the benefits of cheap mortgage insurance.

 

[SBC]

Can I find out from you if your first joint property is a HDB dwelling? If it's HDB, can I know whether you are subject to MOP again when buying over your spouse's share?

1st property is a HDB. My wife paid my CPF contribution to that HDB. This is treated as a transfer not a sale transaction. She cannot take a loan for this transfer.

Dun think has to meet MOP, as this is not a sale transaction.

 

[henrylbh]

1st property is a HDB. My wife paid my CPF contribution to that HDB. This is treated as a transfer not a sale transaction. She cannot take a loan for this transfer.

Dun think has to meet MOP, as this is not a sale transaction.

You sure no MOP?

My father and sis are joint owner of a HDB flat bought more than 20 years ago and the loan has been fully settled (all paid for by my sis and not a cent from my father).

Now I just bought a 3rm resale HDB flat in my father's sole name and he is given 6 months to relinguish his joint ownership with my sis.

Besides footing the legal and admin fee, my sis must consent to the removal of my father's name from 'her' flat. In addition, the form clearly stated and the HDB officer highlighted that she will be subject to MOP again. This in essence is not even a transfer or sale but just a removal of my father's name.

More stupid are the rules that my father must meet at least one of the 8 or 9 criteria indicated in the form for wanting to remove his name.

 

[angtc11]

For those who want to calculate the interest, the formula is as such.
1) List down lowest End Of Day (end of day is wrong, the intra day balance is considered) balance for each month
2) Multiply lowest balance by interest rate for the account type and divide by 12 to get the monthly interest
3) Round each of the monthly interest to 2 decimal places
4) Sum up the monthly interest to get the final interest credited

Note that the bonus 1% interest is credited into SA

I was able to match the interest credited for my accounts and also against henrylbh calculations. Do reply if you are not able to match your interest credited.

If the above is correct, CPF interest calculation is very unconventional. Firstly, it takes the lowest balance of the month, secondly it does not consider day count and thirdly it rounds the interest at 2 decimal places each month

Edited away end of day balance

 

[linusz]

overall interest received near 10k, maxed SA/MA and maintain my OA at 0 by transfer to spouse SA monthly.

2016 overflow interest from SA/MA to OA, immediately transferred done a moment ago too

No house to pay? Good to keep oa at 0? U reaching 55?

Sent from Samsung SM-N9005 using GAGT

 

[peacefulday]

No house to pay? Good to keep oa at 0? U reaching 55?

Sent from Samsung SM-N9005 using GAGT

settled and below 55 as most here. To let the cpf$ SA work harder for 2xFRS.

 

[koja6049]

For those who want to calculate the interest, the formula is as such.
1) List down lowest End Of Day balance for each month
2) Multiply lowest End of Day balance by interest rate for the account type and divide by 12 to get the monthly interest
3) Round each of the monthly interest to 2 decimal places
4) Sum up the monthly interest to get the final interest credited

Note that the bonus 1% interest is credited into SA

I was able to match the interest credited for my accounts and also against henrylbh calculations. Do reply if you are not able to match your interest credited.

If the above is correct, CPF interest calculation is very unconventional. Firstly, it takes the lowest balance of the month, secondly it does not consider day count and thirdly it rounds the interest at 2 decimal places each month

everything makes sense for common banking practice except the divide by 12 part.