stardust205 0 Report post Posted July 8, 2011 That's one feasible way. A fren of mine is doing so too.Right now I can't.. Almost all of my OA monthly contribution goes to paying the HDB mortgage loan.I am currently siphoning part of my CPF OA, through parent top up, they can get monthly cash. Cos if you are between the MS when you are 55, you get just a token of $5,000 Share this post Link to post Share on other sites
snaem85 1 Report post Posted July 8, 2011 120 is the MS now.btw what is this ms for? our gahmen sure got alot of 'rules' and 'procedures'. sians. Share this post Link to post Share on other sites
snaem85 1 Report post Posted July 8, 2011 I am currently siphoning part of my CPF OA, through parent top up, they can get monthly cash. Cos if you are between the MS when you are 55, you get just a token of $5,000sorry bro, what do u mean by siphoning ur cpf oa? still learning all this new jargons slowly. :bangwall: Share this post Link to post Share on other sites
Warrior88 0 Report post Posted July 8, 2011 Abbreviations ADJ - Adjustment AMP - Additional Monthly Payout BAL - Balance CLA - CPF LIFE Annuity Premium CLB - CPF LIFE Bonus (L-Bonus) CLI - CPF LIFE Payout CLR - Refund from CPF LIFE CON - Contributions / Government Cash Grant / Government Top-up DPC - Dependants' Protection Scheme - return of premium refund given to member earlier DPR - Dependants' Protection Scheme - premium refund due to decrease in annual premiums from $360 to $260 DPS - Dependants' Protection Scheme DVB - Deferment and/or Voluntary Deferment Bonus EDN - Education Scheme ESH - ElderShield GST - Goods and Services Tax HPR - Home Protection Scheme Rebate HPS - Home Protection Scheme HSE - HDB flats and other residential properties INT - Interest for the whole year INV - CPF Investment Scheme MED - Medisave MSH - MediShield MGS - Medical Grounds Scheme MSS - Minimum Sum Scheme MST - Top-ups from self / spouse / child / grandchild / sibling under CPF Minimum Sum Topping-Up Scheme PMI - Private Medical Insurance PTY - Non-residential property RFD - Refund of overpaid contributions to employers / employees / self-employed SDS - Dividends / proceeds / adjustments under the Special Discounted Shares Scheme [e.g. SingTel (ST) shares] SE - Payment by self-employed person TFR - Transfer between accounts TRN - Transaction WDL - Withdrawal of CPF savings on attaining age 55 / medical grounds / leaving Singapore permanently MS = MSS - Minimum Sum Scheme (131k this year) Share this post Link to post Share on other sites
bepgof 20 Report post Posted July 8, 2011 I like this. I like your "locks & pad locks" theory.The poor: We have no moneyGov: Don't worry, we have welfare system, just apply.Possible to meet MS while have been using CPFOA paying toward mortgage loan?I'm 47, work like cow since 21, OA=19k, SA=115K, cpf contribution kena cap at $4500 monthly, now streching neck long long looking forwards Sept to come.This reminds me of the dog chasing after the bone where it is tied on a stick and the stick is tied on the dog.......the dog "chiong" and ....drips, can't touch the bond. Rule change liao, if got minimum sum in OA+SA, can still use CPF.http://mycpf.cpf.gov.sg/Members/HSG-Site/Hsg-AHWL.htm Share this post Link to post Share on other sites
gimz63251073 0 Report post Posted July 22, 2011 out of curiousity, i googled "how to get malaysian citizen"well turns out there is a scheme for "silver hair" aka more than 55yrs old. Msia gives u 10yr PR, no need to give up citizenship.Sounds workable if you have a HDB, rent out the flat and stay in JB/Msia.Can drive cheap Msia proton, buy cheap Msia groceries, etc... Share this post Link to post Share on other sites
Seabass 0 Report post Posted October 2, 2011 Good info....I bought a resale 3 room flat last year (under single scheme)... Did a lump sum prepayment out of my OA, one month ago... HDB informed me when I did the lump sum prepayment, that the balance of the valuation Limit can last me until the 19th year (from the Valuation Limit)... Ie from 20th-30th years, I need to fork out hard cash every month...Lucky for me, I get to know this "Valuation Limit" early, so got to start saving or renting out spare room soon...Please go check with HDB and plan your finances early... We might earn an good income now, but whatabout when we reach 55 onwards?? Share this post Link to post Share on other sites
keltan8 0 Report post Posted October 14, 2011 FYI, my parents now age 70 and 66 still paying their 4 room flat bought on yr 1986Buy @ $60k , loan 25 yr ... Share this post Link to post Share on other sites
Warrior88 0 Report post Posted October 17, 2011 Good info....I bought a resale 3 room flat last year (under single scheme)... Did a lump sum prepayment out of my OA, one month ago... HDB informed me when I did the lump sum prepayment, that the balance of the valuation Limit can last me until the 19th year (from the Valuation Limit)... Ie from 20th-30th years, I need to fork out hard cash every month...Lucky for me, I get to know this "Valuation Limit" early, so got to start saving or renting out spare room soon...Please go check with HDB and plan your finances early... We might earn an good income now, but whatabout when we reach 55 onwards??The AHWL is a moving limit. Using your CPF to make a lumpsum/capital repayment on your housing loan may make you reach the AHWL earlier, but it will reduce the interest charges. CPF informs members three months before the VL is reached and the AHWL becomes applicable. Share this post Link to post Share on other sites
gimz63251073 0 Report post Posted October 17, 2011 Good info....I bought a resale 3 room flat last year (under single scheme)... Did a lump sum prepayment out of my OA, one month ago... HDB informed me when I did the lump sum prepayment, that the balance of the valuation Limit can last me until the 19th year (from the Valuation Limit)... Ie from 20th-30th years, I need to fork out hard cash every month...Lucky for me, I get to know this "Valuation Limit" early, so got to start saving or renting out spare room soon...Please go check with HDB and plan your finances early... We might earn an good income now, but whatabout when we reach 55 onwards??from what i see, the lump sum have several drawbacks:- u reach the valuation limit faster. Though u can save on some interest, but not much. Loan interest is +0.1% only. So u dun save much.- lump sum can be used as reserves when one is unable to work for whatever reasons, i,e take care of baby, go on sabbatical, retrenched, etc- if one dies young (touch wood), the CPF repayment can be covered by insurance. And CPF monies can be passed down to dependents. If i recall, insurance is cheap as its on reducing mortgage.I guess given this, i would be unlikely to make any lump sum payment. Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 17, 2011 (edited) from what i see, the lump sum have several drawbacks:- u reach the valuation limit faster. Though u can save on some interest, but not much. Loan interest is +0.1% only. So u dun save much.- lump sum can be used as reserves when one is unable to work for whatever reasons, i,e take care of baby, go on sabbatical, retrenched, etc- if one dies young (touch wood), the CPF repayment can be covered by insurance. And CPF monies can be passed down to dependents. If i recall, insurance is cheap as its on reducing mortgage.I guess given this, i would be unlikely to make any lump sum payment.1. Not true. Monthly installment = monthly principal + monthly interest. VL=Monthly installment x approximately 23yr. The longer the loan tenure will hit the VL because of the monthly interest amount.2. OA usage is very very limited, gov is smart. Depending on individual's comfort zone, 2yrs reserve should be quite ok.3. True enough, but who wants to die young? Edited October 17, 2011 by bepgof Share this post Link to post Share on other sites
gimz63251073 0 Report post Posted October 17, 2011 no one wants to die young, but accidents do happen. It is not uncommon for perfectly healthy people to drop dead the next day. Its just to prepare for the worst should something unfortunate happen.Its just my belief that given the situation now, no incentive to repay lump sum. Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 17, 2011 (edited) no one wants to die young, but accidents do happen. It is not uncommon for perfectly healthy people to drop dead the next day. Its just to prepare for the worst should something unfortunate happen.Its just my belief that given the situation now, no incentive to repay lump sum.Cash is king, liabilities are slaves.All wish to be king, not slaves, unless the slaves want to remain as slaves. Edited October 17, 2011 by bepgof Share this post Link to post Share on other sites
Warrior88 0 Report post Posted October 18, 2011 1. Not true. Monthly installment = monthly principal + monthly interest. VL=Monthly installment x approximately 23yr. The longer the loan tenure will hit the VL because of the monthly interest amount.2. OA usage is very very limited, gov is smart. Depending on individual's comfort zone, 2yrs reserve should be quite ok.3. True enough, but who wants to die young?Hi bro,Long time didn't see your post liao.By the way,VL=Valuation Limits=is the lower of the purchase price or the value of the property at the time of purchase. Govt worry we may use too much for housing and run out of CPF for retirement so they setAHWL=Available Housing Withdrawal Limit This is a "LIMIT" that one can use, after which, you have to use cash, unless you meet another criteria, the "Minimum Sum" which is for your retirement.This limits do not consider the outstanding loan. It restrict what you can use.If VL=100k, CPF use=70k, Accrued Interest=20k, You have 10k to use before you blow this limits. So, to avoid this, either you pay full, or you stretch you loan. If, you pay upfront 90%with 10% loan stretching 20 years, you acrrued interest will eat into your AHWL.For your case, you had maintain your minimum sum, thus, you can still withdraw after hitting your AHWLCheers bro, market very volatile, like roller coaster Share this post Link to post Share on other sites
gimz63251073 0 Report post Posted October 18, 2011 Cash is king, liabilities are slaves.All wish to be king, not slaves, unless the slaves want to remain as slaves.precisely. Liability in the form of HDB loan is covered by insurance, so when one dies, insurance takes over. Spouse can live in flat still.Cash is king. Keep enough reserves in CPF ordinary account for rainy days. Slaves got many kinds:- slave to money- slave to career- slave to wife- slave as a slave (the kind we all know about)No person can be a King. We are all held to be slaves in one way or another. Share this post Link to post Share on other sites
