You might have seen a message asking why you need to return your CPF monies after selling your house. Here are 3 important things to know when you sell your house financed with CPF savings after 55 years old. Share this with your friends and loved ones who may benefit from knowing more about CPF.
- If the sales proceeds of your house is less than what you need to refund to your CPF, you do not need to top up the difference.
- The amount to be refunded into your CPF account will be what you withdrew for housing payments, the interest these savings would have earned, and the pledged amount, if any. This ensures you have enough CPF savings to retire.
- The refund will be used to meet your Full Retirement Sum (FRS) in your Retirement Account to provide you with higher payouts. Any balance will be paid to you in cash within 7 days. If you prefer to get your money faster, you can put in a request to CPF Board to refund only up to your FRS.
(CPF Facebook post)
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