New Hdb Rule!

[therat 18]

My tokong accounts comes not from working. Purely base CPF contributions from salary will not

fill up your stomach, as contributions are cap at $4500. So more and more are going to Medisave.

Medisave also had cap. I think is 37.5K.

over flow will goes to SA account.

[Warrior88 0]

case by case. Need to appeal.

Black and white still 8K

Think for EC, income ceiling = 10k

But for DBSS, still cap at 8k

For others like extended family, income ceiling = 12k

This is link to children who are working

[random_username 0]

It take me 19 yrs of working like cow to had that mini "tokong" CPF account.

what is tokong?

[Roflmaoxz 0]

No sure how is your understanding of profits. I assume you know abt the acrrued interest ..etc.

For bank loan/HDB loan. There is another thread on this topic

I roughly know but not fully.

I roughly worked out my cash profits is ~125k, based on the following information.

Estimated Resale Price (found in e-service "Resale Flat Prices")

My loan information on the outstanding mortgage loan amount which must be fully settled before completion.

The amount of CPF monies utilised towards the purchase of the flat with accrued interest (which must be returned to my CPF Ordinary Account)

Any other outstanding payments to the relevant authorities.

My initial loan 100k on a 150k 3-rm resale, now left 85k loan. Current resale price in july is 320k.

I know bank loan requires 5% cash and 15% CPF. No resale levy or no need throw in 50% cash profits or 25k. HDB loan will wipe out all my CPF plus I throw in 50% cash profits or 25k due to new ruling. Or pay resale levy on resale if I took housing grant previously.

Maybe you can enlighten me further if I left anything out.

[Roflmaoxz 0]

Medisave also had cap. I think is 37.5K.

over flow will goes to SA account.

Currently now is $34,500, so next year shld be $39,500? Understand that HDB will review and increase 5k every july.

[therat 18]

Currently now is $34,500, so next year shld be $39,500? Understand that HDB will review and increase 5k every july.

http://ask-us.cpf.gov.sg/hybrid/Themes/CPF...&SourceId=0

Q: Is there a limit on my Medisave balance?

A: You need to contribute to your Medisave Account up to the prevailing Medisave Contribution Ceiling. From 1 July 2010, the Medisave Contribution Ceiling will be raised from $37,000 to $39,500 and any Medisave contributions in excess of the Medisave Contribution Ceiling will be transferred from the Medisave Account to the Special Account for members aged below 55, and to the Retirement Account for members aged 55 and above, who do not meet the CPF Minimum Sum. For those who have set aside the full CPF Minimum Sum, the excess CPF contribution will be transferred from the Medisave Account to the Ordinary Account.

The Medisave Contribution Ceiling is adjusted each year on 1 July to ensure Singaporeans have sufficient savings to meet their hospitalisation expenses.

Government pensioners under the Fixed Amount on Ward Charges scheme do not need to have Medisave while government pensioners under the Co-payment on Ward Charges scheme need to contribute Medisave up to half the prevailing Medisave Contribution Ceiling.

[Roflmaoxz 0]

For those who have set aside the full CPF Minimum Sum, the excess CPF contribution will be transferred from the Medisave Account to the Ordinary Account.

Stupid reviews done by the so called elites, how to have "excess" if they keep increasing every year. I am not surprised by the time I reach 55yo, the minimum sum is $80k.

[Warrior88 0]

Currently now is $34,500, so next year shld be $39,500? Understand that HDB will review and increase 5k every july.

Therat mention is Medisave Contribution Ceiling. 37,500

You are talking about Medisave Minimum Sum. ( MRA ) For retirement

The Medisave Minimum Sum is the amount you need to retain in your Medisave Account whenever you make a withdrawal of CPF savings (e.g. at age 55, 56, etc). The Medisave Minimum Sum will ensure that you set aside enough savings to meet your future healthcare expenses. The amount from 1 July 2010 will be $34,500 and it is adjusted every July of the year. Any amount in excess of the prevailing Medisave Minimum Sum can be withdrawn.

Both of you are correct

Edited August 2, 2010 by Warrior88

[Warrior88 0]

I roughly know but not fully.

I roughly worked out my cash profits is ~125k, based on the following information.

Estimated Resale Price (found in e-service "Resale Flat Prices")

My loan information on the outstanding mortgage loan amount which must be fully settled before completion.

The amount of CPF monies utilised towards the purchase of the flat with accrued interest (which must be returned to my CPF Ordinary Account)

Any other outstanding payments to the relevant authorities.

My initial loan 100k on a 150k 3-rm resale, now left 85k loan. Current resale price in july is 320k.

I know bank loan requires 5% cash and 15% CPF. No resale levy or no need throw in 50% cash profits or 25k. HDB loan will wipe out all my CPF plus I throw in 50% cash profits or 25k due to new ruling. Or pay resale levy on resale if I took housing grant previously.

Maybe you can enlighten me further if I left anything out.

You are right on the calculation. You got a lot of cash since your balance loan is high. Assuming if you had fully redeem you loan. Your cash proceeds may be less. Right, you don't pay resale levy.

Right, no wipe out of CPF if take bank loan.

Seems to me the 5% would be lower than $25,000. And that you had chosen bank loan.

Need help in chosing which bank. Just mortgage may help you.

[Maeryn 0]

Hi therat, I understand that generally HDB only issue one cheque only. For various reasons, can I request HDB to issue 2 separate cheques to the 2 join-owners instead of one cheque?

It's possible. Just tell the HDB officer during your 1st appointment to prepare 2 cheques.

[bepgof 20]

what is tokong?

Tokong=solid

[Roflmaoxz 0]

You are right on the calculation. You got a lot of cash since your balance loan is high. Assuming if you had fully redeem you loan. Your cash proceeds may be less. Right, you don't pay resale levy.

Right, no wipe out of CPF if take bank loan.

Seems to me the 5% would be lower than $25,000. And that you had chosen bank loan.

Need help in chosing which bank. Just mortgage may help you.

Thanks Warrior88 for the detailed explanation. Definitely help me alot. But I am not so clear abt your earlier post "Assuming if you had fully redeem you loan. Your cash proceeds may be less." I thought if I have fully paid up my loan, I can get more cash??

My frd recommend me to take out UOB bank loan. Still looking for better products by other banks for comparison.

[blue_skies 3]

Thanks Warrior88 for the detailed explanation. Definitely help me alot. But I am not so clear abt your earlier post "Assuming if you had fully redeem you loan. Your cash proceeds may be less." I thought if I have fully paid up my loan, I can get more cash??

My frd recommend me to take out UOB bank loan. Still looking for better products by other banks for comparison.

My personal experience is that UOB has less risk tolerance compared to other banks. If in the long run, you are planning to buy more than 1 property using bank loan, you might want to consider using other banks. I am using OCBC at the moment.

[Roflmaoxz 0]

My personal experience is that UOB has less risk tolerance compared to other banks. If in the long run, you are planning to buy more than 1 property using bank loan, you might want to consider using other banks. I am using OCBC at the moment.

Thank you blue_skies, for your feedback.

Currently besides UOB, OCBC and Standard Chartered home loan is also under my consideration.

I saw this term "SIBOR-pegged Home Loan" from one of the bank. Anyone knows how does this works?

Edited August 3, 2010 by Rof|maoxz

[Warrior88 0]

Thanks Warrior88 for the detailed explanation. Definitely help me alot. But I am not so clear abt your earlier post "Assuming if you had fully redeem you loan. Your cash proceeds may be less." I thought if I have fully paid up my loan, I can get more cash??

My frd recommend me to take out UOB bank loan. Still looking for better products by other banks for comparison.

Cash proceeds = CPF Used + Accrue Interest + Bal Loan

Fully Redeem, CPF Used Up = Accrue Interest Up => Cash proceeds Down

If got bal bank loan, Interest is paid monthly together with installment. Thus, CPF used will be lower,

The less CPF used upfront, the less your accrue interest. Remember difference between savings & loan is only 0.1%. Besides for the 1st 20k, your are getting 3.5%

If you want good deals of bank loan, can PM me