Sammyboy RSS Feed
18-11-2013, 07:00 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
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/cont...er-you-turn-55 (http://www.therealsingapore.com/content/cpf-can-no-longer-be-used-pay-hdb-flat-after-you-turn-55)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?168554-Cpf-can-no-longer-be-used-to-pay-for-hdb-flat-after-you-turn-55&goto=newpost).
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/cont...er-you-turn-55 (http://www.therealsingapore.com/content/cpf-can-no-longer-be-used-pay-hdb-flat-after-you-turn-55)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?168554-Cpf-can-no-longer-be-used-to-pay-for-hdb-flat-after-you-turn-55&goto=newpost).