Grants For Low Income First Time Home Buyers

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Owning an HDB flat is a rite of passage in almost every Singaporean’s life. But not before being swayed by the thought of the hefty price tag.

Grants For Low Income First Time Home Buyers

There are many government grants and subsidies in Singapore – probably more than you know! – Even if you get a resale HDB house and not a BTO.

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We’ve done the maths: when you buy an HDB resale flat, you can get a subsidy of up to $160,000. That could be a quarter of the cost of your new home.

P.S. The maximum payment you can get for a BTO flat is $80,000. So even if your retail alternative is more expensive, there are more grants to help you out!

Maybe you’re a newlywed, had no luck with your BTO application or want to escape life with your in-laws. You can apply for family allowance for your transfer home if you both:

If both you and your spouse are Singapore citizens, you will receive $50,000 for a 2-4 bedroom apartment or $40,000 for a 5-bedroom or larger apartment.

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If one of you is a citizen of Singapore and the other is a permanent resident in Singapore, you will receive $40,000 for a 2-4 bedroom apartment or $30,000 for a 5 bedroom apartment or larger.

Newly introduced in September 2019, EHG is a new vehicle that replaces the CPF Additional Housing Grant (AHG) to help families better afford HDB resale flats.

Not only is the income limit higher—families earning less than $5,000 a month can qualify for an AHG, compared to EHG’s $9,000 income limit—you can qualify for a much higher grant amount.

Applicants are eligible based on their income between $5,000 and $80,000. The benefits are multi-tiered so people with low incomes get more help:

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You are eligible for this scholarship if you are a Singapore citizen + a Singapore PR, when your PR spouse obtains Singapore citizenship status, or if you have a child who is a Singapore citizen.

But don’t delay. You must submit your application within 6 months of becoming eligible for Citizens’ Allowance.

$10,000 more. This is basically a top up – as the name of the scheme suggests – of the amount of Family Grant you originally received that was less than $10,000.

If you are eligible for Family Grant but your spouse is not (or vice versa) this is for you. This can be:

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Basically half of the family allowance (or equivalent single allowance) because one of you meets the eligibility requirements and the other doesn’t.

This means you can get $25,000 if you buy a 2-4 bedroom apartment or $20,000 for a 5 bedroom or larger apartment.

Low-income families can also apply for EHG in addition to these grants if the Singaporean applicant is at least 21 years old (yes, for singles – not for families – because one of you is eligible if they are not).

You are eligible for a grant of $25,000 for a 2-4 bedroom apartment or $20,000 for a 5 bedroom apartment or larger.

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This scholarship is on the same basis as the EHG for families, except that it is for individual applicants.

If you have worked continuously for 12 months before applying for housing and are working during the application, you are eligible for EHG for a single if your average monthly income is below $4,500.

You will basically get the amount of Family Allowance you are currently entitled to, minus the amount you received before.

For example, if you previously received $25,000 as a single grant, you can receive another $25,000 together with your Singaporean spouse – for a total of $50,000.

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If you want to make it a matrimonial home, you can also use the down payment amount for your existing flat – meaning your partner must become a co-owner of your flat.

Remember the deal you made with your best friend that if you were 40 and single, you would live with 5 cats?

Under the Shared Singles Scheme, you can pool your singles’ donations to buy an HDB resale flat together with someone else.

You must both be eligible for the same scholarship. Regarding the income limit, your average monthly household income cannot exceed $14,000.

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You will receive $50,000 ($25,000 x 2) if you purchase a 2-4 bedroom apartment or $40,000 ($20,000 x 2) if you purchase a 5 bedroom or larger apartment.

In early 2018, the grant was increased to encourage more people to live with or near their families (defined as anywhere within 4 km).

P.S. Use the Proximity Housing Allocation Distance Checker to check if the HDB resale flat you want to buy is within 4km of your parent’s/child’s residence.

Families can receive a grant of $20,000 when buying a resale home with a parent or child, or $30,000 when buying a resale home to live with an extended family.

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Well, close enough. Technical scholarships are free, but you don’t get paid. Instead, the contributions are paid into your CPF Ordinary Account and then withdrawn to cover the purchase price of your new home.

Now that you know you can save a good 6-figures to buy a house (and save yourself a lifetime of waiting for a BTO flat), it’s time to start shopping for your new home!

P.S. Here’s our 5-step guide (no joke, just 5 steps) to buying an HDB flat on your own – save on agency fees. If you are a new home buyer, Enhanced Home Equity (EHG) can help you finance your first home!

To make housing more and more affordable for Singaporeans, MND and HDB recently announced the Enhanced Housing Grant (EHG) to replace the Additional Housing Grant (AHG) and Special Housing Grant (SHG). According to EHG, eligible first-time home buyers are eligible for up to $80,000 in housing subsidies.

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EHG is for first time home buyers for a new home. This applies to new home sales applications for September 2019 sales and home resale applications filed on or after September 11, 2019. Applications submitted before this date are not eligible for EHG.

First-time applicants for new flats can now enjoy EHG of up to $80,000, while first-time self-employed applicants can enjoy EHG (one-off) of up to $40,000.

As such, qualified resale applicants can benefit from EHG of up to $80,000 in addition to Housing Grant (up to $50,000) and Neighborhood Housing Grant (up to $30,000). This means that first-time resale home buyers can receive up to $160,000 in housing grants!

To qualify for EHG, first-time households must have a monthly income of no more than $9,000 (see Table 1 below). The client or his/her spouse must also be in full-time employment for the previous 12 months and remain employed at the place of application.

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Eligible first-time applicants must be 35 years of age or older and have a monthly income of up to $4,500. Before applying for an apartment, the buyer must have worked and worked continuously in the place of application for 12 months.

*EHG for those who have 99 years of 2 bedroom Flexi flats, 2 bedroom Flexi flats on short rent and resale flats (up to 5-bedroom and all resale flats under the Scheme Single Singapore Citizenship) applies to non-EHG properties. . common single circuit).

For example, couple A has an average monthly household income of $4,800 and wants to buy a 4-room BTO flat in Tampines. By introducing EHG, couple A can receive an additional $40,000 in housing benefits.

Earlier, buyers of retail flats could enjoy AHG up to $40,000, but not SHG. According to EHG, they can now enjoy up to $80,000 in EHG. This means qualified new home buyers can benefit from up to $160,000 in housing subsidies, including EHG (up to $80,000), Housing Benefit (up to $50,000) and PHG (up to $30,000).

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For example, the average monthly income of a B household is $4,800. A couple buys a 4-bedroom flat in a mature estate to live near their parents. With the introduction of EHG, spouse B can now receive an additional $40,000 in housing allowances:

What if the remaining rent of the apartment I bought does not go to the youngest owner and spouse until the age of 95?

In order to benefit from the full amount of EHG for the relevant income categories, the property purchased must cover the rent of tenants up to 95 years of age and their spouses. Otherwise, the donation amount will be divided. This condition also applies to apartments purchased under Balanced Apartment Sale

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