Got picture. My friend resale flat sales proceed 200k, but what is cpf refund of 15k plus??

[jurongkechil]

 

[jurongkechil]

Hi, my friend sell his bto flat 700k. Buy resale flat of bigger size but same 4 room at 480k. So earn ard 220k. But what is the 15k plus refund to cpf for???

 

[MyMother]

It's accrued interest, refers to interest that would have been earned if the CPF funds had remained in his account instead of being withdrawn for the property.

If you used $100,000 CPF for BTO and the accrued interest is $15,000, you’ll need to refund $115,000 to your CPF OA from the sale proceeds.

 

[WangChuk]

Under 55yo sell HDB must return used CPF plus Interest back into CPF Account ..... those money still not yours per say until U reach 55yo.

But those return CPF plus interest money can still be used to by new HDB transaction ... so lppl no impact for those who still buy house.

 

[sbfuncle]

After 55 sell hdb will need to refund ro RA if had not meet the min sum.

 

[LittleP]

This is the well known to some, but many have no idea about. The OA accrued interest trap.
More coming very very soon. Some don't even know about the the 99yr decaying lease trap
Sinkies are an amazing species

 

[jurongkechil]

Though above mean take cheque 200k on resale appointment day???

 

[jurongkechil]

It's accrued interest, refers to interest that would have been earned if the CPF funds had remained in his account instead of being withdrawn for the property.

If you used $100,000 CPF for BTO and the accrued interest is $15,000, you’ll need to refund $115,000 to your CPF OA from the sale proceeds.

The letter said refund 15k only..