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 through the Silver Housing Bonus (SHB) scheme. Find out how you can apply for the SHB and receive up to $30,000 cash bonus when you top-up your proceeds into 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

Income

Gross monthly household income is within $14,000

 

Existing Property

  • HDB flat (met Minimum Occupation Period for resale), or
  • Private housing 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 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 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 one year from date of completion of the second housing transaction (sale or purchase)

 

Top-up amount required

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

You will enjoy the maximum cash bonus of $30,000 if you top-up $60,000 to your CPF Retirement Account.  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 5-room flat in Yishun (bought from HDB) and are buying a 2-room Flexi BTO flat in Sembawang.  Based on their proceeds, they are required to top up $60,000 to their CPF RA. They will receive SHB of $30,000.

 

Selling price of existing property

$470,000

Less

  • Outstanding loan on existing property

 

$100,000

  • Purchase price of next flat

$141,000

  • Resale levy

$45,000

Proceeds

$184,000

Top-up required

$60,000

Cash Bonus

$30,000

 

Example 2

Mr and Mrs B are selling their 4-room resale flat in Choa Chu Kang and buying a 3-room resale flat in Bedok.  Based on their proceeds, they are required to top up $35,000 to their CPF RA.   They will receive a pro-rated SHB of $17,500.

 

Selling price of existing property

$336,000

Less

  • Outstanding loan on existing property

 

$0

  • Purchase price of next flat

$301,000

Proceeds

$35,000

Top-up required

$35,000

Cash Bonus

$17,500

Example 3

Mr and Mrs C are selling their 3-room flat in Jurong West and buying a new 2-room Flexi flat in Sembawang.   As they do not have any proceeds, they are not eligible for SHB.

 

Selling price of existing property

$247,000

Less

  • Outstanding loan on existing property

 

$76,000

  • Purchase price of next flat

$141,000

  • Resale Levy

$30,000

Proceeds

$0

Top-up required

$0

Cash Bonus

Not eligible for SHB

 

Frequently Asked Questions

You may also check out the FAQs on the SHB.