Cpf Minimum Sum To Keep Aside?

[therat 18]

Hi, i dont mean to be rude, to side track abit ar, I check from CPF board if to buy 2nd pty and u still servicing 1st pty, the minimum balance in OA & SA is $61,500 and not $117K leh, also I always thought stamp fee must be pay in cash and not CPF. If can use CPF to pay stamp fee, it is really a load off our burden man, please correct me if I am wrong.

Thanks

bepgof is right on the amount $117k. This is for 2 person. So $58.5k each.

As for your $61.5k is for 1 person. Not both.

His post is March 2010 before the minimum sum value adjust. This sum is adjustable yearly and only move up.

Stamp fee can pay by CPF.

Use cash first then reimburse from CPF as paper work take time.

Quote from CPF

From 1 July 2010, the CPF Minimum Sum will be increased from $117,000 to $123,000. The Minimum Sum will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013, and will be adjusted yearly for inflation.

[Warrior88 0]

2nd pty

Cash portion -

COV,if HDB

5%downpayment

Agent Comm.

If use HDB loan, 50% of previous sales proceed or $25000, whichever lower

CPF portion

15%downpayment

stamp fees

legal fees.

[bepgof 20]

Hi, i dont mean to be rude, to side track abit ar, I check from CPF board if to buy 2nd pty and u still servicing 1st pty, the minimum balance in OA & SA is $61,500 and not $117K leh, also I always thought stamp fee must be pay in cash and not CPF. If can use CPF to pay stamp fee, it is really a load off our burden man, please correct me if I am wrong.

Thanks

I prefer deal with "rude" ppl and more wary against "courteous" ppl le. MMS quite chiem, I catch only half the ball, hope forumers can pass me another half of the ball: at same time hope u catch the whole ball as well:

1. 1st property, OA(wife) used 150k., OA(me) used 255k. Outstanding load = 81K

Present OA(wife = 70k, me = 90k)

Q: If I "pledge" 50% (61.5k) which I used up in 1st proty, and wife pledge also 50%(61.5k). Does it mean we can use whatever balance in OA for the purchase of 2nd property? Or still need to set aside 20K in each of our OA for "retirement", or how does this 20K rule apply?

Q: If not "pledged" against 1st property, how does this mms effect to the 2nd property?

Xia Xia.

Edited July 29, 2010 by bepgof

[chia90 0]

I prefer deal with "rude" ppl and more wary against "courteous" ppl le. MMS quite chiem, I catch only half the ball, hope forumers can pass me another half of the ball: at same time hope u catch the whole ball as well:

1. 1st property, OA(wife) used 150k., OA(me) used 255k. Outstanding load = 81K

Present OA(wife = 70k, me = 90k)

Q: If I "pledge" 50% (61.5k) which I used up in 1st proty, and wife pledge also 50%(61.5k). Does it mean we can use whatever balance in OA for the purchase of 2nd property? Or still need to set aside 20K in each of our OA for "retirement", or how does this 20K rule apply?

Q: If not "pledged" against 1st property, how does this mms effect to the 2nd property?

Xia Xia.

sorry har, i am no expert in this...but if not wrong, MMS in one's cpf account is for one person, so after you pledge 1st property, you still need to fulfill the other 61.5 k. Your wife will also need to fulfill her 61.5k in her account, then the remaining in the OA can be used....

anyone can confirm?? but that is what happened to me and my wife...

[vowsh 1]

I prefer deal with "rude" ppl and more wary against "courteous" ppl le. MMS quite chiem, I catch only half the ball, hope forumers can pass me another half of the ball: at same time hope u catch the whole ball as well:

1. 1st property, OA(wife) used 150k., OA(me) used 255k. Outstanding load = 81K

Present OA(wife = 70k, me = 90k)

Q: If I "pledge" 50% (61.5k) which I used up in 1st proty, and wife pledge also 50%(61.5k). Does it mean we can use whatever balance in OA for the purchase of 2nd property? Or still need to set aside 20K in each of our OA for "retirement", or how does this 20K rule apply?

Q: If not "pledged" against 1st property, how does this mms effect to the 2nd property?

Xia Xia.

half of the MS only applies to 2nd property. Both you and your wife must have at least $61.8k each ( if i rem the ms correctly) when buying 2nd property.

[Warrior88 0]

1. 1st property, OA(wife) used 150k., OA(me) used 255k. Outstanding load = 81K

Present OA(wife = 70k, me = 90k)

Q: If I "pledge" 50% (61.5k) which I used up in 1st proty, and wife pledge also 50%(61.5k). Does it mean we can use whatever balance in OA for the purchase of 2nd property? Or still need to set aside 20K in each of our OA for "retirement", or how does this 20K rule apply?

MS=OA+SA+CPFIS, So if SA+CPFIS>61.5k, can use all the OA,

By the way, one more rule(not quite sure)but read before. SA may also be use if OA=0, provided

SA still maintain>61.5K.

OA=20k lock only cannot use for CPFIS for home loan okay.

Q: If not "pledged" against 1st property, how does this mms effect to the 2nd property?

Not sure yr qn, but if pledge 1st pty, then MS is 50% for 2nd pty.

I think the next question should be, for 2 pty, if sell 1st pty, must put back or maintain 100% ?

Xia Xia.

[vowsh 1]

2nd pty

Cash portion -

COV,if HDB

5%downpayment

Agent Comm.

If use HDB loan, 50% of previous sales proceed or $25000, whichever lower

CPF portion

15%downpayment

stamp fees

legal fees.

If your 2nd property that you intended to buy is a pte, you don't have to pay agent comm. Seller will pay the agent.

[Warrior88 0]

MS is applicable for both ppl.

There are 2 ways to do.

1. Do a MS Top up for spouse, if you have excess OA. Means you transfer your OA CPF to your spouse.

2. Downpayment don't have to be 50/50, Can even do 99/1 for downpayment.

Subsequent mthly installment can be adjust in CPF online.

[Warrior88 0]

If your 2nd property that you intended to buy is a pte, you don't have to pay agent comm. Seller will pay the agent.

Seller will pay their own agent. Buyer no need agent, just settle with bank and lawyer.

Provided also, you don't get agent to bring you around.

[Warrior88 0]

1. 1st property, OA(wife) used 150k., OA(me) used 255k. Outstanding load = 81K

Present OA(wife = 70k, me = 90k)

Q: If I "pledge" 50% (61.5k) which I used up in 1st proty, and wife pledge also 50%(61.5k). Does it mean we can use whatever balance in OA for the purchase of 2nd property? Or still need to set aside 20K in each of our OA for "retirement", or how does this 20K rule apply?

Q: If not "pledged" against 1st property, how does this mms effect to the 2nd property?

Xia Xia.

20k lock only for CPFIS. If MS=OA+SA+CPFIS>61.5K, can use for 2nd pty.

I read somewhere(this one not sure) Even if OA=0, but SA+CPFIS>61.5, "CAN USE SA"

If pledge against 1st pty, can use excess of 50% MS

Last one. If got 2 pty, then sell 1st pty, must put back 100% MS in CPF. Dec 2012, right ?

[therat 18]

Seller will pay their own agent. Buyer no need agent, just settle with bank and lawyer.

Provided also, you don't get agent to bring you around.

if buyer has agent. Buyer agent will co-broke the commission with the seller agent.

Buyer don't need to pay any single cents.

I face this before.

After the price is agree from both side, the buyer seller want more commission and we refused to give.

She go and tell the buyer. We don't want to sell.

[neubie 2]

new ruling....

http://mycpf.cpf.gov.sg/Members/Gen-Info/I...s/Int-Rates.htm

CPF Interest Rates (01 Jul 2010 to 30 Sep 2010)

(reviewed quarterly)

Ordinary Account 2.50% p.a.

Special & Medisave Accounts 4.00% p.a.

CPF Interest Rates (01 Jan 2010 to 31 Dec 2010)

(reviewed yearly)

Retirement Account 4.00% p.a.

For Ordinary Account (OA), CPF members receive a market-related interest rate based on the 12-month fixed deposit and month-end savings rates of the major local banks.

As announced in December 2009, the Government will maintain the 4% p.a. minimum interest rate on all Special and Medisave Accounts (SMA) and Retirement Account (RA) monies until 31 December 2010. Thereafter, interest rates on all CPF account monies will be subject to a minimum rate of 2.5% p.a.

Since 1 January 2008, savings in the SMA have been invested in Special Government Securities (SSGS) which earn a quarterly-adjusted interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%.

From 1 January 2010, RA savings are invested in SSGS which earn a fixed coupon equal to the 12-month average yield of the 10YSGS plus 1% at the point of issuance. The interest rate to be credited to the RA will be the weighted average interest of the entire portfolio of these SSGS, and adjusted yearly in January.

An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings.

For members above 55 years old who are participating in the CPF LIFE scheme, this additional 1% interest will also apply to their annuity premium, less annuity payouts already made. The additional interest earned on the member’s LIFE annuity monies will be paid into their RA.

Under the CPF Act, the Board pays interest at a minimum rate of 2.50% p.a. CPF interest is computed monthly, compounded and credited annually.

Details on how CPF interest rates are computed can be found in News Releases.

[Warrior88 0]

new ruling....

This one not new le.

[neubie 2]

This one not new le.

i read again & again 2nd paragraph.... does it means special and medisave account interest rate reduced to 2.5% and not minimum 4% liao? so for those who transfer money from OA to SA account to earn more interest all kena conned?

[Warrior88 0]

if buyer has agent. Buyer agent will co-broke the commission with the seller agent.

Buyer don't need to pay any single cents.

I face this before.

After the price is agree from both side, the buyer seller want more commission and we refused to give.

She go and tell the buyer. We don't want to sell.

Strange .. I thought co broke means each party(seller/buyer) settle their own brokerage fees.

Whats the current % now 2% ?

Like that if buyer got agent, then 1+1, But if buyer walk in then 2% ? Is this correct ?

Last time, I gungho buy w/o agent. only contact bank & lawyer.