I did not use my CPF savings for my property. Can I withdraw my Retirement Account savings using my property?
If the property is able to last you until age 95, you can choose to set aside your Full Retirement Sum (FRS) with a mixture of property (up to half the FRS) and cash, and withdraw your Retirement Account (RA) savings down to your Basic Retirement Sum* by pledging your property. By doing so, you will have to refund the amount withdrawn when you sell or transfer the property in future. A charge will be created on the property to secure the refund.
The amount you can withdraw depends on a few factors:
- your property’s market value;
- outstanding mortgage loan(s);
- your co-owner(s)’ CPF usage for the property; and
- the manner of holding of your property (e.g. sole ownership, joint tenancy, tenancy-in-common in equal shares, tenancy-in-common in unequal shares).
If you are not the sole owner of the property, you will need to get the consent of all co-owners to create a charge on the property, as the refund of your withdrawn savings will affect their share of the sales proceeds.
You can refer to the examples provided to see how your withdrawal amount is calculated.
* Excluding interest, any government grants and top-ups made under the Retirement Sum Topping-Up Scheme.