What Grants Are Available For First Time Home Buyers

What Grants Are Available For First Time Home Buyers – From today, first-time buyers will receive greater support and more flexibility in choosing the size and location of the apartment.

The income ceiling for meeting flats has also been raised for the first time since 2015, widening the range of those eligible.

What Grants Are Available For First Time Home Buyers

National Development Minister Lawrence Wong said yesterday that the new CPF Enhanced Housing Grant (EHG), which harmonizes two older grants, gives couples more flexibility in affording a flat that suits their needs.

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It also helps authorities meet growing demand for homes without building new housing, which is limited by land shortages, particularly in old estates, he said.

Mr Wong said past incentives, along with subsidies and grants, had encouraged first-time home buyers, adding: “This is one of the reasons why first-time buyers prefer new homes to resale. So we have to adjust our grant structure to achieve a better balance.”

Prime Minister Lee Hsien Loong hinted at the changes at a National Day rally last month, when he said his younger colleagues had ideas to keep housing affordable.

Previously, there were three types of grants: CPF Housing Grant of $50,000 for resale flats, CPF Additional Housing Grant (AHG) of up to $40,000 for those earning $5,000 or less, and CPF Special Housing Grant (SHG) up to $40,000 for those earning $8,500 or less who wanted to buy apartments with four bedrooms or less in unfinished properties.

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BTO house buyers may have been eligible for AHG and SHG, while those who bought resale houses could only get CPF Housing Grant and AHG.

From today (September 11), AHGs and SHGs will be combined into EHGs of up to $80,000 and available to eligible buyers – including resale home buyers who have not previously received SHGs.

Also, there are no more restrictions in choosing the type of apartment and accommodation of customers. “It (removing the cap) means first-time movers can get up to $40,000 more when they buy a new flat,” Mr Wong said.

The income limit for an EHG is $9,000, which is higher than the AHG limit of $5,000 or the SHG limit of $8,500.

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EHG’s warning is that the rent must cover buyers until the age of 95, in line with the government’s push to get people to buy homes that can last a lifetime. Those who do not meet this condition will receive a proportionate amount according to the rental agreement.

With this change, a qualifying family earning US$4,800 a month and buying a new four-room flat in a mature HDB estate can receive a grant of US$45,000, up from US$5,000 previously.

As for repeat homebuyers, they can get up to $160,000 in grants – a third more than before. This figure includes a CPF Housing Allowance of $50,000 and a Housing Allowance of $30,000.

Singapore’s household income ceiling for the purchase of new flats and executive housing units will rise by $2,000 – to $14,000 and $16,000 respectively, to allow for greater eligibility.

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Mr Wong said HDB is expected to increase the supply of BTOs in 2020 to meet the additional demand for public housing expected as a result of these changes. The committee is on track to release 15,000 apartments this year.

The third BTO launch of the year, originally scheduled for last month, has also been moved to later this month to allow more property buyers to take advantage of the changes.

Real estate analysts, buyers and sellers say the new system not only benefits first-time buyers, but also sellers looking to upgrade.

“If you’re a young graduate in a well-paying job, you’re making money. If you’re looking for an apartment to resell, you can afford more. If you’re a seller, your apartment is more likely to be moved. Now everyone’s a winner,” said ERA Realty, Yog Developer Manager Yen the sea.

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Young couples with high incomes and those looking to resell their residential flats in the resale market are likely to benefit the most from the new HDB policy announced yesterday, observers say.

And the resale market itself is likely to grow with new incentives for buyers, they added.

Yesterday, National Development Minister Lawrence Wong, among others, announced that the upper income limit for the purchase of HDB flats and executive houses (EC) has been increased by $2,000 to $14,000 and $16,000 respectively.

Eugene Lim, key manager of ERA Realty, said it is becoming more common for some new graduates to start with higher salaries, such as those in IT and finance.

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“Couples in these sectors will hit the income ceiling very early, so they can be pushed out of the build-to-order market,” he said, adding that the changes give such young people more choice.

“For someone who doesn’t want to spend too much on their first home, this is great. Getting your first HDB flat is a bit like national service for men – it’s a Singaporean rite of passage.”

Another big change is the new Enhanced CPF housing grant of up to $80,000. It replaces two previous grants, but allows more people to benefit because it has a higher income limit and places no restrictions on apartment size or location.

In his speech yesterday, Wong said adjusting the grant structure could make resale flats more attractive, and in turn help authorities meet housing demand.

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He noted that previous incentives for custom homes may have been a factor in why three out of four, or 75%, of first-time buyers bought new homes last year rather than reselling their homes.

OrangeTee & Tie head of research and consultancy Christine Sun said the change was timely, given that a large number of apartments – around 25,000 per year – are expected to reach their minimum occupancy period and enter the resale market in each of the next few years .

“But with more grants, some buyers will seriously consider reselling flats and that should help absorb supply,” she said, adding that the latest moves would complete changes in May to allow flat buyers to tap into more Central Fund savings to ensured that they become larger loans for the purchase of Old HDB apartments.

PropNex CEO Ismail Gafoor said existing homeowners can realize their upgrade dream after selling their homes. Instead of one in four people buying a resale home, he expects the grant to increase the ratio to one in three.

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“And when those owners sell their apartments, they are expected to buy a private apartment, so the entire ownership cycle will benefit,” Ismail said.

Mr Lui Ng, Member of Parliament for Nee Soon GRC, said the improved support benefits both buyers and sellers, adding: “People who are trying to sell can sell and people who urgently need a flat can afford it better.”

Ismail said, “The $2,000 increase will not only allow more people to qualify, but will also allow them to receive an additional $120,000 in loan amount based on the current mortgage service ratio which is capped at 30 percent.”

“I would expect a large number of people at the Fairmont Grand showroom this weekend,” he added, referring to the 820-unit Punggol EC – the only EC launched this year – which has only passed 50 percent sales.

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In the medium term, Huttons Asia research director Lee Sze Teck said changes to the grant allocation would ease the burden of home ownership for young couples.

• Upper income limits for new and resale apartments increased from $10,000 to $12,000 for families and from $5,000 to $6,000 for singles.

• PHG raised $30,000; The proximity status was revised from 2 km to 4 km, and singles who buy apartments to live near their parents are also included.

In May last year, Ms Tan Lee Xuan, 24, and her boyfriend of eight years, Mr Jaren Chua, 28, applied for a four-bedroom flat during the Balanced Flat Sale exercise.

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Under changes to the Housing Board’s grant schemes that come into force today, they are now entitled to about $25,000 more than they would have if they bought a home last year.

Under previous grant schemes, Ms Tan, a human resources manager, and Mr Chua, a vendor who runs a juice kiosk at the National University of Singapore, did not qualify for CPF Additional Housing Grant (AHG) because their combined income exceeded the maximum $5,000 .

Ms Tan said they were trying to get a four-bedroom flat in Baduk as she hoped to secure a flat near her parents’ home in Kambangan, so they could help take care of the couple’s future children.

Because Baduk is a mature estate, they also did not qualify for the CPF Special Housing Grant (SHG), which is limited to flats of four or more rooms in busar estates and an upper income of US$8,500.

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The two programs have now been combined under the new CPF Housing Enhanced Grant (EHG) scheme, which has a higher income ceiling of $9,000.

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