CPF monthly installment

[SBC]

CPF is designed to help Gov to look after residents., is never designed to help residents’ roof.

 

[GeraldineT]

He said he got enough in CPF to pay for the flat but wish to pay by instalment.

If want, no hdb loan as full price will be wiped from his CPF.

If bank loan, he can borrow whatever he wants by using CPF to pay the min required by the bank.

That’s why because he got enough in cpf. It’d be wipe out. Do csnt.

 

[henrylbh]

CPF is designed to help Gov to look after residents., is never designed to help residents’ roof.

CPF was created strictly for retirement needs.

But people started asking for it to pay for this and that.

To oblige to a certain extent, rates started to increase.

In the end, they screw themselves and started to complain this and that

 

[ceciltan]

Hi,

Assuming my current CPF has enough money to pay for the total price of a new flat i bought. But i prefer to pay by monthly basis, is it possible ?

I research online, and seem to get the impression that monthly installment of CPF payment is when I am on house loan, but in my case, i am not loaning from HDB or Bank.

If ever possible, dun use cpf for purchase of flat. Why would you want to help this Govt free up it liabilities toward your balance in your cpf account and make yourself having additional liability in the form of accrued interest? Of course if not enough cash or unable to take up bank loan then that a diff story

 

[henrylbh]

If ever possible, dun use cpf for purchase of flat. Why would you want to help this Govt free up it liabilities toward your balance in your cpf account and make yourself having additional liability in the form of accrued interest? Of course if not enough cash or unable to take up bank loan then that a diff story

You misunderstood his thinking. He is thinking of paying for the flat by instalments as he doesn't actually need any loan because he had enough in CPF to pay in full.

 

[007Mi6]

Yes. What eric3743 saying is exactly the question I want to ask.
To pay purely by CPF monthly, without going through loan, because paying by loan need to include interest.

But from the all the replies I got, seem that this cannot be done.

Ok, then how to determine the monthly installment? $360k purchase price divided by 300 months? It may work if it is a new flat direct from HDB.

For resale market, if U are the owner and wishes to sell the flat to B owner, will you accept that B owner pays you $360k divided by 300 months and only getting back your money after 25 years?

 

[theblueark]

You misunderstood his thinking. He is thinking of paying for the flat by instalments as he doesn't actually need any loan because he had enough in CPF to pay in full.

Which is nonsense cos if you haven't paid in full means you owe someone money means you are on a loan.

His question is can he owe HDB money without owing HDB money.

 

[iphone1s]

Rubbish Thread..

 

[Pokémon]

Rubbish Thread..

A confused TS making things more confusing even after we have explained.

For those who are as confused as TS, please stop leading him/her deeper into the fantasy...

 

[ZacharyA]

whatever u hv in OA will be wipe out. If you dun want HDB to remove all your funds, you can park some in investment funds/bonds with banks/insurance before key collection. After few months you can transfer back to OA, that's what I did previously.

Good reversible move, as compared to transferring to SA (1 way irreversible albeit 4% interest rate)

How much fees are involved to do the purchase and sale??

Notwithstanding the above, only a certain % can be used to be used for CPF-IS products... Still a good move to reserve some CPF buffer for rainy days like due to unemployment

 

[bojangle]

Good reversible move, as compared to transferring to SA (1 way irreversible albeit 4% interest rate)

How much fees are involved to do the purchase and sale??

Notwithstanding the above, only a certain % can be used to be used for CPF-IS products... Still a good move to reserve some CPF buffer for rainy days like due to unemployment

fees depends on which company and what fund you bought, usually is a 1 time fee. Like my case is 1.5% back then if i remember correctly.

Yes, my objective was exactly like you've said. In case lost of income, the fund can withstand 5yrs MOP if put back, never thought of gaining.
Only recently after decided to upgrade, I put back the funds in order to have enough downpayment using CPF for my next property which I couldn't get 80% loan of my property value. And same time, I'm blessed to gain 80% for parking 13yrs.

 

[Sunsetting]

What he meant was pay back by installment without interest. In other words, Interest Free Loan. Which IMO no such thing in the business world...