Home Loan Grants For First Time Buyers

Home Loan Grants For First Time Buyers – Families who buy two-room, three-room or four-room HDB flats first can now get $80,000, up from the previous $50,000. PHOTO: ST FILE

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Home Loan Grants For First Time Buyers

Singapore – First-time resellers of public housing units will receive more help, with housing subsidies increasing by $30,000 for families buying four-room flats or smaller and $10,000 for families buying five-room flats or larger.

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More build-to-order (BTO) packages will be offered to families with children and young couples aged up to 40 buying their first home, as the government helps more Singaporeans on the path to home ownership.

The move is aimed at supporting the housing aspirations of young Singaporeans, Deputy Prime Minister and Finance Minister Lawrence Wong said in his budget speech on Tuesday.

He noted that some Singaporeans are willing to buy resale flats for their first home, but the resale price is currently too high for them.

Under the revised Central Provident Fund housing subsidy, families who initially purchased two to four HDB flats for resale can now receive $80,000, up from the previous $50,000. Buyers of five or more rooms can get $50,000, up from $40,000.

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To be eligible for this scholarship, your family must consist of at least two Singaporeans or one Singaporean and one Singapore resident. They must not have previously received housing subsidies, have had a monthly income of more than $14,000, and must not have owned or had an interest in personal property in the last 30 months before applying for housing.

Single first-time buyers of resale HDB flats will also receive CPF housing subsidies of up to $40,000 for four-bedroom and smaller flats, up from $25,000 previously. Buyers of a five-bedroom apartment can get $25,000 down from $20,000.

The term “single” primarily refers to Singaporeans aged 35 and over who have never previously received housing subsidies, have no monthly income of more than $7,000 and have had little or no private property ownership in the past. 30 months before submitting an application for an apartment.

Eligible buyers who apply for resale from 3.30pm on Tuesday will be eligible for the increased grant. The additional amount will be credited to their CPF account from April 2023.

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Those who submitted resale applications on Tuesday before 3:30 p.m. but are still waiting for their resale applications to be completed will also be eligible for the top grant. In a Facebook post on Tuesday, National Development Minister Desmond Lee said it would make it easier for others to cancel their applications and reapply to qualify.

First-time buyers of HDB resale flats can also benefit from the Enhanced CPF housing subsidy, which offers subsidies of up to $80,000 for families and $40,000 for single people, and the Proximity Housing subsidy of up to $30,000 for families and $15,000 for singles.

In total, first-time homebuying families can receive a grant of up to $190,000 to purchase a resale property. First-time single people can receive grants of up to $95,000.

Noting that the government has taken steps to revive demand in the resale market, Mr Wong said the launch and completion of many BTO projects over the next few years will reduce demand and resale prices.

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Currently, most BTO properties are reserved for first-time families whose housing applications are prioritized. At least 95 percent BTO with four bedrooms and large flat in both mature and immature land is booked.

However, Wong noted that the first phase involves many applicants, including those who already live in their own homes but have never received housing subsidies before.

“Given the diversity of early claimants and the current intensification of BTO provision, we need to target specific groups and provide greater support,” Wong said.

Therefore, attention is focused on families with children who decide to buy their first home for the first time and young couples up to 40 years of age, he added.

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“We will do more to help such families secure BTO flats sooner, including ensuring they have more votes on their BTO flat applications,” he said.

Business manager Iqbal Mohamed (38), who bought a two-bedroom HDB flat in Punggol for $310,000 under one scheme, said the top grant of $40,000 came at the right time. “The price for two rooms is a little high, but if I look at the market, it’s probably the cheapest I can find in the area. Therefore, I am happy with the increase in government subsidy as it will reduce my monthly payments,” he said. .

Information security consultant Joseph Chong, 32, said the extra allowance would help him borrow less and save more CPF for his future retirement.

He and his wife bought a four-bedroom HDB flat in the Canberra area for $600,000 and qualified for an $80,000 grant. Once they apply for Enhanced CPF Housing Benefit, they will receive a grant of over $100,000 towards purchasing their first home. “Although we were concerned about the increase in the selling price, we decided to live in a flat for sale rather than wait for the BTO as it is best if we rent it. This addition has made a difference for us as we will be able to save money in our CPF account instead of throwing it away,” he said.

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Read more – Budget 2023: What you need to know – from extra cash payments to higher property and car taxes. The CPF Housing Benefit increase is specifically targeted at eligible first-time homebuyers with an income of less than A$14,000 for families and A$7,000 for singles, says the MND.

SINGAPORE: The government is “aware” of the potential impact of an increase in Central Provident Fund (CPF) housing subsidies on the volatile resale market, the Ministry of National Development (MND) said on Thursday (Feb 16).

“Therefore, the grant increase could be extended to all resale buyers, but in particular targeted at eligible (first-time) home buyers with incomes below A$14,000 for families and A$7,000 for singles under the CPF Housing Grant . “, the department said.

“Almost a third of resale homebuyers have received CPF Housing Benefit in the last two years.”

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Deputy Prime Minister and Finance Minister Lawrence Wong announced in his 2023 Budget statement on Tuesday that the CPF housing subsidy will be increased from S$50,000 to S$80,000 for new families eligible to purchase residential houses with four or less rooms. (HDB) flat.

For such families purchasing flats with five or more rooms for resale, the price will increase from S$40,000 to S$50,000.

The grant amount for eligible singles to purchase a four-bedroom or smaller flat for resale for the first time will be increased to A$40,000 and to A$25,000 for a five-bedroom flat for resale.

MND estimates that over 10,000 families will benefit from the increase in the first year of implementation.

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After Tuesday’s announcement, real estate analysts said the moves could boost demand for resale of HDB flats.

Lee Sze Teck, senior director of research at Huttons, said the HDB resale market size could increase to 26,000-28,000 from the previous forecast of 24,000-26,000.

Resale price growth could rise to 8 to 10 percent, he said, compared with his previous forecast of about 5 percent.

PropNex Realty CEO Ismail Gafoor said the increase in subsidies could result in the need to resell apartments while maintaining resale prices.

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“Sellers who increase asking prices may risk confidence outside the market as buyers remain price conscious given high interest rates and uncertainty in the global economy,” he added.

While this was the slowest growth in 2022, it was also the eleventh consecutive quarter in which the resale price index increased. The index showing overall price movements on the resale market rose to 171.9.

“We know that the increase in resale prices has caused concern among these (first-time) home buyers,” MND said.

“While we responded clearly by introducing two cooling measures in December 2021 and September 2022 and have seen the first signs of the situation easing, it will take time for these measures to be brought to market.”

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In September last year, the government introduced a series of property cooling measures, including a 15-month waiting period for private owners who want to buy HDB flats.

The measures include tightening the loan amount limit. For HDB loans, the loan-to-value limit is reduced from 85 percent to 80 percent.

“The government will continue to closely monitor the resale market to ensure it is in line with economic fundamentals and will take decisive action if necessary,” the minister said on Thursday.

“Further details on the housing policy changes announced in APBD 2023 will be shared in the MND Delivery Committee discussion.”

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