New CPF refund policy – Singapore home for rent
Singapore home for rent – This new CPF refund policy is effective for transactions where the legal completion is on or after 1 January 2013. All CPF members are to refund the full principal amount withdrawn for the property with accrued interest (P+I) into their CPF account regardless of their age.
For members below age 55, there is no change in the housing refund policy.
For members aged 55 and above, they have to refund the full P+I into their CPF. It will now be used to set aside the Minimum Sum in their Retirement Account & the required amount in their Medisave Account (MA). The prevailing Medisave Contribution Ceiling for the MA is $43,500/- (2012). Any remaining housing refunds will be automatically disbursed to the member in cash.
This is a fairer system to distribute sale proceeds and also to ensure that housing proceeds received from the sale of the property are distributed in a manner that is proportional to or reflects the amount that each co-owner had contributed towards the property
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