Property Seminar Query Withdrawal Limit

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Property Seminar Query Withdrawal Limit

Postby hrj008 » Sun Apr 01, 2012 3:41 pm

Hi Dennis Sifu,

I have a question about the withdrawal Limit for property using CPF.

If the property lease is more than 59 yrs eg 70yrs, would it also have a withdrawal limit base on the same calculation in the seminar or should it it be 120% valuation limit?

Does that withdrawal limit also apply to HDB flat since is it also 99yrs leases?

Regards,
HRJ008
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Re: Property Seminar Query Withdrawal Limit

Postby Dennis Ng » Sun Apr 01, 2012 4:39 pm

hrj008 wrote:Hi Dennis Sifu,

I have a question about the withdrawal Limit for property using CPF.

If the property lease is more than 59 yrs eg 70yrs, would it also have a withdrawal limit base on the same calculation in the seminar or should it it be 120% valuation limit?

Does that withdrawal limit also apply to HDB flat since is it also 99yrs leases?

Regards,
HRJ008


CPF withdrawal limit for private properties and HDB flats financed by banks is 120% for property purchase on or after 1 Jan 2008. If remaining lease is 60 years or less, max CPF withdrawal limit is 100% or lower depending on age of the buyer. The limit is imposed to set a maximum one can use CPF for a single property, applicable whether property is freehold or leasehold.

For HDB flat, only apply if HDB flat is financed by bank. You can re-read the notes again if not sure.
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