An Essential Guide To Singapore’s CPF Housing Grants
Property prices in Singapore have been steadily declining and if analysts are right, it’s going to be a long way down. Oversupply of properties, cooling measures such as the Total Debt Servicing Ratio (TDSR) framework and the Additional Buyers Stamp Duty (ABSD) will continue to keep the market depressed.
While housing in Singapore definitely does not rank as one of the cheapest in the world, more than 90% of the population are indeed proud home-owners. And with the huge increase in property prices in the last 5 years, it’s making it difficult for most middle-income families to own a shelter over their head. So what can we do about it?
The Singapore government tries to stay far away from being a welfare state, but that does not mean help is lacking. Housing grants are aplenty in Singapore, so much so that they are quite confusing! Here’s a comprehensive guide by us at Enjoycompare.com to help you find a grant to help you towards owning your own home.
For those who are buying public residential property, there are a number of housing grants available to make buying your home more affordable. Do be sure to check that you fulfil the eligibility criteria first.
CPF Housing Grants For HDB
CPF Housing Grants For Resale Flats
Family Grant – Eligible first timer applicants can get up to $30,000 of family grant if buying a resale flat. Average gross monthly income must not exceed $12,000.
Proximity Housing Grant – The Proximity Housing Grant (PHG) of $20,000 has been introduced last year to help families who want to buy a resale flat to live in with or near their parents/ married child. Eligible singles will enjoy a PHG of $10,000 as well.Proximity conditions requires either living in the same resale flat or living near a 2 km radius of each other.
All Singaporeans are eligible for the grant once, regardless of what their household income is or if they own private property. The grant’s recipients and their parents/married child must live close to each other for at least five years.