Low-income Singaporeans to benefit from housing grants

First-time buyers with income $1,500 and below may purchase 3-room standard flats.

In a release, HDB enhanced the Special CPF Housing Grant. "With effective credit assessment by HDB to help the low-income households buy a flat within their means, we have decided to extend the SHG (of $20,000) for first-timer households earning $1,500 and below, to include purchases of 3-room standard flats in non-mature estates."

Here's more from HDB:

The enhancement will expand the housing options available to low-income households who need more space, and can afford a larger flat, with the help of government subsidies. This will take effect from the July BTO launch.

In March 2011, MND introduced the Special CPF Housing Grant (SHG) to help first-timer low income households own their homes. Those earning between $1,501 and $2,250 can qualify for a SHG of up to $15,000 if they buy a 2-room or 3-room standard flat in the non-mature estates from HDB. Those earning $1,500 or less can qualify for a SHG of $20,000 if they buy a 2-room standard flat in the non-mature estates from HDB. The restriction to a 2-room standard flat is to encourage financial prudence, and ensure that these low-income households do not overstretch themselves. The SHG is over and above the regular market subsidy for new flats.

Together with the Additional CPF Housing Grant (AHG), households earning $1,500 and below can now enjoy total housing grants of $60,000 for the purchase of 2-room or 3-room standard flats in non-mature estates from HDB. Table belowHou summarizes the housing grants available to first-timers buying new flats from HDB.

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