The government has introduced more aid for low-income families to acquire their first flat.
First-time home buyers already receive a generous subsidy when they purchase a new HDB flat. Those with a monthly income of S$5,000 and below also enjoy more aid through the Additional CPF Housing Grant (AHG).
Families earning up to S$2,250 per month can now expect more aid, as the new Special CPF Housing Grant (SHG) is over and beyond the regular housing subsidy and the AHG. Households with monthly incomes of not more than S$1,500 can only purchase a two-room standard HDB flat in non-mature estates.
Along with the AHG, they will get a total Central Provident Fund (CPF) housing grant of S$60,000, aside from the price subsidy that is already available for a new two-room flat.
The SHG will benefit around 700 tenants, who are currently renting flats under the Public Rental Scheme, as well as provide first-time tenants the opportunity to become home owners.
To qualify for the SHG, one of the flat buyers should have worked continuously for at least a year when they apply for a flat. The household’s average monthly income over the one-year period will be used to determine the grant the household will get.
The SHG will also be extended to those who apply to buy two- and three-room standard Built-to-Order (BTO) flats in Bukit Panjang and Sengkang.