I understand and am aware that:
1. This housing refund is irrevocable (i.e. the refunded amount cannot be returned to me). I may withdraw these CPF savings under the various approved CPF schemes, subject to the provisions of the CPF Act and all such terms and conditions imposed by the Board.
2. There is no tax relief/benefit for making this housing refund.
3. If I am an undischarged bankrupt, I must obtain the Official Assignee’s approval to make this housing refund.
4. If my Property is an HDB flat and I have received housing grants of more than $30,000, a portion of the cash refund may be refunded to my Special Account/Retirement Account ("RA") and MediSave Account.
5. If I am aged 55 or above, the refunded amount may be transferred to my RA, up to my Full Retirement Sum ("FRS"). If I am a CPF LIFE member, the amount transferred to my RA will be used to increase my CPF LIFE premiums so that I may receive higher payouts for life.
6. My standing instruction with the Board to use my CPF savings for the monthly housing loan instalment (if any) will continue unless I inform the Board to cease the standing instruction.
7. I will need to refund my balance CPF savings withdrawn and/or accrued interest (if any) to my CPF account(s) upon the sale/transfer or otherwise disposal of my Property.
8. The amount that will be refunded to my CPF account(s) is capped at the amount I have withdrawn for my Property and the accrued interest as at the time of crediting. Any excess amount paid will be returned to me without interest.
