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For HDB flats bought with HDB loans The sales proceeds (including the option monies) will be used to pay off the following, in this order:
1) Outstanding HDB loan
2) HDB resale levy (if any)
3) Required CPF refund
If the sales proceeds after paying (1) and (2) is not enough to make the required CPF refund, you do not need to top up the shortfall in cash, provided the flat is sold at market value. The net sales proceeds will be refunded to you and your spouse's CPF accounts using the following formula: | (a) | Refund to A's CPF Account:
= Required CPF Refund for A X Net Sales Proceeds
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Required CPF Refund for A & B
| | (b) | Refund to B's CPF Account:
= Required CPF Refund for B X Net Sales Proceeds
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Required CPF Refund for A & B
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For HDB flats bought with bank loans The sales proceeds (including the option monies) will be used to pay off the following, in this order:
1) Outstanding bank loan
2) Required CPF refund
3) HDB resale levy (if any)
If the sales proceeds after paying (1) is not enough to make the required CPF refund, you do not need to top up the shortfall in cash, provided the flat is sold at market value. The net sales proceeds will be refunded to you and your spouse's CPF accounts using the following formula: | (a) | Refund to A's CPF Account:
= Required CPF Refund for A X Net Sales Proceeds
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Required CPF Refund for A & B
| | (b) | Refund to B's CPF Account:
= Required CPF Refund for B X Net Sales Proceeds
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Required CPF Refund for A & B
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Click here to find out how much you have withdrawn for your HDB flat. Please click here for examples. |
