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Make Home Ownership Affordable With Resale HDB Grants For 2023

Writer: The Realtor SGThe Realtor SG

Resale HDB grants

The Housing and Development Board (HDB) offers a variety of grants to help Singaporeans buy a resale flat. These HDB grants can help to make resale flats more affordable, and they can be used to offset the cost of the down payment and monthly mortgage payments.

Types of HDB Grants for the Resale Market

There are three main types of HDB grants available for the resale market:

  • CPF Housing Grant: This grant is funded by your CPF savings, and it can be used to offset the cost of the down payment and monthly mortgage payments.

  • Enhanced CPF Housing Grant (EHG): This grant is an additional CPF Housing Grant that is available to first-time home buyers.

  • Proximity Housing Grant (PHG): This grant is available to buyers who purchase a flat near their parents or grandparents.

Updated Families HDB Grants for the Resale Market in 2023

The Central Provident Fund (CPF) Housing Grant for resale flat buyers has been increased. For eligible first-timer families buying a four-room or smaller resale flat, the grant has been raised by S$30,000 to S$80,000. For those buying a five-room or larger resale flat, the grant has been increased by S$10,000 to S$50,000. For first-timer singles, the grant amounts will be halved.

In addition to the CPF Housing Grant, there are other grants available for first-time homebuyers. The Enhanced CPF Housing Grant (EHG) offers a maximum grant amount of S$80,000 for those with an income ceiling of S$9,000. The Proximity Housing Grant (PHG) offers grant amounts of S$20,000 or S$30,000, depending on whether you live near or with your parents/children. There are no income ceiling restrictions for the PHG.

HDB Grant

Eligibility for HDB Grants for the Resale Market

The eligibility conditions for CPF Housing Grants for Resale Flats are as follows:

1. Citizenship: You must be a Singapore Citizen (SC). If applying as a family, at least one other applicant must be a SC or Singapore Permanent Resident (SPR).

2. Age: You must be at least 21 years old.

3. Household Status: At least one core applicant or occupier must be a first timer, meaning they have not taken any housing subsidy before.

4. Monthly Household Income Ceiling: Your average gross monthly household income must not exceed $14,000, or $21,000 if purchasing with an extended or multi-generation family.

5. Ownership/Interest in Property: You must not own or have an interest in any property in Singapore or overseas other than an HDB flat. This includes properties acquired by gift, inheritance, or through nominees.

6. Previous Housing Subsidy: The number of housing subsidies you have taken will affect your eligibility to apply for CPF housing grants.

7. Resale Levy: If you or any core applicants or occupiers have taken a housing subsidy, you are considered a second timer and may need to pay a resale levy when buying a flat from HDB.

8. Ownership/Interest in HDB Flat: If you or any person listed in the application owns or has an interest in any HDB flat, you must dispose of the flat within 6 months of the completion of the flat purchase.

9. Undischarged Bankrupt: If you are an undischarged bankrupt, prior consent must be obtained from the Official Assignee (OA) or the private trustee, to apply to buy an HDB flat that is bigger than a 5-room flat or a 3Gen flat, or any flat type with a net purchase price of $500,000 or above, after taking into account any HDB subsidies or levy.

Please note that these conditions are subject to change and it's always best to check the latest information from the official HDB website.

How to Apply for HDB Grants for the Resale Market

To apply for these grants, you need to apply for the HDB Flat Eligibility (HFE) letter before purchasing a resale flat. HDB will determine your eligibility and the grant amount based on criteria such as income. The grants are tiered based on income, with lower-income households eligible for higher grant amounts.

The following documents are required to apply for HDB grants for the resale market:

  • NRICs of all applicants

  • CPF statements of all applicants

  • Proof of income of all applicants

In conclusion, the EHG and the increased CPF Housing Grant are significant opportunities for first-time homebuyers to reduce the cost of owning a flat. It is important for potential buyers to understand the eligibility criteria and the amount of grant that can be received to make the most of these opportunities.

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