Source : The Straits Times, Oct 22, 2007
WITH the current property craze, I want to share with other home buyers my experience when dealing with the CPF Board.
In May last year, my husband and I bought an apartment. I wanted to use my CPF funds as part of the first 20 per cent payment.
My lawyer, Drew & Napier (D&N), assisted us with the paperwork, including requesting the release of my CPF funds to the developer. All went well and we waited in anticipation as our dream apartment is being built.
A week ago, we received a letter from the developer charging us interest on late payment of the instalment under our sales and purchase agreement.
After much investigation and clarification with D&N, it has been determined that while all papers were prepared and handed in on time, the CPF Board did not release my CPF funds to the developer in accordance with the payment schedule.
The payment was made two days late and as a result, we were charged interest at the base rate of 6.75 per cent.
RESPONSIBILITY DENIED
When D&N contacted the Board, its response was that there is no service-level agreement in place so the CPF Board will not be held responsible.
When D&N contacted the Board, its response was that there is no service-level agreement in place so the CPF Board will not be held responsible.
As a consequence, we were penalised for its lack of due diligence in handling my CPF funds.
By not taking responsibility for its actions, there is nothing to keep the CPF Board from making the same mistake again.
Jennifer Ho Shu Yun (Ms)
Source : The Straits Times, Oct 27, 2007
ReplyDeleteDelay In Payment Not Caused By CPF Board
I REFER to Ms Jennifer Ho's letter, 'Penalised for delay caused by CPF Board' (ST, Oct 22).
Ms Ho's lawyers, M/s Drew & Napier (D&N), have confirmed to us in writing that 'at no time was Mr Huang (Ms Ho's husband) told that the delay in payment to the developer was caused by CPF Board'.
The board received the request from D&N on July 4 last year for the release of her CPF funds.
We credited the funds into D&N's bank account on July 6.
This is within our service standard of two working days.
Ms Ho may wish to check with D&N on the actual cause of delay.
The board wishes to assure all CPF members that we are fully committed to delivering on our service standards which are published on our website, www.cpf.gov.sg
Chang Long Kiat
Director (Housing and Healthcare)
CPF Board