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Right-sizing with Silver Housing Bonus

If you own a bigger flat type, you can choose to right-size your flat and supplement your retirement income through the Silver Housing Bonus (SHB) scheme. Find out how you can buy a smaller flat and use your net sale proceeds to top up your CPF Retirement Account (RA).

How to right-size

You can choose to right-size by selling your existing flat and buying either:

  • Smaller and cheaper flat from the resale market, or
  • Smaller flat from us, such as a 2-room Flexi or 3-room flat

Get more information on selling your flat for a better understanding of the process.

Silver Housing Bonus (SHB)

The SHB has been introduced to help elderly households supplement their retirement income when they right-size their flat. If you buy a smaller flat type (up to 3-room flat), you can apply for the SHB and receive up to $20,000 cash bonus per household by using some of your net sale proceeds to top up your CPF Retirement Account (RA) and join CPF LIFE.

Eligibility conditions

You are eligible for the SHB if you meet the following criteria:

Criteria Eligibility
Age, Citizenship
At least one owner is a Singapore Citizen aged 55 or above
Gross monthly household income is within ^$14,000
^Applicable for applications received on or after 11 September 2019.  For applications received before 11 September 2019, income ceiling is $12,000.
Existing Property
  • HDB flat (met Minimum Occupation Period for resale), or
  • Private property of Annual Value of $13,000 or less; and
  • No concurrent ownership of second property
Property You Are Buying
  • 3-room (excluding 3-room terrace) or smaller; and
  • of a smaller room type than the last sold property; and
  • Purchase price does not exceed selling price of the current/last sold property
Housing Transactions
Booking of new HDB flat, or application to buy resale flat must be:
  • before sale of existing property; or
  • within 6 months of completing sale of existing property

Computing net sale proceeds

The net sale proceeds are calculated as follows:

Net sale proceeds = Selling price of existing property less any outstanding loan on existing property, refund to CPF Account, resale levy, deductible of up to $15,000 for ancillary costs, and cash used for purchase of next property.

Top-up amount required

The amount you need to top up depends on the amount of net sale proceeds:

Net Sale Proceeds
CPF Top-up Requirement
Net Sale Proceeds
to be kept in Cash
Cash Bonus
Less than $60,000
All net sale proceeds#
$1 for every
$3 top-up
$60,000 to $160,000
$0 to $100,000
More than $160,000
$60,000 + Further top-up (i.e. Net sale proceeds – $60,000 - $100,000)^
$100,000 + Remaining after further top-up

# Top up into any flat owners’ CPF RA

^ Top up into CPF RA of flat owner with lowest RA balance, up to the prevailing Full Retirement Sum (FRS)

Find out more

Get more information on the scheme: