Anonymous
Do we need to return the CPF and interest in cash when the cash proceed is negative after selling flat?
We plan to apply for BTO flat and sell our current resale flat. After doing calculation, we got negative cash proceed which can’t cover the used CPF and interest. This is because we bought flat during peak and now the similar transaction record is lower by 60-70K than our purchased price. Do we need to fork out cash to return to CPF? We are using bank loan.
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Nicholas Woon
27 Sep 2018
Associate Division Director at ERA Realty Network Pte Ltd
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Kenichi Xi
27 Sep 2018
nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham
In a case of negative sale, you need not top up CASH to your CPF account.
The usual sales proceeds will be used to clear off your existing loan and accurred interest first, then remaining will be refunded back to your CPF-OA account.
If the sales proceed is less then the above, you do not have to top up ur CPF-OA account with CASH. Hope my reply helps.
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please upvote and check other Quality Reply.
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Gabriel Tham
26 Sep 2018
Tag Team Member at Kenichi Tag Team
If you sell at loss, you must return to CPF if you used CPF to do any payment when you bought. But y...
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As mentioned, you wouldn’t need to top up cash to your CPF OA in the case of negative sale if you sell your unit at market price. You would still be required to write an appeal to CPF Board to tell them your situation by logging into your CPF homepage using your Singpass!