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HDB Resale flat for sale - CPF Housing Grant Schemes

HDB Resale Flat Buyer - Using CPF Housing Grant Scheme to Subsidise your purchase of Resale Flat

Central Provident Fund (CPF) is a compulsory comprehensive social security network which aims to provide working singaporean with sense of security and confidence in their old age. Besides healthcare, insurance, education, investment and retirement, your monies in the CPF's ordinary account can be used to fund the purchase of residential property (except commercial property). For the puchase of HDB resale flat, you can apply CPF Housing Grant to top up your CPF for the resale flat purchase, if you meet the criterias set by HDB resale and CPF rulings.

You Are Not Eligible for CPF Housing Grant Scheme in the Following Conditions :
You have previously utilized a housing subsidy from HDB, or you and all co-applicants listed in the resale application own any of the private residential property (including HUDC flat, Executive Condo), houses, building, land and commercial property in both local or overseas, or have not disposed of these properties within 30 months prior to the resale application, o if you are buying a 1-room flat or a resale flat that has been announced for redevelopment under the Selective Enbloc Redevelopment Scheme (SERS).

Lastly, if you and your co-applicants are undischarged bankrupts.

Application of CPF Housing Grant Scheme over a period of time.
If you are not affected by the abovementioned conditions, then you are entitled to apply one of the CPF Housing Grant Scheme depending on your matching criteria, and you can subsequently upgrade to another CPF Grant Scheme if you meet further requirements over period of time. For instance, an above 35 years old male qualified Singapore Citizen first took the Single Grant, and subsequently he married to Singapore Citizen spouse, who is also the first timer, took CPF Top Up Grant to Family Grant, and since average monthly household income over one year period is below $5,000, his family can further entitled for Additional CPF Grant Scheme (AHG) to get further financial assistance. Through the following CPF Housing Grant Schemes, the government provides eligible buyers with a flexible range of subsidies that cater to qualified families and single.

1) Family Grant Scheme : For married couples who are first-timer applicants.
You must be Singaporean Citizen, at least 21 years old. You must include at least one listed occupant who is Singaporean citizen or Singapore permanent resident. You must form a family nucleus such as your spouse and children (if any), or your parents and siblings, or your children under your legal custody (if widowed or divorced). The Income ceiling, that is your gross monthly household income must not exceed $8000. If you apply with extended family (refer to parents with working childred or married children), gross monthly household income must not exceed $12,000. If your average monthly household income over the last 1 year is $5,000 and below, you can also apply for the Additional CPF Housing Grant (AHG) in addition to Family Grant.

Under the Family Grant Scheme, Singapore Citizen with Singapore Citizen household shall entitle CPF subsidy of $30,000 while Singapore Citizen with Singapore Permenent Resident household shall entitle CPF subsidy of $20,000.

2) Higher-Tier Family Grant Scheme : For married couples who are first-timer applicants, buying a resale flat near their parents'/married child's house.
For married couples who are first-timer applicants and

Singles who will be living with their parents are eligible for a higher-tier grant of $20,000.

5) Higher-Tier Single Grant : For Singapore Citizen who is single, choose to live with their parents.
The eligibility conditions are similar to Single Grant. Except that should the Single choose to live with their parents, are eligible for a higher-tier grant of $20,000.

6) CPF Top Up Grant to Family Grant : For Singles Grant recipients who subsequently get married.

The grant is only given to Singapore Citizen spouse (not Singapore Permanent Resident spouse) who is listed as an owner or applicant of the flat. The CPF Top Up Grant apply to the Single who subsequently marry a first-timer citizen spouse or another Singles Grant recipient, or whose non-citizen spouse or child have become a Singapore Citizen or Singapore Permanent Resident (applicable for those who have bought a resale flat under the Non-citizen Spouse Scheme).

7) Half Housing Grant : For Singapore Citizen first-timer with spouse who had previously enjoyed a housing subsidy.
The requirements such as Citizenship, age and income ceiling limits are similar to Family Grant Scheme and Higher-Tier Family Grant Scheme, except that if you are a first-timer citizen who marries a second time and if your spouse has previously enjoyed a housing subsidy, You'll entitle the CPF grant of $15,000 under this Half Housing Scheme. If you are buying a resale flat near parents/married child, where parents are staying with you in the resale flat, or your parents and married child are the owner-occupant of property in the same town or within 2 km, you'll entitle the CPF grant of $20,000.

The Conditions after you have obtained the CPF Housing Grant - Minimum Occupation Period and Resale Levy
If you have obtained the CPF Housing Grant to purchase the resale flat, you need to fulfill the minimum occupation period of 5 years from effective date of purchase before you are eligible to sell your flat in the open market. The rationale behind is that such purchase mode is substantially subsidized by the Government, hence required longer period of dwelling purpose to meet the basic housing needs of eligible buyers.

Also you will be required to pay a resale levy should you choose to purchase another flat directly from HDB. The amount of resale levy is $15,000 for 2-room flat, $30,000 for 3-room flat, $40,000 for 4-room flat, $45,000 for 5-room flat and $50,000 for Executive flat. The resale levy is meant to reduce the subsidy on the second subsidised flat so as to maintain a fair allocation of public housing subsidies between first and second timer citizen families. This is also to give priority to 1st-timers who have more urgent housing needs. If you choose to purchase resale flat from the open market, there shall be no levy impose on the flat you sell and buy.

In summary, CPF Housing Grant money can be used to offset the purchase price of the HDB resale flat from the open market, thereby reducing the housing loan amount a buyer needs to secure. It can also be used as capital payment for the purchase. You may consult reliable realtor for further advice on your eligibility to apply for CPF housing grant. A professional property agent should furnish you the latest Government, HDB and CPF rulings and transparent information such as recent transaction and current market trend to help you be well informed so that you can buy a HDB resale flat safely and at fair or subsidized price.

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Field names used in Singapore Properties classified listing ads from MLS Search :

B[Bungalow house] SD[Semi Detached house] CT[Corner Terrace] IT[Inter Terrace] C[Condominium] T[Townhouse, cluster housing or strata title housing] H[High rise apt] L[Low rise apt] W[Walkup apt] M[Maisonette] P[Penthouse] D[Duplex] O[Office] F[Factory] S[Shop house or space] W[Warehouse] L[Land]

Old district no, cover from district 1 to district 28. See Singapore 28 Districts Directory Map

Tenure of the property- Freehold Tenure[FH] , 999 Tenure , or 99 Leasehold Tenure[LH] .

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Built in area, in square feet (sq.ft) This field apply to all commercial and residential properties.

LAND :

Land area in square feet (sq.ft) This field only apply to landed residential properties (bungalow, detached house, semi-detached, inter or corner terrace house)

Story of landed house(bungalow, semi-detach, inter or corner terrace house), 2.5 means 2 story house with attic.

Price per sq.ft. For Condo or apartment, PSF=PRICE$/AREA. For Landed house, PSF=PRICE$/LAND.(Built in area is not factored)

U/FURN[Unfurnish] P/FURN[Partial furnish] F/FURN[Fully Furnish]