Cpf Minimum Sum To Keep Aside?

[therat 18]

wait wait, hang on, just to clarify:

minimum sum to be maintained in CPF - this minimum sum must be shared 50-50 or not?

I'm not to sure. But I assume and believe should be 50 - 50

whereas, CPF contribution to the purchase (distinct from minimum sum to be maintained in CPF), can be any proportion, so long is $1, right?

correct.

[random_username 0]

I'm not to sure. But I assume and believe should be 50 - 50

correct.

thanks. ok, so purely hypothetically, say:

buy property A, use CPF

then want to buy property B, but my CPF <minimum sum, though my husband's CPF >minimum sum, so the combined minimum sum to be maintained can't be met 50-50 since my cpf not enough. then even if we want to use CPF also cannot, is it? unless top up my cpf account to at least minimum sum +$1? is that how it works?

[Warrior88 0]

ic, thanks.

hang on, just to clarify:

minimum sum to be maintained in CPF - this minimum sum must be shared 50-50 or not?

whereas, CPF contribution to the purchase (distinct from minimum sum to be maintained in CPF), can be any proportion, so long is $1, right?

No share share, each must maintain their own MS. If spouse, fall below MS, and cannot use CPF, then contribute $1 for the purchase. Wait until CPF grow can use liao.

You spouse can transfer to you if his CPF is very rich, to meet your MS.

Check CPF, I think for 1st time buyer, don't need MS.

[Warrior88 0]

thanks. ok, so purely hypothetically, say:

buy property A, use CPF

then want to buy property B, but my CPF <minimum sum, though my husband's CPF >minimum sum, so the combined minimum sum to be maintained can't be met 50-50 since my cpf not enough. then even if we want to use CPF also cannot, is it? unless top up my cpf account to at least minimum sum +$1? is that how it works?

You chimkology. If hubby>MS, he can use cpf. If you not enough, you cannot use unless hubby do a transfer using TOP Up scheme. So, if hubby don't want to top up, and you cannot use cpf to buy.

Then you pay $1 as cash( not using cpf) for your transaction. So that when your cpf grow, you are link to the cpf for your home

[random_username 0]

You chimkology. If hubby>MS, he can use cpf. If you not enough, you cannot use unless hubby do a transfer using TOP Up scheme. So, if hubby don't want to top up, and you cannot use cpf to buy.

Then you pay $1 as cash( not using cpf) for your transaction. So that when your cpf grow, you are link to the cpf for your home

yes, i understand the $1 part.

what i mean (again, purely hypothetical), is that if my cpf don't meet 50%ms and i can't use CPF, then can husband still use his cpf? cos although his cpf meets 50%ms, but since i can't fulfil the ms does his cpf then have to meet 100%ms?

[Warrior88 0]

yes, i understand the $1 part.

what i mean (again, purely hypothetical), is that if my cpf don't meet 50%ms and i can't use CPF, then can husband still use his cpf? cos although his cpf meets 50%ms, but since i can't fulfil the ms does his cpf then have to meet 100%ms?

Don't think so, difference is hubby must use the bulk of his CPF, you shake leg and throw him the coin.

50% is pledge against this 1st pty, indivdual status. (I think it should be this way)

But if you not enough, ask hubby to transfer to you la

[random_username 0]

Don't think so, difference is hubby must use the bulk of his CPF, you shake leg and throw him the coin.

50% is pledge against this 1st pty, indivdual status. (I think it should be this way)

But if you not enough, ask hubby to transfer to you la

guess so. what to do, housewife for some time already and looks like will be housewife going forward ...

[Warrior88 0]

guess so. what to do, housewife for some time already and looks like will be housewife going forward ...

You rich tai tai. Join Therat in Mahjong la. I still working le... Oh. times up, must go home liao.

Tomorrow, try to check your case again. I also want to confirm.

Don't think so much, what max... chat again

[bepgof 20]

Thanks to all i/ps. Spent 3hrs last night surfed cpf/hdb webs. Now understand MMS. Summarry as follow:

1. MMS applies to cpf member with 2 or more properties. 1-property-only holder needs no worry.

2. At age 55, rule requires members(who reach 55, yet still serving loan and has insufficient prevailing MS amount in OA+OS+CPFIS),are to pledge MMS against either 1st or 2nd pty , or pledging will be done automatically to the one cpf has been used on more. Purpose? is to "lock the prevailing ms" (prevailing mkt mean value) to return to member's OA in case member sells this pty upon 55 or above.

3. Topup can be done from member to member, but to receipent's SA acct only, to help "love ones" reach prevailing MS amount

Edited July 29, 2010 by bepgof

[bepgof 20]

我听说公积金局只会使我们能够从我们的会计撤出在估价的价格或购买价格较低的中央公积金。如果我们有喧嚣的最低金额定在我们普通+特别会计之外，我们无法使用公积金来偿还我们的贷款了。任何人遇到吗？

Don't quite understand yr query, though I can read and understand each characters. Refer to Valuation Limit & Withdrawal Limit? Withdraw Limit = total cpf amount which member can use to pay towards house.

1st pty: WL=120% of VL

2nd pty: WL = 100% of VL

If you are holding NOW only one property and has not reached 55, need not to so worry about the minimum sum issue.

If you reach 55 and still paying loan and having (OA+SA+CPFIS<prevailing MS amount), may need to So worry abt, you can add the pledge amount as part of the MS amount.

CPFB will "pledge" for memebers who reaches 55. If this pledge amount= (used cpf + accrued int), + existing amount in (OA+SA+CPFIS) < prevailing MS amount, then you have to pay loan by CASH, no more cpf.

MS sceheme encourages cpf members to buy HOUSES while young, sort of penalise older members with little cpf amount.

Edited July 29, 2010 by bepgof

[Warrior88 0]

1. MS applies to cpf member with 2 or more properties. 1-property-only holder needs no worry.

2. MS sceheme encourages cpf members to buy HOUSES while young, sort of deter older members from using their RA with little cpf amount.

Good point !

2. At age 55, rule requires members(who reach 55, yet still serving loan and has insufficient prevailing MS amount in OA+OS+CPFIS),are to pledge MMS against either 1st or 2nd pty , or pledging will be done automatically to the one cpf has been used on more. Purpose? is to "lock the prevailing ms" (prevailing mkt mean value) to return to member's OA in case member sells this pty upon 55 or above.

Base on current inflation rate, scholars work out this magic prevailing MS. In fact MS is not decided for year 2013. House can reverse mortgage,downgrade,sold to churn income for retirement. Thus, you need to pledge only 50%. This balance 50% is for for the annuity insurance(CPF Life)

3. Topup can be done from member to member, but to receipent's SA acct only, to help "love ones" reach prevailing MS amount

Top can only from OA, can go to SA or RA.

[Warrior88 0]

Don't quite understand yr query, though I can read and understand each characters. Refer to Valuation Limit & Withdrawal Limit? Withdraw Limit = total cpf amount which member can use to pay towards house.

1st pty: WL=120% of VL

2nd pty: WL = 100% of VL

If you are holding NOW only one property and has not reached 55, need not to so worry about the minimum sum issue.

If you reach 55 and still paying loan and having (OA+SA+CPFIS<prevailing MS amount), may need to So worry abt, you can add the pledge amount as part of the MS amount.

CPFB will "pledge" for memebers who reaches 55. If this pledge amount= (used cpf + accrued int), + existing amount in (OA+SA+CPFIS) < prevailing MS amount, then you have to pay loan by CASH, no more cpf.

MS sceheme encourages cpf members to buy HOUSES while young, sort of penalise older members with little cpf amount.

Withdrawal limits = 150% for purchase before < year ( forget )

Withdrawal limits = 120% this few years ( will check again )

Withdraw limits are related to the year you purchase the pty, not in terms of number of pty.

If reach 55, have 1 pty, you min sum=50% (you auto join the CPF life). Only money in excess of 50% can be withdrawn as cash. There is some computation for this cash withdrawal too.

If this pledge amount= A=(used cpf + accrued int), + B=existing amount in (OA+SA+CPFIS) < prevailing MS amount. This is not a combine configuation. It is 50%A and 50%B

[Warrior88 0]

Withdrawal Limits

120% - 150% VL: a maximum limit

Unlike the AHWL which is a moving limit, the 120% - 150% limit is fixed.

Once it is reached, CPF members will not be able to withdraw any more CPF for their property (the limit applies to a particular property, so members can use CPF for other properties which have not reached the limit).

Date of Purchase or Loan Refinancing HDB Flat* (bank loans) Private Property^

1 Sep 2002 - 31 Dec 2002 Not applicable 150% of VL

1 Jan 2003 - 31 Dec 2003 150% of VL 150% of VL

1 Jan 2004 - 31 Dec 2004 144% of VL 144% of VL

1 Jan 2005 - 31 Dec 2005 138% of VL 138% of VL

1 Jan 2006 – 31 Dec 2006 132% of VL 132% of VL

1 Jan 2007 – 31 Dec 2007 126% of VL 126% of VL

1 Jan 2008 onwards 120% of VL 120% of VL

* For purchase of new flats, it refers to the date of booking. For resale flats, it refers to the date of application received by HDB.

[bepgof 20]

Withdrawal Limits

120% - 150% VL: a maximum limit

Unlike the AHWL which is a moving limit, the 120% - 150% limit is fixed.

Once it is reached, CPF members will not be able to withdraw any more CPF for their property (the limit applies to a particular property, so members can use CPF for other properties which have not reached the limit).

Date of Purchase or Loan Refinancing HDB Flat* (bank loans) Private Property^

1 Sep 2002 - 31 Dec 2002 Not applicable 150% of VL

1 Jan 2003 - 31 Dec 2003 150% of VL 150% of VL

1 Jan 2004 - 31 Dec 2004 144% of VL 144% of VL

1 Jan 2005 - 31 Dec 2005 138% of VL 138% of VL

1 Jan 2006 – 31 Dec 2006 132% of VL 132% of VL

1 Jan 2007 – 31 Dec 2007 126% of VL 126% of VL

1 Jan 2008 onwards 120% of VL 120% of VL

* For purchase of new flats, it refers to the date of booking. For resale flats, it refers to the date of application received by HDB.

You're really good at digging, I like that spirit. Once determined, dig all the way.....

Edited July 30, 2010 by bepgof

[Warrior88 0]

You're really good at digging, I like that spirit. Once determined, dig all the way.....

Crying now If I turn 55 this year, at least can take 30%(OA+SA).

If you turn 55 after 2013, Must keep MS+Medisave MS. Based on my projection, can withdraw only $5000. Now must plan my funds liao. Try digging my funds out before 55, or increase my projection.

Too bad kena lock 60k liao, 60k can use for home loan only.