EVERYONE CAN OWN A HOME

In 2015, the government raised income ceilings so more Singaporeans can buy HDB flats. The elderly can now buy 2-room flats with shorter leases, to free up their cash for retirement needs.

The government will give more in grants, and to more people—more than two-thirds of Singaporeans are now eligible for housing grants, up from more than half before.

1. New Proximity Housing Grant (PHG)

– All Singapore citizen families who buy a resale flat with or near their parents or married child will receive $20,000

– Citizen singles who buy a resale flat with their parents will receive $10,000

2. Increase in Income Ceilings3. Increase in Special CPF Housing Grant (SHG)4. New 2-Room Flexi Scheme

a. With 99-year leases

• First-timer and second-timer citizen families (aged 21 and above) and first-timer singles (aged 35 and above, only in non-mature estates)
• Income ceiling of $6,000
• Must not own or have disposed of private property within 30 months before the date of flat application

b. With shorter leases of 15 to 45 years

• All elderly citizens aged 55 and above
• Income ceiling of $12,000
• Lease must cover them and their spouse up to the age of at least 95
• Must be bought with cash or CPF, i.e. without a mortgage loan

5. New Fresh Start Housing Scheme (in the works)

MND and HDB are working on a new scheme to help public rental families with young children own a flat again, if they are committed to make the effort.