| CPF members who use their CPF monies to purchase their property are required to make refunds into their CPF accounts when they sell their property.
Under the current housing refund policy, CPF members who are below age 55 are required to refund the principal amount withdrawn for the property with accrued interest when they sell their property. This is known as the P+I. For members aged 55 and above who sell their property, they are required to refund the lower of P+I or their Minimum Sum Deficiency (MSD), which is the amount required for them to fully meet their Minimum Sum (MS). As CPF members aged 55 and above are only required to set aside their MS for retirement, this refund rule ensures that such members refund only what is required to bring them up to their MS.
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