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Maintenance: CPF digital services are not available on 22 Nov 2022 from 12.30pm to 2.30pm. You may access CPF Mobile app.

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Upon sale of my property, what will happen to my sales proceeds?

The distribution of sale proceeds depends on the type of your property and loan taken.

Generally, the selling price will be used to pay for the following in this order:

  1. Outstanding housing loan
  2. Required CPF refund  
  3. Other sale expenses, e.g., legal fees

 

If the selling price (including the option monies) after paying the outstanding housing loan is not enough to make the required CPF refund, you do not need to top up the shortfall in cash, provided the property is sold at market value. However, the option monies (e.g. option fee and option exercise fee) received from your buyer in cash upon the sale of your property are considered part of the selling price and need to be refunded to your co-owner’s and your CPF accounts before the transaction can be completed.

 

The refunded amount will be returned to your co-owner's and your CPF accounts in the following proportions:

 

Amount returned to owner A's CPF Account:

formula for amount to be refunded for owner A

Amount returned to owner B's CPF Account:

formula for amount to be refunded for owner B

The selling price will be used to pay for the following in this order:

  1. CPF principal amount withdrawn up to 80% of the lower of the purchase price or valuation price of the property at the time of purchase plus the CPF savings used for the legal and stamp fees

  2. On equal ranking:
    • CPF principal amount withdrawn for the remaining 20% of the lower of the purchase price or valuation price of the property at the time of purchase

    • Bank's outstanding housing loan and interest

  3. CPF principal amount withdrawn beyond the lower of the purchase price or valuation price of the property at the time of purchase and the accrued interest

If the sale proceeds (including the option monies) are not enough to make up the required CPF refund and the outstanding housing loan, the sale proceeds will be used to settle the required CPF refund and the outstanding housing loan in the order agreed by you, your bank and the Board. Any option monies (e.g. option fee and option exercise fee) received from your buyer in cash upon the sale of your property are considered part of the selling price and need to be refunded to your co-owner's and your CPF accounts before the transaction can be completed.