Government Housing Programs For First Time Buyers

Government Housing Programs For First Time Buyers – Several policy changes have been made in recent years to help young homebuyers. Photo: ST FILE

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Government Housing Programs For First Time Buyers

SINGAPORE. From Wednesday (September 11), first-time home buyers will get higher financial aid and more flexibility in choosing the size and location of their apartment.

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Announcing the changes on Tuesday, National Development Minister Lawrence Wang said the changes would simplify the financing process and increase opportunities for first-time buyers.

The changes follow Prime Minister Lee Hsien Loong’s speech at a National Day conference last month, when he said his junior colleagues had “many other ideas to support couples to have more children and make HDB flats affordable”.

There are currently three types of grants: CPF Housing Grant up to $50,000, CPF Additional Housing Grant (AHG) up to $40,000 and CPF Special Housing Grant (SHG) up to $40,000.

Those buying custom flats may be eligible for AHG and SHG, while those buying property may qualify for CPF and AHG housing benefit.

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But from Wednesday, AHGs and SHGs will be combined into a new CPF Housing Subsidy (EHG) of up to $80,000 available to eligible buyers, whether they are buying a new flat or reselling.

There are also no restrictions in choosing the type of beds and their location. Previously, only those who bought four-room apartments and less in old houses had CNG.

The income limit for EHGs is $9,000, which is higher than $5,000 for AHGs or $8,500 for SHGs.

EHG’s catch is that apartment rents must cover customers until they reach the age of 95, in line with the authority’s efforts to encourage people to buy homes to live in. Those who do not have this status will receive the same amount based on rent.

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With the change, a family earning US$4,800 a month for the first time and buying a new four-room flat in a mature HDB area can get a subsidy of US$45,000, up from US$5,000 under the old system.

As for buyers of apartments that are for sale, they can receive subsidies of up to $160,000 – a third more than before.

Mr Wong said the new arrangements would give consumers flexibility and help them make housing choices – for example, some couples may want to buy new flats in older areas to live near their parents, while others want larger flats. many children In the future or where your family lives.

Also, adjusting the subsidy structure will help achieve a better balance between the number of people buying new apartments and selling houses. He noted that last year three out of four families, or 75% of first-time homebuyers, bought newly built apartments, and 25% of them resold their homes. Ten years ago, these numbers were closer to 55% and 45%, respectively.

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Mr Wong also announced another change: the income limit for Singaporean households to purchase new flats and ECs will increase by US$2,000 to US$14,000 and US$16,000 respectively.

The income has risen since the last income hike four years ago, said Mr Wong, adding that more Singaporeans needed to qualify.

He said HDB may increase its BTO supply in 2020 to meet the expected increased demand for public housing as a result of these changes. The council intends to launch 15,000 apartments this year.

Its third annual edition of the BTO, originally scheduled for August, has also been moved to this month to allow more home buyers to take advantage of the changes.

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Several policy changes have been made in recent years to help young homebuyers. As of 2017, the authority provided up to $50,000 in housing subsidies for home sales, up from $30,000 previously.

Last year, HDB said it would allow young couples, including graduates and civil servants aged 21 and over, to apply for flat purchase subsidies earlier, rather than delaying plans due to a lack of cash history.

HDB has also released flats with a shorter waiting period of about 2.5 years compared to the usual three to four years. Here is a complete list of apartment types and subsidies you can get!

The Housing and Development Board (HDB) is a statutory body of the Ministry of National Development (MND), Singapore’s housing authority, which is responsible for planning and building affordable public housing less for Singaporeans. Established on 1 February 1960, HDB has since built more than a million houses, housing 80% of the country’s population.

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Currently, HDB offers Singapore residents three 99-year rental options, namely Build-to-Order (BTO), Design, Build and Sell (DBSS) and Executive Condominiums (EC) to suit different needs and budgets .

In September, HDB announced a number of new measures to help first-time flat buyers and sellers. As of September 11, 2019, the following measures were implemented:

The monthly household income limit for first-time HDB buyers who are eligible to buy an HDB and are single and aged 35 and over will be increased from US$6,000 to US$7,000. Eligible couples can buy a new two-bedroom apartment or resell it. up to 5 rooms) with registration for singles on the open market.

This is good news if you are currently single and your next step is to buy your own HDB flat. Finally, you can avoid the obvious questions from your parents. Or you can climb the next rung of the #adultladder.

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HDB is also raising the monthly family income limit for households buying new flats or selling HDB flats for the first time from $12,000 to $14,000.

EHG will replace two previous schemes, Additional Housing Benefit and Special Housing Benefit. EHG benefits are linked to your income group. The lower your salary, the higher the amount offered to you. EHG will provide up to $40,000 for first-time home buyers or sellers under Singapore’s Single Citizen Scheme (eligible household income increased to $4,500) and up to $80,000 for first-time home buyer families. (acceptable family income ceiling increased to $9,000).

To be eligible for EHG, applicants or their spouses must have worked continuously for at least 12 months, similar to other HDB schemes, including Special Housing Allowance.

They must also buy flats they can call home until they are 95 (based on HDB’s maximum age of 99). For those whose apartments do not meet these conditions, their subsidies are divided according to the amount that can be covered by the remaining rent of the apartment until these years.

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First of all, you must be a Singapore citizen, at least 35 years old, to apply for single or divorced status. The only exception is if you are an orphan without siblings. You can apply for your apartment under the Orphan scheme after the age of 21.

Unrelated single residents aged 35 and above can also apply jointly for an HDB flat, up to 4 of them can own a flat under the Joint Singles Scheme.

Other requirements are the Ethnic Integration Policy (EIP) and the Singapore Permanent Resident Quota (SPR) (used to promote and maintain social cohesion). However, this may affect the status of your apartment, rather than being an obstacle to your right to apply for an apartment.

As a single buyer, you have 2 options when it comes to HDB flats: a 2-bedroom HDB BTO convertible to another senior property or a resale HDB flat. The table below summarizes the advantages and disadvantages of both options.

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The biggest advantage of getting a BTO apartment is financial – BTOs are much cheaper than those sold in the market. However, singles are limited to two-room rooms * with incredible furniture, although there are many common suitors.

With 1 bedroom and 1 living room, these units range in size from 35 to 49 square meters.

It is clear that a 2-room apartment is small, but if you apply under the BTO scheme, you will get a new apartment that you can renovate to suit your needs. For example, the current model with an area of ​​36 square meters has a sliding partition instead of a solid wall, which allows you to create an open apartment.

During HDB BTO testing in November 2020, there were 2,564 applicants for 2-room Flexi flats (2.6 applicants per unit) and 23,691 applicants for 3-room and larger flats (4.9 applicants per unit).

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But be aware of the waiting time. Even if you are lucky enough to pass the HDB BTO ballot, you still have to wait 3-4 years for your flat to be built before you can move in.

Pro tip: When referring to HDB flats, always subtract 1 from the title to indicate how many bedrooms you will have. Therefore, a 3-room apartment means two rooms + 1

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