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Low Income First Time Home Buyer Grants – All Singaporean families buying a Housing Board resale flat nearby either with their parents or married children will receive a new grant of $20,000, regardless of their income level. and whether they previously received housing benefits.
Details of the Residential Housing Grant (PHG) and other housing policy changes were announced by the Ministry of National Development and HDB yesterday, after Prime Minister Lee Hsien Loong announced the moves This on Sunday.
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Under the PHG program, first-time buyers will receive a subsidy of $10,000 more than the previous CPF higher level housing subsidy. Single people will receive $5,000 more than before. The higher subsidy level will be abolished.
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PHG is open to previously unauthorized buyers, including private property owners, although they must sell within six months of purchasing the resale flat. Buyers can only receive PHG once. The grantee and his or her parents or married children must live in close proximity or together for at least five years thereafter.
Real estate experts believe the financing could boost transaction volume in a sluggish resale market. However, R’ST research director Ong Ka Seng added: “It is unlikely to have a major impact on resale prices as (credit restrictions) may effectively limit sellers’ price increases. “
At Sunday’s National Day rally, Mr Lee also announced higher income ceilings of $12,000 for HDB flats and $14,000 for executive (EC) flats.
Chief executive Ken Lee, 30, who is applying for BTO with his accountant girlfriend, 27, said: “The increase in the income limit is welcome news for us. Their combined salary is $1,000. above the old ceiling of 10,000 USD.
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The new income limits that came into effect yesterday apply not only to new homes but also to the CPF Housing Benefit for Flat Sales and the CPF Housing Benefit at the EC level.
ERA Realty CEO Eugene Lim said this could increase resale volumes but prices are unlikely to increase.
The income ceiling for singles buying a new two-bedroom apartment has increased from $5,000 to $6,000, respectively. From the implementation of BTO next month, the maximum CPF Special Housing Allowance will be $40,000, up from $20,000. With the Additional Housing Grant available up to $40,000, first-time BTO buyers on low incomes can receive grants of up to $80,000.
For two-bedroom flats where the subsidy amount exceeds 95% of the BTO price, buyers will pay 5% in cash or CPF savings. For example, they will pay only $3,750 for a $75,000 apartment.
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Any excess allowance can be used to pay for optional items such as flooring or the buyer’s CPF.
The Ministry of National Development (MND) and the Housing Development Board (HDB) introduced three new measures to… Posted by the Ministry of National Development on Monday, August 24, 2015
National Development Minister Khaw Boon Wan said yesterday that applicants for new flats at the Housing and Executive Council (EC) need not worry about more competition now that the income ceiling has been is raised because the supply can be adjusted accordingly.
“We have influence over supply and we can always adjust supply – expand and reduce as needed,” he told reporters at the HDB Hub in Toa Payoh.
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Mr Khaw was responding to concerns about whether the higher income limit would create more competition as more qualified buyers apply for BTO and EC. As of yesterday, the household income ceilings in Singapore for purchasing new apartments and ECs have increased from USD 2,000 to USD 12,000 and USD 14,000 respectively.
Mr Kaw said three years ago, this change was not possible because the government was still dealing with a backlog of demand for BTO flats.
Asked whether EC developers could increase prices as more buyers qualify under the new income limits, Mr Kaw again pointed to the government’s supply controls.
“It’s like a faucet,” he said. “If I were an EC developer… I would think twice.” “A lot of them I know are thinking about adjusting (prices) down to meet the growing supply of EC versus the demand that is now largely met.”
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The Ministry of National Development (MND) and HDB said 21,000 families benefited from the latest increase in the income ceiling in 2011.
National Development Minister Khaw Boon Wan is rejecting suggestions that policies are currently being introduced to help more people afford to buy homes ahead of the upcoming general election. He spoke to the media this morning as HDB revealed details of the measures announced by Prime Minister Lee Hsien Loong at last night’s National Day rally. http://bit.ly/1Jf9iyl #ndr Posted by 938LIVE on Sunday, August 23, 2015
Mr Khaw also dismissed claims that the latest housing policy changes were made just before the upcoming General Election (GE).
“If you follow what we’ve done since I joined MND over four years ago, almost every year we’ve made adjustments because my goal is clear: homeownership is a very important part of running Singapore. .
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“But as society evolves, wages adjust, you have to adjust policy over time,” Mr. Kaw said, adding that the focus would shift between different groups each time.
“That’s how I approach the problem.” And does it have anything to do with GE?
“Even as we expand to higher income groups, we are improving or increasing subsidies for lower income groups. This means that overall more Singaporeans will benefit from subsidies House.”
Mr Kaw added that the upcoming plan to help renting families buy their own homes will require “a lot of thought”.
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The Fresh Start housing program, announced at a Independence Day rally on Sunday, will target families with young children who once owned an apartment but sold it and are now living in rented accommodation. public.
“We are not ready to do it yet, but I am confident that we will be able to tackle the implementation in the next few months, which could mean next year,” Mr Kaw said.
A new scheme for families living in rental apartments after being forced to sell their flats could help them escape poverty, social workers told The Straits Times.
Prime Minister Lee Hsien Loong announced the Fresh Start housing program at a National Day rally on Sunday to help second-rent households own a two-bedroom apartment.
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He also proposed a new housing benefit to help such families buy homes, as well as providing advice on issues such as work, relationships, education and drugs.
Experts believe that homeownership encourages families to develop more stable employment and relationships, as well as protect their children from the negative impacts that a rented housing environment can bring. .
While details are still being worked out, Mr Lee said the two-bedroom apartments will have shorter rental periods and stricter resale conditions to make them more affordable.
Ms. Petrin Lim, senior social worker at Fei Yue Family Service Center, believes that owning an apartment will eliminate housing problems and allow families to focus on solving problems. other.
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“It is true that (apartments) have stricter resale regulations so families cannot go back to the cycle of selling their apartment and moving back to renting the apartment,” she said. It’s only fair to reduce the likelihood of the problem recurring. “
“It’s encouraging that they won’t continue to fall into this cycle of poverty,” said Ms Shellen Ang, head of research and development at charity Focus on the Family Singapore.
Ms Denis Pua, MP for Moulmein-Kalang GRC and chair of the government’s parliamentary committee on family and social development, said many of the families targeted for support may have already sold their first home. due to financial difficulties or divorce.
While the Housing Commission and the Ministry of National Development said yesterday the program would target families with young children, some called on the government to consider helping divorcees.
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Awwa Family Service Center Director Edwin Yim said divorces with children often result in extended family members lacking autonomy in building their own family culture or disciplining their children.
“Children will learn from other children and family members will also teach children,” he said.
Social workers support safety nets related to the scheme and grants, such as stricter resale conditions and how grants, if offered, will include counselling, along with with other conditions not specified.
“The problem is not just about retaking the apartment. It is a whole system that will help these families deal with any recurring problems,” Ms Ang said.
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Mr. Donald Han, managing director of real estate consulting company Chestertons Singapore, proposed that the lease term for HDB apartments be about 30 years shorter than the usual 99 years.
“These parents will probably be in their 40s, so in 30 years they will be in their 70s and they will have children to support or be able to upgrade (their apartment) in at that moment”.
National Development Minister Khaw Boon Wan agreed yesterday
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