Question on HDB loan

Reply to Question on HDB loan on Mon, 06 Jun 2011 07:13:32 GMT

hquek — Mon, 06 Jun 2011 07:13:32 GMT

Actually I very impressed how sticky they are…imagine if she (using this becos easier to explain) later sells the property, also must put the money back into HER cpf account (not her ex-hubby’s).

Wow…

Reply to Question on HDB loan on Mon, 06 Jun 2011 07:07:39 GMT

jedamum — Mon, 06 Jun 2011 07:07:39 GMT

hquek,

thanks! yes, i know how cpf board can be very sticky about our coffin money.

Reply to Question on HDB loan on Mon, 06 Jun 2011 07:03:17 GMT

hquek — Mon, 06 Jun 2011 07:03:17 GMT

ok, I was a bit salah...pls find the following information copied from cpf board. In short, courts may direct that the SAHP (P = parent) get a share of the proceeds without having to repay the contributing party's cpf first.

\"From 1 October 2007, you may transfer your share in the property to your ex-spouse with partial or no refunds to be made to your CPF account, if the Court had directed so. This ruling applies to Court Orders extracted on or after 1 October 2007 and cannot be applied retrospectively.

However, when your ex-spouse subsequently sells or transfers the property, he/she will be required to refund to his/her own CPF account the following:

a) the total of:
i. the amount of required CPF refund that was not refunded to your CPF account including interest that would have accrued on this portion and
ii. the principal amount that he/she had withdrawn and the accrued interest for the property if he/she is below the age of 55

or

b) the Minimum Sum Deficiency or the principal amount withdrawn for the flat and the accrued interest, whichever is lower if he/she is aged 55 and above.

There will be no refund to your CPF account when your ex-spouse subsequently sells or transfers the property.\"

http://mycpf.cpf.gov.sg/CPF/my-cpf/buy-house/BH11.htm

Reply to Question on HDB loan on Mon, 06 Jun 2011 07:00:32 GMT

hquek — Mon, 06 Jun 2011 07:00:32 GMT

jedamum:
hquek:
Amounts paid out of cpf will be recorded faithfully by cpf board - you will only have to worry about those that are paid by cash/cheque. CPF will have online statements as to how much was contributed.

Note that CPF monies must be refunded first in event of sale. This is a no contest issue. It's the remainder money (ie those paid by cash, and the profits from sale) that will form the bone of contention.

I would think if one can show that one is the major contributor to the family, the judge will be pre-disposed to award more.
like that SAHM lose out ah? they don't contribute CPF to housing does not mean that they do not contribute to the upkeep of the house. in the case of divorce, SAHM get little out of the sales of the flat!

I do know that CPF guards their depositor monies jealously...anything taken out MUST be refunded first (plus accrued interest).

Honestly, I don't know - the courts may judge differently. Certainly when distributing the estate, the judge will consider the monetary and non-monetary efforts put in.

Reply to Question on HDB loan on Mon, 06 Jun 2011 06:53:04 GMT

jedamum — Mon, 06 Jun 2011 06:53:04 GMT

hquek:
Amounts paid out of cpf will be recorded faithfully by cpf board - you will only have to worry about those that are paid by cash/cheque. CPF will have online statements as to how much was contributed.

Note that CPF monies must be refunded first in event of sale. This is a no contest issue. It's the remainder money (ie those paid by cash, and the profits from sale) that will form the bone of contention.

I would think if one can show that one is the major contributor to the family, the judge will be pre-disposed to award more.

like that SAHM lose out ah? they don't contribute CPF to housing does not mean that they do not contribute to the upkeep of the house. in the case of divorce, SAHM get little out of the sales of the flat!

Reply to Question on HDB loan on Mon, 06 Jun 2011 01:13:24 GMT

hquek — Mon, 06 Jun 2011 01:13:24 GMT

Amounts paid out of cpf will be recorded faithfully by cpf board - you will only have to worry about those that are paid by cash/cheque. CPF will have online statements as to how much was contributed.

Note that CPF monies must be refunded first in event of sale. This is a no contest issue. It’s the remainder money (ie those paid by cash, and the profits from sale) that will form the bone of contention.

I would think if one can show that one is the major contributor to the family, the judge will be pre-disposed to award more.

Reply to Question on HDB loan on Sun, 05 Jun 2011 00:37:19 GMT

bigsnoopy — Sun, 05 Jun 2011 00:37:19 GMT

And if the wife can prove she is contributing to the family, she can also get half even though she did not contribute half of the amount.

Reply to Question on HDB loan on Sat, 04 Jun 2011 14:53:11 GMT

Kissgurami — Sat, 04 Jun 2011 14:53:11 GMT

Your lawyer will calculate each person’s contribution to the flat and state the %. Both parties will need to be agreeable before it is presented to the judge. The judge will then ask the parties to confirm and a court order will be issued. HDB will follow the 50% unless presented with a court order.

Reply to Question on HDB loan on Sat, 04 Jun 2011 13:44:07 GMT

bigsnoopy — Sat, 04 Jun 2011 13:44:07 GMT

I thought the judge will decide at what percentage will each party get?

Reply to Question on HDB loan on Sat, 04 Jun 2011 08:59:05 GMT

Harleston — Sat, 04 Jun 2011 08:59:05 GMT

definitely, in case of divorce you have share the burden by 50% with you husband and you have to pay the interest as well in addition to loan amount and the house on which the loan has taken will have to sell on auction.

Reply to Question on HDB loan on Fri, 20 May 2011 07:22:23 GMT

hquek — Fri, 20 May 2011 07:22:23 GMT

When you sell your hdb, first, the payout will go toward reimbursing your cpf account plus accrued interest. Thereafter, you will have to decide what to do with the rest - 50% each or whatever portion (depending on how decent he is).