ssck123 0 Report post Posted April 14, 2011 (edited) Dear Fourmers, I am in the process of doing a contra, during my first appointment I was informed by the HDB resale officer about the cash that I will be getting back at the end of the sales which is $83K.However in the end she informed me that I will be getting only about $67K. 1) I am selling my old unit for a COV of $25K and the new unit's COV is only $18.5K. 2)HLE is $298K but my loan is only $202K. 3)After selling my old unit I will be getting $166k and 50% will be back to my CPF which is the balance of $83K cash. My question is how come I am getting about $16K lesser than what I've calculated? I was informed by the resale officer that I will need to deduct the balance of $13K for the COV of my new unit is it true? Thanks. Edited April 16, 2011 by ssck123 Share this post Link to post Share on other sites
ssck123 0 Report post Posted April 15, 2011 Dear Fourmers, I am in the process of doing a contra, during my first appointment I was informed by the HDB resale officer about the cash that I will be getting back at the end of the sales which is $83K.However the resale officer informed me that I will getting only about $67K. 1) I am selling my old unit for a COV of $25K and the new unit's COV is only $18.5K. 2)HLE is $298K but my loan is only $202K. 3)After selling my old unit I will be getting $166k and 50% will be back to my CPF which is the balance of $83K cash. My question is how come I am getting about $16K lesser than what I've calculated? I was informed by the resale officer that I will need to deduct the balance of $13K for the COV of my new unit is it true? Thanks. Anyone can advise on this??? Share this post Link to post Share on other sites
chronograph 0 Report post Posted April 16, 2011 U need to pay cash only for COV part for your purchase. So the officer is correct, but there is still short of 3k, ask the officer for the statement. Share this post Link to post Share on other sites
bepgof 20 Report post Posted April 16, 2011 (edited) Yr questions I catch no ball, can only guess and some questions for u: 1. Yr old unit is a "subsidised" flat or bought from resale mkt? 2. If take 2nd time the so called "hdb concessionary loan", need to use full CPF refunds and up to 50% cash proceeds. 3. HLE is $298K but my loan is only $202K.??? Which for which & what for what?? 4. Log on cpf, use singpass, will know exact amount to be returned to cpf account. 5. "I was informed by the HDB resale officer about the cash that I will be getting back at the end of the sales which is $83K.However the resale officer informed me that I will getting only about $67K.". ??? Same officer told you at same time two different amount?? Dear Fourmers, I am in the process of doing a contra, during my first appointment I was informed by the HDB resale officer about the cash that I will be getting back at the end of the sales which is $83K.However the resale officer informed me that I will getting only about $67K. 1) I am selling my old unit for a COV of $25K and the new unit's COV is only $18.5K. 2)HLE is $298K but my loan is only $202K. 3)After selling my old unit I will be getting $166k and 50% will be back to my CPF which is the balance of $83K cash. My question is how come I am getting about $16K lesser than what I've calculated? I was informed by the resale officer that I will need to deduct the balance of $13K for the COV of my new unit is it true? Thanks. Edited April 16, 2011 by bepgof Share this post Link to post Share on other sites
ssck123 0 Report post Posted April 16, 2011 U need to pay cash only for COV part for your purchase. So the officer is correct, but there is still short of 3k, ask the officer for the statement. Thnx for the reply you have answered my question. Share this post Link to post Share on other sites
