If you are a first-time flat buyer in Singapore, you may be eligible for the Enhanced CPF Housing Grant (EHG). The EHG is a CPF housing grant that helps make HDB flats more affordable and accessible to Singaporeans. The grant replaces the Additional CPF Housing Grant (AHG) and Special CPF Housing Grant (SHG), and eligible first-time flat buyers can enjoy up to $80,000 in housing grants.
The EHG is available to first-time flat buyers who are applying for a new Build-To-Order (BTO) flat or buying a resale flat in the open market. The grant amount varies depending on your income and the type of flat you are buying. For example, families with a monthly household income of $9,000 or less can receive up to $80,000 in grants, while singles with a monthly income of $4,500 or less can receive up to $40,000 in grants.
Applying for the EHG can help make your dream of owning a home in Singapore a reality. In this article, we will discuss the EHG in more detail, including how to apply for the grant and how it can help with financial planning. We will also cover additional grants and subsidies that may be available to first-time flat buyers.
Key Takeaways
- The Enhanced CPF Housing Grant (EHG) is a CPF housing grant that helps make HDB flats more affordable and accessible to Singaporeans.
- Eligible first-time flat buyers can enjoy up to $80,000 in housing grants, depending on their income and the type of flat they are buying.
- Applying for the EHG can help make your dream of owning a home in Singapore a reality.
Understanding the EHG Grant
If you are looking to buy your first home in Singapore, the Enhanced CPF Housing Grant (EHG) can help make it more affordable. This grant was introduced in 2019 to replace the Additional CPF Housing Grant (AHG) and Special CPF Housing Grant (SHG). Here’s what you need to know about the EHG grant.
Eligibility Criteria
To be eligible for the EHG grant, you must meet certain conditions. These include:
- You must be a first-time buyer of a new or resale HDB flat.
- You must have a monthly household income of $9,000 or less.
- You must not own any other property, locally or overseas.
- You must not have received any housing grants before.
If you meet these eligibility criteria, you can apply for the EHG grant. The grant amount you receive will depend on your income and the type of flat you are buying.
Grant Amounts and Calculations
The EHG grant can provide up to $80,000 for eligible first-time flat buyers. The actual amount you receive will depend on your income and the type of flat you are buying. Here’s how the grant amounts are calculated:
- For families buying a new HDB flat, the grant amount is based on your household income. The lower your income, the higher the grant amount you can receive. The maximum grant amount is $80,000 for households with a monthly income of $4,500 or less.
- For families buying a resale HDB flat, the grant amount is based on the remaining lease of the flat. The grant amount is higher for flats with shorter leases, as these are considered to be more affordable. The maximum grant amount is $160,000 for households with a monthly income of $2,500 or less.
- For singles buying a new or resale HDB flat, the grant amount is based on your income. The maximum grant amount is $40,000 for singles with a monthly income of $2,250 or less.
In conclusion, the EHG grant can help make buying your first home in Singapore more affordable. If you meet the eligibility criteria, you can receive up to $80,000 in grant money. Keep in mind that the grant amount you receive will depend on your income and the type of flat you are buying.
EHG for Different Flat Types
When it comes to purchasing a new home in Singapore, the Enhanced CPF Housing Grant (EHG) can be an incredible help. However, the amount of grant you can receive depends on the type of flat you are purchasing.
New Flats and BTO
If you are buying a new flat or a Built-to-Order (BTO) flat, you can qualify for an EHG of up to $80,000. This grant applies to all flat types, including 2-room flexi flats on 99-year leases in non-mature estates, 2-room flexi flats on short leases, and all other flat types.
Resale Flats
If you are purchasing a resale flat, the amount of EHG you can receive depends on the flat type and lease. For example, if you are buying a 2-room flexi flat on a 99-year lease in a non-mature estate or a 2-room flexi flat on a short lease, you can receive up to $80,000 in EHG. However, if you are buying a 3-room, 4-room, or 5-room flat under the Single Singapore Citizen Scheme, you can receive up to $75,000 in EHG. All other resale flats, including those purchased under the Joint Singles Scheme, are eligible for up to $50,000 in EHG.
Executive Condominiums
If you are purchasing an Executive Condominium (EC), you are not eligible for the EHG. However, you can still receive up to $30,000 in Additional CPF Housing Grant (AHG) and up to $20,000 in Special CPF Housing Grant (SHG).
Overall, the EHG can be a great help when it comes to purchasing a new home in Singapore. Just remember that the amount of grant you can receive depends on the type of flat you are purchasing.
Financial Planning with EHG
If you are a first-time home buyer in Singapore, the Enhanced CPF Housing Grant (EHG) can help make your dream home more affordable and accessible. Here are some financial planning considerations to help you make the most of your EHG.
Monthly Household Income Considerations
The EHG is available to eligible first-time flat buyers with a gross monthly household income of up to $9,000. However, the amount of grant you can receive depends on your income level. For instance, if your monthly household income is $5,000 or less, you can receive up to $80,000 in housing grants. If your monthly household income is between $5,001 and $7,000, you can receive up to $70,000 in housing grants. If your monthly household income is between $7,001 and $9,000, you can receive up to $60,000 in housing grants.
To make the most of your EHG, it is crucial to consider your monthly household income carefully. You should also consider your other financial commitments, such as your monthly expenses, debts, and savings.
CPF and Housing Loans
The EHG can be used to offset the purchase price of your flat or reduce the housing loan required for your flat purchase. To use the EHG to reduce your housing loan, you will need to apply for a CPF Housing Grant for the downpayment and use your CPF Ordinary Account (OA) savings to pay for the remaining downpayment and other housing-related expenses.
When planning your finances, it is essential to consider your CPF savings and housing loan carefully. You should also consider the ABCs of financial planning, which are assets, budget, and credit.
Overall, the EHG can be an excellent opportunity for first-time home buyers in Singapore to make their dream home more affordable and accessible. By considering your monthly household income and CPF and housing loans carefully, you can make the most of your EHG and achieve your homeownership goals.
Applying for EHG
If you are a first-timer applicant looking to purchase a new or resale HDB flat, you may be eligible for the Enhanced CPF Housing Grant (EHG). The EHG is a grant that replaces the Additional CPF Housing Grant (AHG) and the Special CPF Housing Grant (SHG) to make housing more affordable and accessible to Singaporeans.
Application Process for New Flats
To apply for EHG when purchasing a new HDB flat, you must first check your eligibility for the grant on the HDB flat portal. If you are eligible, you can indicate your interest in the EHG during your flat application. If you are found to be eligible for the grant, it will be disbursed to you when you take possession of your new flat.
Application Process for Resale Flats
To apply for EHG when purchasing a resale HDB flat, you must first check your eligibility for the grant on the HDB flat portal. If you are eligible, you can indicate your interest in the EHG during your flat application. If you are found to be eligible for the grant, it will be disbursed to you when you complete the resale transaction.
It’s important to note that the application process for EHG may differ depending on whether you are purchasing a new or resale HDB flat. Additionally, the amount of grant you may be eligible for will depend on your household income and whether you are a first-timer household or a family.
Overall, if you are a first-timer applicant looking to purchase a new or resale HDB flat, the EHG can be a valuable grant to help make your home purchase more affordable. By following the buying procedures for new or resale flats and checking your eligibility on the HDB flat portal, you can take advantage of this grant and make your dream of owning an HDB flat a reality.
Additional Grants and Subsidies
If you’re eligible for the Enhanced CPF Housing Grant (EHG), you may also qualify for additional grants and subsidies to help you purchase your dream home in Singapore.
Proximity Housing Grant (PHG)
The Proximity Housing Grant (PHG) is a grant that encourages families to live closer to their loved ones. If you’re a Singapore Citizen (SC) or Singapore Permanent Resident (SPR) who’s buying a resale flat to live with or near your parents or married child, you may be eligible for the PHG.
The PHG can provide you with up to $30,000 for families or $15,000 for singles. However, do note that you must buy a resale flat that is located within 4km of your parents or married child’s home.
Special CPF Housing Grants
The Special CPF Housing Grant (SHG) is a grant that provides additional financial assistance to lower- and middle-income families who are purchasing a new or resale flat in a non-mature estate. You may be eligible for the SHG if your average gross monthly household income is $9,000 or less.
The SHG can provide you with up to $40,000 for families or $20,000 for singles. However, do note that you must purchase a new or resale flat in a non-mature estate to be eligible for the SHG.
Other Grants and Subsidies
In addition to the PHG and SHG, there are other grants and subsidies that you may be eligible for. For example, you may be eligible for the Additional CPF Housing Grant (AHG) if your average gross monthly household income is $5,000 or less. The AHG can provide you with up to $40,000 for families or $20,000 for singles.
Furthermore, if you’re purchasing a resale flat in a mature estate, you may be eligible for the Enhanced CPF Housing Grant (EHG) of up to $80,000. The EHG is a grant that replaces the AHG and SHG, and is available to all eligible first-time flat buyers regardless of their income.
Overall, these grants and subsidies can provide you with the financial assistance you need to purchase your dream home in Singapore. Make sure to check your eligibility and apply for the grants and subsidies that you’re eligible for to make your home purchase more affordable.
Frequently Asked Questions
How can I apply for the Enhanced Housing Grant?
You can apply for the Enhanced Housing Grant (EHG) through the HDB website. You will need to create an account and fill out the application form. The application process is straightforward, and you will be guided through each step of the process.
Who is eligible to receive the Enhanced Housing Grant?
To be eligible for the EHG, you must be a first-time homebuyer in Singapore. You must also have a monthly household income of up to $9,000. Additionally, you must be a Singaporean citizen or a permanent resident. If you meet these criteria, you may be eligible for the EHG.
Where can I find the application form for the Enhanced Housing Grant?
You can find the application form for the EHG on the HDB website. Once you have created an account, you will be able to access the application form and fill it out online.
What are the steps involved in the application process for the Enhanced Housing Grant?
The application process for the EHG involves several steps. First, you will need to create an account on the HDB website. Next, you will need to fill out the application form and submit it. Once your application has been processed, you will receive a notification of your eligibility for the EHG.
How much funding can I receive through the Enhanced Housing Grant?
The amount of funding you can receive through the EHG depends on several factors, including your monthly household income and the type of flat you are purchasing. The maximum amount of funding you can receive is $80,000.
What could be the reasons for ineligibility for the Enhanced Housing Grant?
There are several reasons why you may be ineligible for the EHG. These include having a monthly household income that exceeds $9,000, owning a private property, or having previously received a housing grant from HDB. It is important to review the eligibility criteria before applying for the EHG to ensure that you meet all the requirements.