Sunday, August 9, 2009

HDB housing grants

Was just looking to the grants available if you are trying to buy a HDB house.

CPF Grants
There are currently 3 main types of grants. (these are meant only for resale flats and not new flats by HDB. This is because the price for the new flats are already subsidized). Also, the income ceiling for household does not include bonuses, income from rental, investment etc.

Type of Grant Available
Income Ceiling for the household
CPF housing grant for family $30,000 $8,000 per mth
CPF housing grant for family
(living near parents/married child)

- Parents are residing in an HDB flat or owner-occupied private property within same town or within 2 km

$40,000 $8,000 per mth
Half Housing Grant

- A first-timer citizen who marries a second-timer spouse, who has previously enjoyed a housing subsidy, can apply for half of the Family Grant amount to buy a resale flat, if the family meets the eligibility criteria of the Family Grant.

$15,000 /
$8,000 per mth
*Taken from this website

In addition, there is the Additional CPF housing grant (AHG) that is between $5000 to $40,000 on top of the grants that I posted on top. ( Can be used for new or resale HDBs) Below is a table for the amount of the grants)

Average Monthly Household Income *
Additional CPF Housing Grant
(prior to 6 Feb 09)
Enhanced Additional CPF Housing Grant
(wef 6 Feb 09) **
$1,500 or less
$1,501 - $2,000
$2,001 - $2,500
$2,501 - $3,000
$3,001 - $3,500
$3,501 - $4,000
$4,001 - $4,500
$4,501 - $5,000
$ 5,000

* Previously, the average monthly household income was assessed over a period of 2 years. Under the Enhanced AHG, the average monthly household income is assessed over a period of 1 year.
*Taken from this website

Maximum Subsidy
So the maximum subsidy that you can receive is when
1. Buy resale flat near your parents ($40,000)
2. Both you and your spouse are not working ($40,000)

That is $80,000!

Compare HDB prices in Singapore
This link shows the median prices of different HDD house types in different regions of Singapore