How can I discharge a CPF charge that was created when I bought my private property with CPF savings?
If you used your CPF savings to buy a private property, a CPF charge would have been created. To discharge this charge, you need to refund the amount used for the property and the accrued interest to your CPF account. You can do so by:
- Voluntarily refunding the amount used to your CPF account. After the refund is made, you will need to engage a lawyer to lift the CPF charge on your property. Please note that you will have to pay any legal cost incurred for this discharge. If you are above 55 and wish to withdraw your Retirement Account savings above the Basic Retirement Sum by pledging the property in future, a fresh CPF charge will be lodged to secure the refund of the withdrawal amount when the property is sold/transferred in future. Please note that the cost of lodgement of charge will be borne by you.
- Refunding the amount used to your CPF account when you sell your property. Your lawyers handling the sale will complete the discharge as part of the sale transaction.