Property questions

[qms]

When you sell your property, any amount deducted from CPF previously needs to be credited back, plus interest.

[MMM]

qms:

When you sell your property, any amount deducted from CPF previously needs to be credited back, plus interest.

But what if you use the credited CPF to clear the loan of another property (eg. you've never use your CPF for?) and the other property ended up being fully paid. Can you take back the title deed or CPF holds it?

[znzyzyzx]

MMM:

Hi,


Is it true that in the event that you pay off your house (partial contribution by CPF). You will not be able to get the title deed and CPF will hold on to the title deed???

Anyone heard/ experience that before?

I just find it puzzling as CPF is our hardearned money so it doesn't sound logical.

For my case, several years back, CPF gave me back my title deed. I think if I am not wrong, CPF dont keep our title deed anymore.

[raynreg]

I know that if you service your HDB instalments by cash (ie. CPF funds had depleted) by the end of the term, they will write to you to ask if you want to safekeep the title deed yourself or you want them (ie. HDB) to contiune keeping it for you.

[minnie2004]

I think you have to pay back CPF before you can get the full title deed, just like paying back the bank as the CPF is also a form of loan. The CPF credited can then be used to pay loans of another property.


We never fully paid off a property before. When we sold our old investment property and bought another one, we paid back the CPF which was in turn used to pay off some of the downpayment of the new property.

Anyway, better check w/ CPF directly for their latest policies. Not sure if it makes a difference whether it’s an investment property or owner-occupied property.

[MMM]

haha this is rather complicated… hope someone can advise. Any housing agent KSP here?


We are looking at 2 property A and B.

We intend to sell property A for $90. We still owe the bank $50. So when we sell, I suppose $50 will go into paying off the bank first and the balance $40 will back to CPF. Is this correct?

We now have $40 sitting in CPF after we sell property A. We intend to use this $40 to pay off existing property B. Eg. property B has a outstanding loan of $40 and for this property, we’ve never apply to use CPF before. I am assuming we just need to get the lawyer to prepare some docs to use CPF against property B. So once this is done, effectively, property B is now paid off with a mix of cash and CPF. Will we get the title deed back? Or do we’ve to wait till we are 60? Any implications,etc…?

[csb]

Hi MMM, why don’t you write to CPF directly?

I read and tried to understand the policies a few years before but gave up. It was on the cpf website. Recall that there was/is(?) a minumum sum we have to set aside in our cpf a/c. Only amount over and above the minimum sum can be used for housing loan BUT I think (disclaimer: don’t quote me cos, as I mentioned earlier, I gave up understanding it totally) this condition is waived for 1st purchase (only hdb?) and/or 2nd property purchased before a certain date (around 200x).

[Busymom]

If you have used CPF to partially pay for a property, be it down payment or instalment, CPF will have a second charge on the mortgage of your house (while your bank gets the first charge). Thus, even if you have fully paid off the bank loan, CPF continues to hold your title deed till you put back into CFP whatever amount that you have used on the property.

[Funz]

Q: How do I go about collecting my title deeds from CPF?


A: From 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds. The Board no longer keeps the title deeds of properties bought under the Residential and Non-Residential Properties Schemes. Members who have been notified to collect the title deeds that are still with the Board but have not come forward to collect their title deeds can email us at [email protected] to make an appointment.

Got the above from the CPF website.

I am actually in the midst of doing exactly the same thing as you and it never occurred to me to check up on the title deed thing.

Now just wondering to clear the o/s bank loan on the 2nd property or continue with the loan since interest is low and use the money for other investments.

[Busymom]

MMM:

haha this is rather complicated... hope someone can advise. Any housing agent KSP here?


We are looking at 2 property A and B.

We intend to sell property A for $90. We still owe the bank $50. So when we sell, I suppose $50 will go into paying off the bank first and the balance $40 will back to CPF. Is this correct?

We now have $40 sitting in CPF after we sell property A. We intend to use this $40 to pay off existing property B. Eg. property B has a outstanding loan of $40 and for this property, we've never apply to use CPF before. I am assuming we just need to get the lawyer to prepare some docs to use CPF against property B. So once this is done, effectively, property B is now paid off with a mix of cash and CPF. Will we get the title deed back? Or do we've to wait till we are 60? Any implications,etc...?

If 40 is outstanding under property B, and you pay it off using a mix of cash and CPF, firstly, the bank has to discharge your current mortgage held on property B. CPF on the other hand, will definitely need to have a charge on your property B as long as any CPF money is used.

I think whether you get the title deed back is not so important. Once you sell property B, the title deed will be passed on to the next buyer anyway, following discharge by CPF.