How is HDB helping Singapore’s ageing population?
With Singapore’s ageing population on the increase, HDB has measures that will help them with their housing concerns. These range from monetisation schemes to supplement their financial needs, to equipping their flat with elderly-friendly features to help them age-in-place.
Seniors who wish to improve comfort and mobility in their flat can install elderly-friendly features, under the Enhancement for Active Seniors (EASE) programme. These features include grab bars, ramps, and slip-resistant treatment for toilet tiles.
Seniors can also consider various financial options to unlock the value of their home upon retiring.
How Seniors Can Tap On Monetisation Schemes
Example: Mr and Mrs Lim, both 65 years old, are joint owners of a fully paid 4-room flat in Woodlands worth $300,000, with 55-year remaining lease. They have retired and wish to monetise their flat to supplement their retirement income.
Silver Housing Bonus (SHB)
If they choose to sell their existing flat and right-size to a nearby 2-room Flexi flat with a 30-year lease, they can enjoy:
- A cash bonus of $20,000 under SHB.
- After paying for the 2-room Flexi flat, CPF refunds and top-ups, and expenses for the housing transaction, they can get around $100,000 upfront in cash.
- They will also receive an additional CPF LIFE monthly pay-out of $500 to supplement their retirement income.
Lease Buyback Scheme (LBS)
If they prefer to stay in the same flat, they can apply for the Lease Buyback Scheme (LBS). If they choose to live in the flat for 30 years and sell the remaining 25 years back to HDB, they can enjoy:
- An LBS bonus of $10,000 in cash.
- After deducting the CPF top-ups and other expenses for the housing transaction, they will get $42,000 upfront in cash.
- They will also receive an additional CPF LIFE monthly pay-out of $450.
- They have the option of renting out a room to supplement their retirement income, if they wish.