Cpf can no longer be used to pay for hdb flat after you turn 55?

[Confuseous]

And so I received a call from HDB informing me that there are insufficient funds in my CPF to pay for my monthly mortgage. That came as a surprise as the last time I checked, there was still some money in my account.

At the CPF counter, a CSA patiently explained to me that my money has been moved into a retirement account leaving practically zilch in my ordinary account and although I am still making monthly contributions to CPF, that money cannot be used to service my mortgage as I do not have the required minimum sum.

I am left with 2 options. One is to make monthly cash payment, the other is to use the meagre $5K payout to fund my remaining mortgage.

Thanks Zuraidah. You had been very patient and kind in your explanation of all the rules and regulations although I understood only half of what you said. As you have mentioned, your hands are tied.

- http://www.therealsingapore.com/content/cpf-can-no-longer-be-used-pay-hdb-flat-after-you-turn-55

 

[chonburifc]

Why would anyone be servicing pigeonhole loans after 55? Thought leongsam said cpf allow many to retire?

 

[Poomer]

CPF Charles Ponzi Fund...

 

[tanwahtiu]

first they want your money now they want your house.

jiak leow leow, bankers win?

And so I received a call from HDB informing me that there are insufficient funds in my CPF to pay for my monthly mortgage. That came as a surprise as the last time I checked, there was still some money in my account.

At the CPF counter, a CSA patiently explained to me that my money has been moved into a retirement account leaving practically zilch in my ordinary account and although I am still making monthly contributions to CPF, that money cannot be used to service my mortgage as I do not have the required minimum sum.

I am left with 2 options. One is to make monthly cash payment, the other is to use the meagre $5K payout to fund my remaining mortgage.

Thanks Zuraidah. You had been very patient and kind in your explanation of all the rules and regulations although I understood only half of what you said. As you have mentioned, your hands are tied.

- http://www.therealsingapore.com/content/cpf-can-no-longer-be-used-pay-hdb-flat-after-you-turn-55

 

[nato33]

The rules did not keep up with market changes. Yonks ago, everyone only took a loan that was paid up well before they reached 55. But that was when flats were really affordable. At today's prices, many will continue paying for the loans well past 55. Looks like the brilliant scholars didn't think this through....

 

[soIsee]

If Sinkie buy pigeon hole and by the time he or she reached 50 and their SA alone is not close to the Min Sum and they can withdraw every cent from your OA when they turn 55 cos they have fully paid up for their pigeon hole by then.

You can go ..

Fuck yourself! hahahahahahahahahahahahahahahahahahahaha

 

[chootchiew]

When you are still young, garmen say..lai lai buy house, can borrow upto 30 yrs to pay.
When you turn 55 lao kok kok, garmen say li ka limpeh put at least $150k for my kopi $, the rest I will allow you to pay your house. If you don't have enough kopi $ for me, you go and borrow ah long to pay lor, u die your business. Then in the background the MIW cheering with one another...cheers another sheep just been slaughtered, lets have lamb chop

 

[Poomer]

first they want your money now they want your house.

jiak leow leow, bankers win?

it's ah kong win.

 

[ilovesingapore]

If you reach 55 and you are still servicing your HDB flat, something must have gone wrong!!!

You should have no debts by the time you "retire" at 55.

 

[Poomer]

If you reach 55 and you are still servicing your HDB flat, something must have gone wrong!!!

You should have no debts by the time you "retire" at 55.

It's never the government's fault, it's always your fault. Ok, point noted. So why do we need a government in the first place?