If you’re a Singaporean looking to buy a home, you may be eligible for various housing grants to help you finance your purchase. These grants can be used to offset the purchase price of both new and resale flats, reducing the financial burden on homebuyers. In this article, we’ll discuss the different types of housing grants available in Singapore and who is eligible for them.
There are several housing grants available in Singapore, including the Enhanced CPF Housing Grant (EHG), Family Grant, Proximity Housing Grant (PHG), and more. The eligibility criteria for these grants vary, but generally, they are available to first-time buyers, families, and singles. In the following sections, we’ll discuss each of these grants in more detail and explain how to apply for them.
Whether you’re a first-time buyer or looking to upgrade your current living situation, understanding the different types of housing grants available in Singapore can help you make an informed decision. By taking advantage of these grants, you can reduce the financial burden of purchasing a home and make your dream of homeownership a reality.
Overview of Housing Grants in Singapore
If you’re a first-time homebuyer in Singapore, you may be eligible for a range of housing grants to help you purchase your dream home. These grants are provided by the Housing and Development Board (HDB) and can be a game-changer for individuals and families looking to fulfil their homeownership dreams.
Understanding CPF Housing Grants
The CPF Housing Grant is a government subsidy that can help first-time buyers to offset the cost of purchasing a new or resale HDB flat. The grant can be used to pay for the downpayment, monthly instalments, or other fees related to the purchase of the flat.
There are several types of CPF Housing Grants available, including the Enhanced CPF Housing Grant (EHG), Family Grant, Proximity Housing Grant (PHG), and Singles Grant. The EHG is the most significant grant, providing up to $80,000 for eligible first-time buyers.
Eligibility Conditions for Housing Grants
To be eligible for a CPF Housing Grant, you must meet certain conditions set by the HDB. These conditions vary depending on the type of grant you’re applying for and your personal circumstances.
For example, to be eligible for the EHG, you must be a first-time buyer with a monthly household income of $9,000 or less. You must also be purchasing a new or resale flat in Singapore and intend to live in the flat with your family members.
Similarly, to be eligible for the Singles Grant, you must be a first-time buyer who is unmarried or divorced. You must also be a Singapore Citizen aged 35 or above, and your monthly income must not exceed $7,000.
In conclusion, understanding the different types of CPF Housing Grants and eligibility conditions can help you to make informed decisions when purchasing your first HDB flat in Singapore. With the right grant, you can reduce the financial burden of homeownership and make your dream home a reality.
Grants for Families and Couples
If you are a family or a couple looking to purchase a home in Singapore, you may be eligible for various types of housing grants. In this section, we will explore two of the most popular grants available for families and couples.
Enhanced CPF Housing Grant (EHG) for Families
The Enhanced CPF Housing Grant (EHG) is a grant that replaces the Additional CPF Housing Grant (AHG) and the Special CPF Housing Grant (SHG). It is available to first-timer families looking to buy a new flat from HDB or a resale flat on the open market. The grant provides up to $80,000 in housing grants to eligible first-time flat buyers.
To be eligible for the EHG, your monthly household income must not exceed $9,000, and you must be a Singapore Citizen. The grant amount varies based on your average monthly household income, with higher amounts available to families with lower incomes.
Step-Up CPF Housing Grant for Second-Timer Families
The Step-Up CPF Housing Grant is a grant that is available to second-timer families who are upgrading to a larger flat. This grant is designed to help families who have outgrown their current flat and need a larger space to accommodate their growing family.
To be eligible for the Step-Up CPF Housing Grant, you must be a second-timer family who is upgrading to a larger flat. The grant amount varies based on your current flat type and the type of flat you are upgrading to. The grant amount can be up to $15,000.
In conclusion, if you are a family or a couple looking to purchase a home in Singapore, you may be eligible for various types of housing grants. The Enhanced CPF Housing Grant and the Step-Up CPF Housing Grant are two of the most popular grants available for families and couples. Depending on your eligibility, you may be able to receive up to $80,000 in housing grants to help you purchase your dream home.
Grants for Singles and Non-Family Applicants
If you are a first-timer single citizen or a non-resident spouse looking to purchase a flat in Singapore, you may be eligible for several housing grants. These grants can help you with the purchase of a new or resale flat, making it easier for you to own a home.
Singles Grant and Eligibility
The Enhanced CPF Housing Grant (EHG) (Singles) is a grant that is available to first-timer single citizens who are purchasing a new or resale flat. This grant can be up to $40,000, and it can be used to help with the down payment or to reduce the mortgage loan. To be eligible for this grant, you must meet the following criteria:
- You must be a first-timer single citizen.
- Your income must not exceed $4,500 per month.
- You must be at least 35 years old at the time of application.
- You must be purchasing a new or resale flat.
Additional CPF Housing Grant for Singles
In addition to the EHG (Singles), first-timer single citizens who are purchasing a resale flat can also apply for the Additional CPF Housing Grant (AHG) (Singles). This grant can be up to $5,000, and it can be used to help with the down payment or to reduce the mortgage loan. To be eligible for this grant, you must meet the following criteria:
- You must be a first-timer single citizen.
- Your income must not exceed $4,500 per month.
- You must be at least 35 years old at the time of application.
- You must be purchasing a resale flat.
Overall, these grants can be a great way for first-timer single citizens or non-resident spouses to purchase a new or resale flat in Singapore. By taking advantage of these grants, you can make your dream of owning a home a reality.
Proximity Housing Grant (PHG) Details
If you are planning to buy a resale flat in Singapore, you may be eligible for the Proximity Housing Grant (PHG). The PHG is a housing grant provided by the Housing and Development Board (HDB) that aims to help families live closer to their parents or children. The grant amount varies depending on your situation, but you can receive up to $30,000 if you live with your parents or child, or up to $20,000 if you live near them (within 4km).
PHG for Families Living Close to Parents or Children
The PHG is available for families who want to live close to their parents or children. If you are a married child who wants to live near your parents, or a parent who wants to live near your child, you can apply for the PHG. To be eligible, you must be buying a resale flat in the same town or within 4km of where your parents or child are staying, or you must be living in the same flat.
PHG for Singles and Eligibility
The PHG is also available for single Singaporeans who want to live near or with their parents or child. However, the grant amount is only $10,000 for singles who live near their parents or child, and $15,000 for singles who live with them.
To be eligible for the PHG, you must meet certain criteria. For families, at least one family member must be a Singapore Citizen or Permanent Resident. For singles, you must be a Singapore Citizen aged 35 or above, and you must not own any property in Singapore.
In addition to the eligibility criteria, there are also flat eligibility criteria that you must meet. For example, the resale flat must have a remaining lease of at least 20 years, and the flat must not have received any other housing grants before.
Overall, the PHG is a great way to help families and singles live closer to their loved ones. If you are planning to buy a resale flat in Singapore and meet the eligibility criteria, you should definitely consider applying for the PHG.
Financial Planning and Application Process
When you are considering purchasing a flat in Singapore, it is important to plan your finances carefully. This will help you to ensure that you can afford the flat you want, and that you will be able to pay for it over the long term.
Financial Tools and In-Principle Approval
To help you with your financial planning, you can use a range of financial tools that are available online. These tools can help you to work out how much you can afford to borrow, and how much you will need to save to pay for your flat.
Once you have a good idea of your financial position, you can apply for an in-principle approval from HDB. This will give you an idea of how much you will be able to borrow, and will help you to plan your finances more accurately.
Resale Procedures and Buying Process
If you are buying a resale flat, there are a number of procedures that you will need to follow. First, you will need to find a flat that you want to buy, and then you will need to negotiate with the seller to agree on a price.
Once you have agreed on a price, you will need to submit an application to HDB, along with all the necessary documents. HDB will then carry out a number of checks to ensure that you are eligible to buy the flat, and that the flat is suitable for your needs.
If your application is approved, you will need to pay a deposit to the seller, and then sign a sales agreement. You will then need to pay the remaining amount to the seller, either in cash or with a bank loan. Once all the paperwork is complete, you will be the proud owner of your very own HDB flat!
Remember, buying a flat is a big decision, and it is important to plan carefully and seek advice if you are unsure about anything. With the right financial planning and a good understanding of the buying process, you can make your dream of owning an HDB flat a reality.
Frequently Asked Questions
How can first-time buyers benefit from HDB grants?
If you are a first-time buyer in Singapore, you can benefit from a range of grants offered by the Housing & Development Board (HDB). These grants are designed to help you purchase your first home, and they can provide significant financial assistance. Some of the grants available to first-time buyers include the Enhanced CPF Housing Grant (EHG), the Family Grant, and the Proximity Housing Grant.
What are the eligibility criteria for the Enhanced CPF Housing Grant?
To be eligible for the Enhanced CPF Housing Grant (EHG), you must be a first-time buyer, a Singapore citizen, and your average gross monthly household income must not exceed $9,000. If you are buying a resale flat, the flat must also meet certain conditions. The grant can provide up to $80,000 in financial assistance.
Can singles apply for any CPF Housing Grants?
Yes, singles can apply for the Enhanced CPF Housing Grant (EHG) and the Singles Grant. The EHG provides up to $40,000 in financial assistance for first-time buyers, while the Singles Grant provides up to $25,000 in financial assistance for singles who are buying a resale flat.
What do I need to know about the Proximity Housing Grant?
The Proximity Housing Grant is designed to encourage families to live closer together. If you are buying a resale flat within 4km of your parents or children, you may be eligible for the grant. The grant can provide up to $30,000 in financial assistance.
Are there differences between the CPF Housing Grant and the Enhanced CPF Housing Grant?
Yes, there are differences between the CPF Housing Grant and the Enhanced CPF Housing Grant (EHG). The CPF Housing Grant provides up to $50,000 in financial assistance for first-time buyers, while the EHG provides up to $80,000 in financial assistance. The EHG also has more stringent eligibility criteria.
How many grants can I apply for when purchasing a BTO flat?
When purchasing a Built-To-Order (BTO) flat, you can apply for up to two grants: the Enhanced CPF Housing Grant (EHG) and the Family Grant. The EHG can provide up to $80,000 in financial assistance, while the Family Grant can provide up to $50,000 in financial assistance.