*Return of CPF money after selling your property.*
Recently, I was asked by CPF Board to return the total amount I used my CPF money plus interest when I sold my apartment.
I was shocked and asked CPF staffs why I need to return my money when I already 66 years old, they said it a new rule regardless of your age.
The amount I need to pay back is more than my selling price because of the accrued interest.
Instead of asking back my 50% I took from my retirement fund they wanted the whole amount plus interest over 20 years.
Why should I pay interest for my own money and why should I return my money when CPF had released my fund when I reached 55 years old?
This has caused me financially because upfront I have to use my saving to pay agent commission, lawyer fee, flat rental, mover and other charges.
CPF Board kept my whole selling price for 15 days without interest and returned my money after deducting the 50% of my retirement fund I pledge for my property.
Apparently, only those who sold their properties were notified by the CPF Board of such unreasonable rules especially so for those way above 55 years old😰
Please let your friends and family members know of such hidden and unreasonable CPF rules which will affect the seniors who dont have spare money upfront for payment, hence affecting the sale proceedings😢