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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.
Booking of new HDB flat, or application to buy resale flat must either be:
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).
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.
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.
Mr and Mrs A will each receive an SHB of $15,000.
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.
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.
Mr and Mrs B will each receive a pro-rated SHB of $8,750.
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.
Mr and Mrs C are not eligible for SHB as they did not receive any net proceeds.
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.