Government Grants For First Time Home Buyers

Government Grants For First Time Home Buyers – Starting today, first-time buyers will have more support and flexibility when choosing the size and location of their apartment.

Income limits for Housing Board apartments have also been raised for the first time since 2015, widening the pool of eligible buyers.

Government Grants For First Time Home Buyers

National Development Minister Lawrence Wong said yesterday that the new CPF Housing Enhancement (EHG), which restructures two previous subsidies, will give couples more flexibility in getting an apartment that suits their needs.

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It will also help authorities meet growing demand for housing, especially in mature development areas, without building new apartments, which are constrained by land scarcity, he said.

Mr Wong said that previous incentives such as grants and subsidies encouraged first-timers to choose newly-built apartments, adding: “This is one reason why first-timers often choose newly-built apartments over second-hand ones. A supporting structure to achieve a better balance.”

The changes were hinted at by Prime Minister Lee Hsien Loong at a National Day gathering last month when he said his younger colleagues had ideas to keep apartments affordable. .

Previously, there were three types of subsidies. CPF Housing Grant of $50,000 for Sale, CPF Additional Housing Grant (AHG) for people with incomes of $40,000 to $5,000 or less, and CPF Special Housing Grant of up to $40,000 for people with incomes of $8,500 or less ( SHG). below. And you’re looking to buy a small or four-bedroom apartment in an immature property.

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A person who buys a build-to-build (BTO) apartment can qualify for her AHG and her SHG, whereas a person who buys a resale home can only receive her CPF housing subsidy and her AHG I can.

Starting today (September 11), AHG and SHG up to $80,000 will be merged into EHG and available to eligible buyers, including resale flat buyers who have never used SHG before .

There are no further restrictions on the buyer’s choice of apartment type and location. “This (removal of the limit) means beginners can get more than $40,000 when buying a new apartment,” Wong said. Mr. Wang said:

The income limit for EHG is $9,000, higher than $5,000 for AHG and $8,500 for SHG.

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EHG’s caveat is that flat leases must be targeted at buyers up to the age of 95, as authorities encourage people to buy homes that will last a lifetime. Those who do not meet these conditions will be charged a corresponding amount based on the rental contract.

With this change, a household earning $4,800 per month and eligible to purchase a new four-bedroom apartment in a mature HDB property will now receive a subsidy of $45,000, up from the previous $5,000. can.

For the resale of apartments, subsidies of up to $160,000 will be available, one-third of the previous amount. This figure includes $50,000 in CPF housing benefits and $30,000 in contiguous housing benefits.

The income threshold for Singaporean households to purchase new apartments and executive condominium units will be raised from $2,000 to $14,000 and $16,000 respectively to allow more people to qualify.

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Mr Wong said HDB is likely to increase BTO supply in 2020 to meet the additional social housing demand expected to arise from these changes. The commission plans to launch 15,000 apartments this year.

The launch of his BTO, the third of the year, was originally scheduled for last month but was extended until the end of this month to allow more homebuyers to take advantage of the changes.

Real estate analysts, buyers and sellers said the new system will benefit first-time buyers as well as sellers looking to upgrade.

“If you’re a recent graduate with a well-paying job, you’re at an advantage. If you’re looking for a second-hand apartment, you can afford it. If you’re a seller, your apartment is ready for sale. It is more likely that Move now. “We all win,” said Eugene Lim, CEO of ERA Realty.

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The biggest beneficiaries of HDB’s new policy announced yesterday are likely to be high-income young couples and people looking to sell their flats on the resale market, the watchdog group said.

And new incentives for buyers could boost the resale market itself, they added.

Yesterday, National Development Minister Lawrence Wong announced, among other things, that the income threshold for purchasing HDB apartments and executive condominiums (ECs) had been increased to $2,000, $14,000 and $16,000 respectively.

ERA Realty chief executive Eugene Lim said it was increasingly common for some graduates to start out with higher salaries in fields such as IT or finance.

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“Couples in these sectors can quickly lower their income thresholds, which could push the price of building a home out of the market,” he said, adding that the changes would give these young people more options. He added that it would be possible.

“It’s great for people who don’t want to spend too much on their first home. Getting your first girlfriend’s HDB flat is like national service for men and is a rite of passage in Singapore. ”

Another big change is the new enhanced CPF housing benefit, up to $80,000. This replaces his two previous subsidies, but with higher income limits and no restrictions on apartment size or location, more people can benefit.

In his speech yesterday, Mr Wang said that modifying the support structure could make housing resale more attractive and, as a result, help authorities meet housing demand.

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He said past incentives to build apartments by design were a factor in why three out of four first-time apartment building households, or 75%, bought a new apartment rather than an existing one last year. He pointed out that there may be.

Kristen Sun, director of research and consultancy at Orange T&T, said given that a large number of apartments, approximately 25,000 units per year, are expected to reach their minimum occupancy period and begin sales in the future. He said the change was timely. What year

“But with more support, some buyers will seriously consider reselling their apartments. That will help attract supply,” he said, adding that the latest measures added that the changes will be completed. And grow. Loan to buy an old HDB apartment.

Ismail Ghafoor, CEO of PropNex, said current owners can fulfill their dreams of upgrading when they sell their apartments. It is expected that the number of people buying second-hand apartments will increase from 1 in 4 to 1 in 3.

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“And once these owners sell their apartments, they will probably buy private condominiums, so the whole real estate industry benefits,” Ismail said.

Louis Ng, Member of Parliament for Naithon GRC, said the increased attendance was a win for both buyers and sellers, saying: “Those who are looking to sell can sell, and those who are in a hurry to buy an apartment can also sell. Dew,” he added. I need to make sure I have a good time. ”

“The $2,000 increase not only allows more people to qualify, but also allows them to borrow approximately $120,000 more based on the current 30% mortgage repayment rate,” Ismail said. .

“We are expecting a large turnout at the Piermont Grand Showroom this weekend,” he added, referring to the launch of 820 Punggol ECs. This was the only EC launch this year, of which only 50% were sold. Sold.

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In the medium term, Hatness Asia research director Lee Sis Teck said the subsidy changes would reduce home ownership among young couples.

• Income limits for new and used apartments have been increased from $10,000 to $12,000 for families and from $5,000 to $6,000 for singles.

PHG increased to $30,000. Proximity status has been adjusted from 2km to 4km and also includes units where you buy an apartment to live closer to your parents.

In May last year, Tan Lee Xuan, 24, and her boyfriend of eight years, Jeren Chua, 28, applied for a four-bedroom apartment while on the market at Balance Flats.

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Changes to the Housing Commission’s subsidy system that come into effect today mean you can now receive about $25,000 more in subsidy than you would have received if you bought a flat last year.

Under the previous support scheme, Mr Tan, a human resources manager, and Mr Chua, a peddler who runs a juice stall at the National University of Singapore, were not eligible for CPF’s Additional Housing Allowance (AHG) due to their combined incomes being high. It didn’t. A lot. Up to $5,000.

Ms Tan wanted to get an apartment near her parents’ home in Kembangan to help care for the couple’s future children, and she said she tried to rent a four-room apartment in Bedok.

As Bedok is a mature property, it is also not eligible for CPF Special Housing Grant (SHG). The SHG is limited to her four-room or small apartment in immature real estate and has an income limit of $8,500.

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Her two schemes have now been combined under the new CPF Enhanced Housing Grant (EHG) scheme, and her income limit has been increased to $9,000.

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