clockwork 0 Report post Posted June 28, 2008 Hi all, I need some advice and help regarding profits matter. I got my flat at $135,000 thru WIS and if I'm selling it at $200,000 ,that means a profit of $65,000. Where does the $65,000 go to ? Will it be credited into my CPF or is there a cheque for me to bank in ? Is it possible to credit for example 80% of my profits into my CPF and the remaining 20% into my bank acct ? I've been staying in my current flat for 7 yrs now and wish to upgrade, coz my mum in law will be moving in, I'm not too sure how this goes . Will HDB credit back our CPF ? Any kind souls out there , pls advise me ~ Thank you ~ Share this post Link to post Share on other sites
hello88 2 Report post Posted June 28, 2008 (edited) Hi all, I need some advice and help regarding profits matter. I got my flat at $135,000 thru WIS and if I'm selling it at $200,000 ,that means a profit of $65,000. Where does the $65,000 go to ? Will it be credited into my CPF or is there a cheque for me to bank in ? Is it possible to credit for example 80% of my profits into my CPF and the remaining 20% into my bank acct ? I've been staying in my current flat for 7 yrs now and wish to upgrade, coz my mum in law will be moving in, I'm not too sure how this goes . Will HDB credit back our CPF ? Any kind souls out there , pls advise me ~ Thank you ~ anymore outstanding loan? Anyway, u can calculate your estimated cash proceeds using the HDB Sales Proceed Calculation Edited June 28, 2008 by hello88 Share this post Link to post Share on other sites
MaCe 3 Report post Posted June 28, 2008 Is it possible to credit for example 80% of my profits into my CPF and the remaining 20% into my bank acct ? why throw cash back into cpf? Share this post Link to post Share on other sites
clockwork 0 Report post Posted June 29, 2008 why throw cash back into cpf? Well , It's human nature that when there's money to spend , we'll probably spend it. Unless you're loaded. The reason I want most of the profits to go to my CPF is to avoid splurging on unnecessary things. And the added monies will help lighten the burden of mthly loans. anymore outstanding loan? Anyway, u can calculate your estimated cash proceeds using the HDB Sales Proceed Calculation Hmm... if my calculations is correct , my outstanding load with HDB shd be ard $95,000 I'm not too sure about the levy and stuff , too technical for me Coz the 1st time I purchased my flat was thru WIS , very easy process., but if Im a 2nd time buyer , there's alot of other stuff involved. So I'm kinda lost Share this post Link to post Share on other sites
PsyNidE 0 Report post Posted June 29, 2008 Do take note that the actual profit after selling the flat is : Sale Price Of Flat - (Remaining Housing Loan+Total Amount Used For Payment Of House @ Time Of Sale+Acrued CPF OA Interest) = Actual Profit. Therefore the actual profit for clockwork might not be $65K after all. Not forgetting you need to minus off your agent's commission as well. Share this post Link to post Share on other sites
hello88 2 Report post Posted June 30, 2008 Hmm... if my calculations is correct , my outstanding load with HDB shd be ard $95,000 I'm not too sure about the levy and stuff , too technical for me Coz the 1st time I purchased my flat was thru WIS , very easy process., but if Im a 2nd time buyer , there's alot of other stuff involved. So I'm kinda lost 1stly, login to My HDB from HDB website to check your outstanding loan. Then login to your CPF to check the actual amt plus interest that u've taken out from CPF to pay for the flat. Do u plan to get another new flat from HDB? If u're getting it either now or in the near future, then u'll have to factor in the CASH levy. Share this post Link to post Share on other sites
GMC 12 Report post Posted June 30, 2008 (edited) Hi all, I need some advice and help regarding profits matter. I got my flat at $135,000 thru WIS and if I'm selling it at $200,000 ,that means a profit of $65,000. Where does the $65,000 go to ? Will it be credited into my CPF or is there a cheque for me to bank in ? Is it possible to credit for example 80% of my profits into my CPF and the remaining 20% into my bank acct ? I've been staying in my current flat for 7 yrs now and wish to upgrade, coz my mum in law will be moving in, I'm not too sure how this goes . Will HDB credit back our CPF ? Any kind souls out there , pls advise me ~ Thank you ~ If u paid in Full, you will get $200k back when u sell it. If u are on 80% loan, my estimation is u will get approximately $90k back in CPF and Cash Proceeds. Edited July 1, 2008 by GMC Share this post Link to post Share on other sites
BunBun 5 Report post Posted June 30, 2008 The resale levy depends on the type of flat you owned before. If you plan to get a flat from HDB direct for the 2nd time, you will have to pay tax levy based on your previous flat type the first time since it is a subsidised flat from HDB. I saw this in the handbook provided by HDB last time that if your flat is a 3 room the tax levy is 30k, 4 room flat about 40k, 5 room flat about 45k & executive flats, 50k. So if you want to avoid paying levy, is not to get another flat direct from HDB. This you can check at the HDB website. Share this post Link to post Share on other sites
PsyNidE 0 Report post Posted July 3, 2008 (edited) Based on my experience after I sold my flat last year, your actual profit will be : Sale Price OF Flat -(CPF Amount Used To Pay Current Flat+CPF Accrued Interest+Balance of Housing Loan) = Profit This profit will be given by HDB officer during 2nd appointment to hand over the keys to the new owner in the form of Cashier's Order which is equivalent to a cheque. Edited July 3, 2008 by PsyNidE Share this post Link to post Share on other sites
jpcc 0 Report post Posted July 4, 2008 How to calculate this CPF Accrued Interest? If let's say it is 10years ago, CPF withdrawal of $120k? Share this post Link to post Share on other sites
hello88 2 Report post Posted July 4, 2008 (edited) How to calculate this CPF Accrued Interest? If let's say it is 10years ago, CPF withdrawal of $120k? login to yr cpf,check statement scroll down the page...u'll c the accumulated amt plus interest u have used for housing to date Edited July 4, 2008 by hello88 Share this post Link to post Share on other sites
jpcc 0 Report post Posted July 5, 2008 login to yr cpf,check statement scroll down the page...u'll c the accumulated amt plus interest u have used for housing to date Any idea the formula? What is the interest rate? Share this post Link to post Share on other sites
Sam Lee Poh Huat 0 Report post Posted July 9, 2008 (edited) login to yr cpf,check statement scroll down the page...u'll c the accumulated amt plus interest u have used for housing to date thks for the info, always thought those OA amount under PROPERTY column r my serviced accumulated amt for my present flat MINUS my accured interest.. , now, it makes my mathematic easier for my next property. thanks again.. login in www.cpf.gov.sg>>my statement>>property>>My Public Housing Withdrawal Details Edited July 9, 2008 by FD1976 Share this post Link to post Share on other sites
