Silver Housing Bonus

If you are selling your current flat or private housing with Annual Value not exceeding $13,000 and buying a 3-room or smaller flat, you can supplement your retirement income with the Silver Housing Bonus (SHB).

Find out how you can apply for the SHB and receive up to $30,000 cash bonus per household, when you top-up your proceeds into your CPF Retirement Account (RA) and join CPF LIFE.

Eligibility conditions

Criteria Eligibility
Citizenship At least 1 owner must be a Singapore Citizen (SC)
Age The SC is aged 55 or above
Monthly household income ceiling $14,000
Existing property
  • HDB flat (met minimum occupation period for resale)
  • Private housing of Annual Value of $13,000 or less
  • No concurrent ownership of second property
Next property you are buying
  • 3-room (excluding 3-room terrace) or smaller flat from HDB or from the resale market
  • Purchase price does not exceed selling price of the current/ last sold property
Timeframe between the housing transactions

Booking of new HDB flat, or application to buy resale flat must either be:

  • Before sale of existing property

or

  • Within 12 months of completing sale of existing property
Timeframe to submit application Application must be submitted within 1 year from date of completion of the second housing transaction (sale or purchase)

Top-up amount required

To qualify for SHB, each senior citizen household is required to top-up their proceeds* into their CPF RA and join CPF LIFE. The top-up amount required depends on the proceeds, capped at $60,000 per household^.

You will enjoy the maximum cash bonus of $30,000 per household if you top-up $60,000 to your CPF RA. If the top-up is less than $60,000, you will receive a pro-rated cash bonus based on a 1:2 ratio, i.e. $1 cash bonus for every $2 top-up made.

* Proceeds = Selling price of the current property minus the sum of any outstanding loan on the current property, the purchase price of the next flat, and resale levy payable.
^ It is further capped by the prevailing Full Retirement Sum (FRS).

Examples

Example 1

Mr and Mrs A are selling their subsidised 5-room flat in Yishun for $470,000 and buying a new 2-room Flexi flat (on 99-year lease) in Sembawang for $141,000. They each have $20,000 in their CPF RA. Based on their proceeds, they will enjoy an SHB of $30,000 if they use their cash proceeds to top up $60,000 to their CPF RA.

  Cash Mr A's CPF RA Mrs A's CPF RA
    $20,000 $20,000
Selling price of current 5-room flat $470,000 NA
Outstanding loan for current 5-room flat - $100,000 NA
Purchase price of 2-room Flexi flat - $141,000 NA
Resale levy payable - $45,000 NA
Net proceeds $184,000 $20,000 $20,000
Sign up for SHB

Top-up amount required

Mr and Mrs A are required to top up $60,000 to their CPF RA as a household.

Assuming Mr A and Mrs A will each top up $30,000 to their respective CPF RA.

 - $60,000 + $30,000 + $30,000

Cash bonus

Mr and Mrs A will each receive an SHB of $15,000.

 $30,000 NA
Final amount $154,000 $50,000 $50,000

Example 2

Mr and Mrs B are selling their 4-room resale flat in Choa Chu Kang, which was purchased fully with cash, for $336,000. They are buying a 3-room resale flat in Bedok for $301,000. Mr B has CPF savings of $100,000 in his CPF RA, whereas Mrs B has $50,000 in her CPF RA. Based on their proceeds, they will enjoy a pro-rated SHB of $17,500 if they use their cash proceeds to top up $35,000 to their CPF RA.

  Cash Mr B's CPF RA Mrs B's CPF RA
    $100,000 $50,000
Selling price of current 4-room flat $336,000 NA
Outstanding loan for current 4-room flat 0 NA
Purchase price of 3-room flat - $301,000 NA
Net proceeds $35,000 $100,000 $50,000
Sign up for SHB

Top-up amount required

Mr and Mrs B are required to top up $35,000 to their CPF RA as a household.

Assuming Mr B and Mrs B will each top up $17,500 to their respective CPF RA.

 - $35,000 + $17,500 + $17,500

Cash bonus

Mr and Mrs B will each receive a pro-rated SHB of $8,750.

 $17,500 NA
Final amount $17,500 $117,500 $67,500

Example 3

Mr and Mrs C are selling their subsidised 3-room flat in Jurong West for $300,000 and buying a new 2-room Flexi flat (on 99-year lease) in Sembawang for $141,000. They each have $50,000 in their CPF RA. As they do not have any net proceeds, they are not eligible for SHB.

  Cash Mr C's CPF RA Mrs C's CPF RA
    $50,000 $50,000
Selling price of current 3-room flat $300,000 NA
Outstanding loan for current 3-room flat - $129,000 NA
Purchase price of 2-room Flexi flat - $141,000 NA
Resale levy payable - $30,000 NA

Net proceeds

Mr and Mrs C are not eligible for SHB as they did not receive any net proceeds.

 0 $50,000 $50,000

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