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.
You are eligible for the SHB if you meet the following criteria:
At least one owner is a Singapore Citizen aged 55 or above
Gross monthly household income is within $14,000
Property You Are Buying
Timeframe between the Housing Transactions
Booking of new HDB flat, or application to buy resale flat must be:
Timeframe to Submit Application
Application must be submitted within one year from date of completion of the second housing transaction (sale or purchase)
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).
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
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.
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.
Not eligible for SHB
If you wish to change ownership of your flat without a sale (i.e. without monetary consideration), find out more about the types of ownership changes and the eligibility conditions.