As demand for the HDB resale market soars, increased grants will be available for eligible first-time families looking to buy a resale flat.
Deputy Prime Minister and Finance Minister Lawrence Wong said he would increase the Central Provident Fund (CPF) Housing Grant by S$30,000.
This move would benefit first-time families looking to buy resale flats that are 4-room and smaller.
Source: Andrew Haha Lee on Unsplash
Meanwhile, first-time homebuyers who are either families with children or married couples aged below 40, will have an extra ballot for their Build-to-Order (BTO) flat applications.
In his Budget 2023 speech on Tuesday (14 Feb), Mr Wong recognised that families may find resale flats today too expensive. Hence, the government launched cooling measures to moderate demand in the resale market.
He said more support would be given to assist first-timer families looking for resale flats.
For instance, eligible first-timer families purchasing a two to four-room resale flat can get an S$80,000 CPF Housing Grant. This is a S$30,000 increase from the original amount of S$50,000.
As for those purchasing a five-room or larger resale flat, the CPF Housing Grant will see a S$10,000 increase from S$40,000 to S$50,000.
The increase in the grant will be available for eligible buyers submitting their resale applications on or after 3.30pm on 14 Feb. The additional amount will be credited to their CPF account from April this year.
“Together with the Enhanced CPF Housing Grant and the Proximity Housing Grant, eligible families can receive up to S$190,000 in grants when buying a resale flat,” Mr Wong said.
According to the MOF, there will also be an increase in the CPF Housing Grant for singles purchasing a resale flat for the first time.
The amount will increase to S$40,000 for eligible singles buying 4-room and smaller flats. Meanwhile, those going for larger flats will get a grant amount of S$25,000.
According to Mr Wong, the first-timer category covers a wide range of applicants. “For example, those who already have their own homes, but have not received housing subsidies before, are also considered first-timers,” he said.
Source: MCI on YouTube
Due to this wide range and the tightness in BTO supply, he said specific groups, i.e. families with children or married couples below 40, would get additional ballots when applying for BTO flats.
We will do more to help such families secure their BTO flats in a timely manner, including by giving them an additional ballot for their BTO flat applications.
He added that the additional ballot would be available later this year. The Minister for National Development (MND) will reveal more details at the Committee of Supply soon.
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Featured image adapted from Mike Enerio on Unsplash.
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