SPECIAL HOUSING GRANTS TO KICK IN FROM SEPTEMBER 2015

The Special CPF Housing Grant (SHG) increases, which were announced by Prime Minister Lee Hsien Loong, will take effect from the 1st Build-To-Order (BTO) exercise this coming September.

The changes for household income ceilings for the SHG will be raised from $6500 to $8500, and the maximum grant amount will be doubled from $20,000 to $40,000. With the changes, more than two thirds of Singaporeans would be eligible for the SHG with the increased ceiling.

For example, before the changes, a first-time buyer earning $4,000 a month and planning to buy a four-room flat that costs S$295,000 in a non-mature estate would receive an Additional Housing Grant of S$15,000. With the new changes to the SHG, the family will also receive a grant of S$40,000, up from the previous S$20,000. As such, the family will receive a total of S$55,000 in grants and they will pay S$240,000 for the flat, after deducting the grants.

For another family who earns S$1,000 a month and buys a two-room flat that costs S$110,000, they will receive an Additional Housing Grant of S$40,000. With the increased SHG, the family will also receive another S$40,000, bringing the total amount of grants received to S$80,000. After deducting grants, the family has to pay S$30,000 for the flat.

Singles purchasing HDB flats will also benefit from the changes. The income ceiling for singles to qualify for the SHG has been raised from $1000 to $4250. The maximum SHG grant amount for singles would also be doubled from $10,000 to $20,000.

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