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Affordable homes, closer families, stronger ties
Today, MND and HDB introduced three new measures to help more extended families live closer together for mutual care and support, and to make public housing more affordable for more Singaporeans, from lower- to upper-income households. The three new measures are summarised below:
I) Helping extended families live together or closer by
From 24 Aug 2015, all Singapore citizen families who buy a resale flat to live with or near their parents or married child (i.e. in the same town/estate or within 2 km of their parents’ or married child’s home) will receive Proximity Housing Grant (PHG) of $20,000. Eligible singles will also enjoy PHG of $10,000 if they buy a resale flat with their parents.
All Singaporeans are eligible for PHG once, regardless of whether they had enjoyed housing subsidies before, their household income or ownership of private property. The grant recipients and their parents or married child must live with or in close proximity to each other for at least 5 years.
With the implementation of PHG, the Higher-Tier CPF Housing Grant will be discontinued. The basic CPF Housing Grant for Families/Singles and the AHG will still be available for those eligible.
II) Raising income ceilings
From 24 Aug 2015, the income ceiling for citizen households to buy new flats from the HDB and resale flats with the CPF Housing Grant, is raised from $10,000 to $12,000. The income ceiling for citizen households to buy new EC units is also raised from $12,000 to $14,000.
Correspondingly, the income ceiling for single Singaporeans to buy new flats from the HDB or resale flats with the CPF Housing Grant is also raised from $5,000 to $6,000. The income ceiling for elderly citizens to qualify for monetisation options, including the LBS, SHB and short-lease 2-room Flexi flats, is also raised from $10,000 to $12,000.
III) Helping lower and middle-income families afford their first home
To further help lower and middle-income households afford their first home, the maximum SHG will be doubled from $20,000 to $40,000 and the income ceiling for the SHG will be raised from $6,500 to $8,500. Correspondingly, the SHG income ceiling for singles buying a 2-room BTO or balance flat in the non-mature estates, under the SSC scheme, will also be raised from $3,250 to $4,250. The maximum grant amount will be doubled from $10,000 to $20,000.
The increase in SHG and corresponding adjustments will apply from the Sep 2015 BTO and SBF exercise.
For more details, you may refer to the press release and the HDB InfoWEB. Please disseminate this information to your salespersons. Thank you.