LEASE-BUYBACK SCHEME ENHANCED, ELDERLY CAN LEASE THEIR HOMES WITH EASE

In yet another move to tweak the unpopular lease buyback scheme, the HDB announced today that new enhancements would be made to the Lease Buyback Scheme with effect 1st April 2015.

The enhancements include allowing 4 room HDB flats to be included in the scheme, raising the income ceiling from $3,000 to $10,000 per month, lowering the CPF top-up requirement for households with 2 or more owners and giving more flexibility in the length of lease to be retained.

Extending the scheme to 4 room flats would cover up to 75%of elderly HDB households in Singapore.

The HDB conceived of the lease buyback scheme to allow elderly households to sell the tail-end of their HDB flat lease back to the HDB for money. HDB claims that this gives them more money to retire in their own homes.

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