Most of us used CPF monies to finance our HDB flat. This infographic illustrates what happens to the sales proceeds when you sell your HDB flat after age 55.
1. Selling price of your HDB flat consists of 3 parts:
Cash
Outstanding loan
(*Receive Cash if NO outstanding loan)
(CPF principal + accrued interest) Refund
2. (CPF principal + accrued interest) refund to your Retirement account (RA), amount exceed the Full Retirement Sum (FRS), CPF will pay out cash to the seller.
3. Amount exceed Basic Retirement Sum (BRS) able to use for next house.
Besides selling your HDB flat, there are various options available by HDB for monetising your flat for retirement, like Right-sizing with Silver housing bonus, Renting out your flat, etc.
To learn more, schedule a non-obligation discussion now!
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