r2i forum

Hi guys,

I have been working and living in singapore for about 8 years now and have laid-off for past few months citing bizarre recessions reasons!!! (thot the recession already over no...??).

Was also involved in heavy debts back in India and took some personal loans total worth approx. SG$15k and right now settling it slowly as out of jobs for few months, now living on savings. Keeping in view Singapore's high cost of living and present job-less situation and future of my family & kids, I have decided to return back to India permanently.

My question and doubt is when I surrender my PR to Singapore govt, whether CPF will return me all my CPF monies which I saved for quite sometime and Iam relying on it to mostly settle my debts in SG and in India as soon as I return.

Will CPF check my pending personal loans with banks in SG and decline to return my CPF?? someone please let me know as iam now in dilemma as to what I should be doing?

thanks...

Sorry to hear your situation.

Hope this helps?

http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO9.htm

Are you not intending to repay the personal loans in singapore?

smartfool;314244Sorry to hear your situation.

Hope this helps?

http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO9.htm

Are you not intending to repay the personal loans in singapore?

Appreciate you reply and the information regarding the CPF withdrawal, but my question is still un-answered about whether CPF will deduct my personal loans in advance to withdrawal process??

Yes, Iam totally willing to repay back the personal loan, but slowly keeping in view my financial situation.

Please let me know.

As far as I know, CPF Board will not deduct your personal loans from your CPF money. But, you have to cancel your PR and get a letter from ICA in this regard. Then, you need to settle with IRAS all your outstanding income-tax. Once, all these are done, I understand that CPF will return your money to the stated account.

This means you will lose your PR and will be given social visit pass for a month, if I am not wrong. If this is so, I am not sure whether you could continue to hold a bank account as a foreigner. Please check with the relevant bank.