What happens if you sell your hdb after 70 years old? - Seedly

CPF

Retirement

Resale HDB

Asked by Anonymous

Asked on 26 Jun 2019

What happens if you sell your hdb after 70 years old?

Assuming you are on the old cpf retirement scheme, and starts the payout after 70 years old.

What would happen if you sell your hdb after that? Do you return the Principle used plus accrued interest back to OA? But can still withdraw that sum anytime? Or your monthly payouts will increase?

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Zen Rogue Xuan
Zen Rogue Xuan
Level 5. Genius
Updated on 01 Jul 2019

It will depend on the amount you have in your CPF accounts and the year you turn 55. As you know, whatever sum of money that was deducted from your CPF OA to pay for your house, including HDB Grants, will be repaid back into your OA with interest accrued. Since you are on the old scheme called Retirement Sum Scheme, the Full Retirement Sum(FRS) is based on the year you turned 55(https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-scheme) If your RA balance is below said FRS amount, the money will enter into RA automatically and monthly payouts would increase accordingly. On the other hand, if your RA balance is above that of FRS, the money in the CPF should remain in OA and can be withdrawn anytime:)

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Zen Rogue Xuan
Zen Rogue Xuan

30 Jun 2019

I understand where you are coming from, but do understand that CPF's objective is retirement ie to ensure a payout whose value is determined by the board. As such, if you fail to meet said payout, the sum of money in CPF from the sale of the house would be added to the RA so as to increase monthly payouts. However, certain circumstances may allow the refunded OA to be withdrawn eg medical condition etc. It would be better for you to write in to CPF to ask about this:)
Question Poster

01 Jul 2019

I totally agree