CPFIS-OA

[joanie_dan]

hi guys, are we able to withdraw funds(in excess of $20k) into a cpfis investment account held with I.e. Dbs/Ocbc/Uob and then not utilize the monies to make any investments? Are there any charges for making this transfer?

Checking if this is viable so that in the event of taking a Hdb mortgage loan, monies can be transferred out and will not be fully used to pay for the house and a bigger loan can be taken.

Thanks.

 

[antonpoh]

Nope, you can't. To transfer any amount from CPFIS-OA to a Bank investment account, you need to buy a stock/unit trust/gold first.

Just take Bank loan for your Hdb, then you can choose a comfortable amount you wish to use from your cpf. Won't have to wipe out everything inside.

 

[mcylo]

I m curious how u trf oa to cpfis. I thou only when u purchase some investment pdts, eg stock or unit trust, the the oa will move to cpfis by the investment?

 

[mcylo]

Maybe ts can try buying bond funds as i understand the sales charges is low or zero. Then after signing of the loan for hdb, then sell off the bond funds (bond funds price doesnt flautuate as much), move the cpfis bk to oa?

 

[bin8lee]

DBS charge $2.14 every 3 months for this account.

 

[antonpoh]

DBS charge $2.14 every 3 months for this account.

If you can't even make more than $2.14 every 3 mth then you better keep it inside cpf.

 

[kehyi4]

DBS charge $2.14 every 3 months for this account.

To be accurate, it's $2 per counter per quarter, with $5 min. GST counted separately.

For DBS:
Transaction charge = $2.50 per 1,000 shares/loan stocks/units or part thereof subject to a maximum of $25 per transaction.
Quarterly svc charge = $2 per share/loan stock/unit trust counter per quarter, subject to a minimum charge of $5.

For OCBC:
Transaction charge = $2.50 per 1000 shares/units or part thereof, subject to a maximum of $25.00 per transaction.
Quarterly svc charge = $2.00 per counter per quarter.

For UOB:
Transaction charge = S$2 per 1,000 shares/units, or part thereof, subject to a maximum of S$20 per transaction.
Quarterly svc charge = S$2 per counter/unit trust per quarter.

all charges subject to GST btw

 

[joanie_dan]

Bank loan have to incur legal fees ($1k+), Hdb loan legal fees much cheaper. Saw that fix deposit with banks is another option, guess I have to check with the banks directly whether there are short term (I.e 1 mth) FD for this to work.

Nope, you can't. To transfer any amount from CPFIS-OA to a Bank investment account, you need to buy a stock/unit trust/gold first.

Just take Bank loan for your Hdb, then you can choose a comfortable amount you wish to use from your cpf. Won't have to wipe out everything inside.

 

[antonpoh]

Bank loan have to incur legal fees ($1k+), Hdb loan legal fees much cheaper. Saw that fix deposit with banks is another option, guess I have to check with the banks directly whether there are short term (I.e 1 mth) FD for this to work.

Many people try to act smart and cut corners usually end up spending more.

Yes legal fees may be a few hundred more but taking hdb loan may end up incurring more interest. There are ways to cut interest rate paid by half, but your income must be very high and stable to make it work.

Have you check with hdb, maybe nowadays don't need to wipeout all your cpf. This have been a very stupid rule, really need to remove. Some people want to leave enough in OA for retirement too.

 

[henrylbh]

Bank loan have to incur legal fees ($1k+), Hdb loan legal fees much cheaper. Saw that fix deposit with banks is another option, guess I have to check with the banks directly whether there are short term (I.e 1 mth) FD for this to work.

Legal fee etc on bank loan easily 3x more than hdb loan. But many also not aware that when you sell your property or redeem or settle your bank loan, you also need to get your own lawyer, again incurring a much bigger fee than for hdb loan. Then you need to keep your own title deed compared to free custody by hdb.

 

[peterchan75]

Legal fee etc on bank loan easily 3x more than hdb loan. But many also not aware that when you sell your property or redeem or settle your bank loan, you also need to get your own lawyer, again incurring a much bigger fee than for hdb loan. Then you need to keep your own title deed compared to free custody by hdb.

You mean "free custody by hdb" hdb owners don't need to keep the original title deed ?

 

[henrylbh]

You mean "free custody by hdb" hdb owners don't need to keep the original title deed ?

Yes HDB give you option to leave it with them if you do not want to see and keep it yourself. I have never seen my title deed even when I did not take any loan.

 

[antonpoh]

Legal fee etc on bank loan easily 3x more than hdb loan. But many also not aware that when you sell your property or redeem or settle your bank loan, you also need to get your own lawyer, again incurring a much bigger fee than for hdb loan. Then you need to keep your own title deed compared to free custody by hdb.

I just redeem and settle my bank loan in July, paid $600(for condo) to the law firm only.

 

[peterchan75]

Yes HDB give you option to leave it with them if you do not want to see and keep it yourself. I have never seen my title deed even when I did not take any loan.

Did you ignore their reminder ?
If possible, I will return it to hdb. It's a pain keeping that thing.

 

[henrylbh]

I just redeem and settle my bank loan in July, paid $600(for condo) to the law firm only.

For HDB loan, you only pay a fraction, less than $100 for settlement and they keep your title deed FOC.

 

[henrylbh]

Did you ignore their reminder ?
If possible, I will return it to hdb. It's a pain keeping that thing.

No reminder. It's not one instance.

I paid in full and never saw my title deed. When I sold the flat there was no need to surrender the title deed.

My sis paid in full also never saw the title deed.

Yesterday, went HDB with my brother to sign change title ownership (to tenants-in-common) and my brother asked for the deed. Told him to leave it with HDB and the officer advised my brother the same.

Last month, another sister settled her hdb loan and paid legal/admin fee of less than a 100 and saw no title deed.

 

[joanie_dan]

Well, whether taking bank or Hdb loan incurs more interest, it could be either way.

So in your personal experience, can you share how many years of bank loan did you pay before the recent full settlement? In these past years, how many times have you refinance to another bank and reprice with the same bank? As such, what are the legal fees and bank admin fees that you have paid in total?

Many people try to act smart and cut corners usually end up spending more.

Yes legal fees may be a few hundred more but taking hdb loan may end up incurring more interest. There are ways to cut interest rate paid by half, but your income must be very high and stable to make it work.

Have you check with hdb, maybe nowadays don't need to wipeout all your cpf. This have been a very stupid rule, really need to remove. Some people want to leave enough in OA for retirement too.

 

[antonpoh]

Well, whether taking bank or Hdb loan incurs more interest, it could be either way.

So in your personal experience, can you share how many years of bank loan did you pay before the recent full settlement? In these past years, how many times have you refinance to another bank and reprice with the same bank? As such, what are the legal fees and bank admin fees that you have paid in total?

I bought in 2006 loan 30yrs, after 3yrs refinance it to 12yrs. Legal fees is $600. Bank admin fees can't remember.

 

[henrylbh]

I just redeem and settle my bank loan in July, paid $600(for condo) to the law firm only.

I bought in 2006 loan 30yrs, after 3yrs refinance it to 12yrs. Legal fees is $600. Bank admin fees can't remember.

So legal fee of $600 is for refinancing or redemption?

 

[antonpoh]

So legal fee of $600 is for refinancing or redemption?

$600 is for redemption. Refinancing done so many yrs ago in 2009, after the lock in period so no penalty. Can't remember paying any fee.