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Housing Scheme

QI am aged 55 and above. I have set aside my Retirement Sum, do I still need to refund the CPF principal amount and accrued interest when I sell my property?

You will still need to refund the CPF principal amount withdrawn and the accrued interest even though you are aged 55 and above and have set aside your Retirement Sum. If the selling price (including the option monies) after paying the outstanding housing loan is not enough to fully refund the CPF principal amount withdrawn together with the accrued interest, you do not need to top up the shortfall in cash, provided the property is sold at market value. However, 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.
The amount refunded from the sale of the property will be used to meet your retirement savings up to the Full Retirement Sum (FRS) in your Retirement Account. Thereafter, any balance will be paid to you in cash. You can request to only refund up to your FRS if you wish to receive the balance housing refund without waiting for the pay-out by writing to us at least 2 weeks before the completion of the sale of your property.

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