spidt09 0 Report post Posted April 12, 2011 hi all, i have a situation. parents are selling their house. i will be getting a house with my fiancee. they will be an occupier. am i able to use their cpf for my new house? thanks! Share this post Link to post Share on other sites
sleek 2 Report post Posted April 12, 2011 (edited) hi all, i have a situation. parents are selling their house. i will be getting a house with my fiancee. they will be an occupier. am i able to use their cpf for my new house? thanks! hi spidt09, i am not sure if their cpf can be used as an occupier but it can definitely be used if they are part owners as that is what i am doing. best to check with your agent if you have one, if not call hdb/ cpf directly. HTH Edited April 12, 2011 by sleek Share this post Link to post Share on other sites
edenstrauss 3 Report post Posted April 13, 2011 (edited) U will not be able to mobilise any funds in their CPF account if they are only occupiers. Unless u include them as owners. However, u must take note that in the near future if they would like to withdraw ownership due to any unforseen reasons, u would be required to pay them the full amount of CPF monies that they have utilised for your flat, including its accrued interest. And vice versa should both u & ur fiancee decide to buy another flat of your own. Unless BOTH u & ur fiancee r mentally prepared to stay with your parents for good. Otherwise it can become a very sticky issue later on. U should also check with your fiancee if it is ok with her that she stays with your parents for life. And one more issue is that u need to check with HDB if your parents meet the criteria in obtaining a HDB loan (if applicable) at a concessionary rate. Please refer to this link: http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...ho?OpenDocument If the owners could fork out the full payment for the flat, then no need to apply for HDB loan. Edited April 13, 2011 by edenstrauss Share this post Link to post Share on other sites
zanntan 0 Report post Posted April 14, 2011 Confirm cannot... CPF from BUYERS only.. Share this post Link to post Share on other sites
therat 18 Report post Posted April 14, 2011 Can't. Ur parent need to be at least co-owner inorder to use their CPF to pay the HDB Share this post Link to post Share on other sites
muffin 2 Report post Posted April 14, 2011 Yes confirm cannot, personal experience Share this post Link to post Share on other sites
spidt09 0 Report post Posted April 15, 2011 side track a bit. what if my parents were to sell their house, and stay with me. their house valuation 380. if managed to sell their house for 420 means 40k cov. so how much will they get in cash? from hdb sales proceeds calculator is 80k. 1) is that 80k = cash proceeds, or cash proceeds + cov = 80, or cash proceeds + cov = 120? 2) does the 50 50 percent rule still applies since they not getting a new flat? sorry i don't quite get it. pls advise. thanks! Share this post Link to post Share on other sites
chronograph 0 Report post Posted April 16, 2011 1) 80k meaning profit(COV inclusive) if u key in every detail correctly. 2) Should not apply. side track a bit. what if my parents were to sell their house, and stay with me. their house valuation 380. if managed to sell their house for 420 means 40k cov. so how much will they get in cash? from hdb sales proceeds calculator is 80k. 1) is that 80k = cash proceeds, or cash proceeds + cov = 80, or cash proceeds + cov = 120? 2) does the 50 50 percent rule still applies since they not getting a new flat? sorry i don't quite get it. pls advise. thanks! Share this post Link to post Share on other sites
spidt09 0 Report post Posted April 16, 2011 indeed buying and selling house is a tough task. thanks to u guys, at least i slowly learning. may i ask a few more questions. 1) since my parents are selling off their house, and not buying another as staying with me in the future.. will they still need pay resales levy once they sell off the flat? they aren't sure if they have used any grants before. 2) if outstanding balance is 150k, and outstanding installment is 10k. does that mean my outstanding loan is 150, or 160 (150+10)? thanks! Share this post Link to post Share on other sites
bepgof 20 Report post Posted April 16, 2011 (edited) 1. No need, as long as they remain as "occupiers", instead of "co-owner". 2. Catch no ball yr Q. Outstanding balance of WHAT? Outstanding instalment? refer to remaining amount of mortgage loan yet to be paid? indeed buying and selling house is a tough task. thanks to u guys, at least i slowly learning. may i ask a few more questions. 1) since my parents are selling off their house, and not buying another as staying with me in the future.. will they still need pay resales levy once they sell off the flat? they aren't sure if they have used any grants before. 2) if outstanding balance is 150k, and outstanding installment is 10k. does that mean my outstanding loan is 150, or 160 (150+10)? thanks! Edited April 16, 2011 by bepgof Share this post Link to post Share on other sites
spidt09 0 Report post Posted April 17, 2011 1. No need, as long as they remain as "occupiers", instead of "co-owner". 2. Catch no ball yr Q. Outstanding balance of WHAT? Outstanding instalment? refer to remaining amount of mortgage loan yet to be paid? Yeah, the mortage loan info at hdb page. It states outstanding balance 150k, outstanding instalment 20k. So the mortage loan left to pay is 150k or 170k (150 + 20)? Share this post Link to post Share on other sites
muffin 2 Report post Posted April 17, 2011 Hi u might want to check with hdb what Is the outstanding instaallemt for. U should only have outstanding balance Share this post Link to post Share on other sites
