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Updates on 20 Apr 2021

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Refund

What happens when you sell your property?

Making refunds

Sale proceeds

The sale proceeds will be used to pay off the outstanding housing loan taken to buy the property and refund the CPF amount used for your property. 

How much do you need to refund?

The amount you have to refund upon selling the whole property/transferring or selling shares of property to another party is the principal amount of CPF (P) used and the interest accrued (I). 

 

If you’re 55 and above and you have pledged the property to make up your retirement sum, you will also need to refund the pledged amount.

Check refund amount

You’ll also need to refund any option monies to your co-owner’s and your own CPF savings as they are considered part of the selling price. 

 

However, you do not need to top-up the shortfall if the selling price (including the option monies) is insufficient to refund the amount used with accrued interest after paying the outstanding loan. This is provided the property is sold at market value. If you currently own a property, you can check how much to refund by logging in to “My Statement – Property”.

 

You and your co-owner will receive funds in proportion to the amount of individual CPF savings used.

For selling your share of your property:

 

  • The part share transaction has to be conducted at market value. 
  • If the part share selling price is not enough to refund to your CPF savings after paying off your share of the outstanding loan, the amount to refund will be the higher of the two figures below, capped at your P+I.
Figure 1

Part share selling price – x% of outstanding housing loan 

(where x% = your share or property sold)

Figure 2

Your required CPF refund/total required CPF refund of you and your co-owner x balance sale proceeds 

(where balance sale proceeds = selling price of entire property minus the outstanding housing loan)

If you’re 55 years old and above, the amount refunded to your CPF savings will be used to meet your Full Retirement Sum in your Retirement Account. Any balance amount will be paid to you in cash within a week after refunds are credited into your CPF account. 

 

You can choose to retain the balance in your CPF account by writing to us two weeks before the completion of the sale of your property. 

 

Please note that the withdrawal rules for members who are 55 years old and above will apply subsequently should you want to withdraw the balance. 

Things to note

Make a voluntary housing refund and enjoy attractive interest rate on your CPF savings, so you won’t have to refund as much when you sell your property.

More on voluntary refund