Hdb Concessionary Loan

[ben77 0]

Any updates???

[papbestdad 0]

What updates do you want?

Answers do not drop from the sky.

[tweetie76 0]

Just some updates..the 2 rm flat now cost $160-$170K , definately we cannot afford..

Any idea can we get $30K bank loan ?

If we were to transfer our CPF OA funds to MIL CPF Acct, will we get back the CPF when she sells the unit ? Because she has already willed the CPF

Edited June 18, 2008 by tweetie76

[applefreak 1]

Just some updates..the 2 rm flat now cost $160-$170K , definately we cannot afford..

Any idea can we get $30K bank loan ? - best way to confirm is ask the bank

If we were to transfer our CPF OA funds to MIL CPF Acct, will we get back the CPF when she sells the unit ? Because she has already willed the CPF

- no you won't get it back

[tweetie76 0]

I think not so easy to top up MIL CPF too ..Found this in CPF website

Q:What are the conditions to top up my siblings'/ spouse's/ parents'/ grandparents' CPF Minimum Sum using my CPF?

A: To top up your siblings’/spouse’s/parents’/grandparents’ CPF Minimum Sum using your CPF, your net balances in your Ordinary and Special Accounts, including amount withdrawn for investments, must be more than 1.5 times the prevailing Minimum Sum. The balance in your Ordinary Account will be used for the top-up.

Q: If I top up monies into my sibling's or spouse's Special Account, what will happen to the topped-up monies when the recipient passes away?

A: The amount topped-up will be returned proportionately to the contributors’ Ordinary Accounts

This sounds better, but never say for parents can or not..only mention sibling /spouse

[applefreak 1]

think you can only top up special account, so can't use to buy flat wor

[tweetie76 0]

think you can only top up special account, so can't use to buy flat wor

oh is it.. too bad What is the use of Special Acct funds ?

[applefreak 1]

it's for retirement purposes

think it'll be the retirement account after you turn 55 or something like that

[tweetie76 0]

it's for retirement purposes

think it'll be the retirement account after you turn 55 or something like that

Then what is the difference between Special Acct & Retirement Acct ?

[applefreak 1]

think you'll only have special a/c before 55

and retirement a/c after 55

[tweetie76 0]

think you'll only have special a/c before 55

and retirement a/c after 55

Nevermind, let me check with CPF..found the cheapest 2rm, valuation is $155K, still quite exp hor

Wish me good luck !

[applefreak 1]

good luck

[Phantom 1]

After the age of 55, all accounts will be merged under retirement account (Except for medisave)

Before that we all have 3 accounts. Medisave / Special / Ordinary.

[tweetie76 0]

Found this clause under General Conditions for Purchase of 2rm, 3rm Flat :-

Then where can the owner stay for the past 30mth ?

This rule abit illogical, what if cannot get the flat ?

Ownership / Interest in Property

No person shall be entitled to buy an HDB flat if he, his spouse, any occupiers listed in the Application Form or their spouses:

is the owner of any other flat, house, building or land* or has an estate or interest therein; or

has at any time within 30 months before the date of applying to buy an HDB flat, or between the date of the application and the date of completion of the purchase, acquired or disposed of any flat, house, building or land, or any interest therein.

Edited July 1, 2008 by tweetie76