8127 6675
Cashing Out
Selling Condominium, Buying HDB
Mr Chee and Mrs Chee are both 65 years old retirees.
They have been staying in a 3 Bedroom condominium around Hillview Area for 20 years.
Their children have married and moved out of their unit and they don’t require such a huge space.
The Chees are thinking of staying somewhere around Bukit Panjang area where it is nearer to their children’s place.
Their Private Property Finances are:
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Current market value: $ 1,500,000
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CPF OA + Accrued Interest: $700,000
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Housing loan : $0 (Fully paid)
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$300,000 in their CPF OA account.
Selling Private Property
Notes:
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Agent fees and legal fees can be deducted directly from the sales proceeds.
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Misc fee such as moving house is not included
Buying a HDB
For their next purchase, The Chee's decided to not take any CPF or loans.
They found a HDB 5 Room flat at Bukit Panjang and decided to buy there. The 5 room HDB is bought for approximately $500,000.
From cashing out their Private condominium and moving to a HDB, The Chee's have approximately $250,000 extra Cash in hands. Not only that, they are able to unlock $700,000 from their CPF!
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With $700,000 CPF returned their property and another $300,000 from their CPF account, Mr Chee and Mrs Chee will have around $500,000 CPF each.
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For $500,000 each in your CPF Funds, you can unlock a passive payout of MORE THAN $2,300 a month.
Timeline
