What are Housing Grants?
Owning a home is a significant milestone in life, and for many in Singapore, the government offers a range of housing grants to ease the financial burdens of purchasing a property. These grants, administered primarily by the Housing & Development Board (HDB), cater to different life stages, from young couples and singles to growing families and even seniors.
Understanding these grants and how to maximise their benefits can make homeownership more affordable and accessible. This guide breaks down the various housing grants available in Singapore, ensuring you have the information you need at every stage of life.
Housing Grants for Young Couples and Singles
For young couples and singles looking to purchase their first home, the government provides financial assistance to help ease the initial costs. One of the most significant grants available is the Enhanced CPF Housing Grant (EHG). This grant is designed to assist first-time homebuyers by offering financial support based on household income.
Couples and families with a combined monthly income of up to $9,000 can receive up to $80,000 in grant money, while singles earning up to $4,500 monthly can qualify for up to $40,000. The EHG is applicable for both new Build-To-Order (BTO) flats and resale flats, making it a versatile option for homebuyers.
For singles purchasing a resale flat on their own, the Singles Grant provides additional financial aid. Eligible singles earning up to $7,000 monthly can receive a grant of up to $25,000 for a 2- to 4-room resale flat or up to $20,000 for a 5-room or larger flat. Those applying under the Joint Singles Scheme (JSS) can collectively receive up to $50,000. These grants help make homeownership more attainable for young working professionals who choose to live independently.
Housing Grants for Families
As families grow, the need for a larger and more comfortable home becomes a priority. Recognising this, the government provides substantial support through the Family Grant, which helps couples and families afford resale flats. Eligible first-time homebuyers with a combined household income of up to $14,000 can receive grants of up to $80,000 for a 4-room or smaller resale flat and up to $50,000 for a 5-room or larger resale flat. Families with children or those purchasing a home as a married couple benefit significantly from this financial assistance.
Another useful grant for families is the Proximity Housing Grant (PHG). This grant encourages families to live near or with their parents for better support and closer familial ties. Families who buy a resale flat within 4km of their parents’ home can receive up to $20,000, while those who choose to live with their parents in the same resale flat can get up to $30,000. This initiative strengthens family bonds while making housing more affordable.
Maximising these grants requires careful planning. Families should assess their financial situation, choose the right housing type that aligns with their long-term needs, and ensure they meet eligibility criteria. Consulting an HDB officer or financial advisor can help them navigate the application process smoothly.
Housing Grants for Seniors
For seniors looking to downsize or make their homes more suitable for aging in place, several grants are available. The Silver Housing Bonus (SHB) is designed to provide financial assistance to elderly homeowners who sell their larger flats and move into smaller ones.
Seniors who meet the eligibility criteria can receive a bonus of up to $30,000 when they top up their CPF Retirement Account with part of the sales proceeds from their previous home. This grant helps seniors achieve financial stability while securing a comfortable living arrangement in their later years.
The Lease Buyback Scheme (LBS) is another option for seniors who wish to unlock the value of their existing flat without having to move out. Under this scheme, elderly homeowners can sell a portion of their flat’s remaining lease back to HDB in exchange for a cash bonus of up to $30,000 and a stream of monthly payouts. This scheme ensures that seniors can continue living in their familiar environment while securing their financial future.
Additionally, there are grants available for home modifications to make housing more age-friendly. The EASE (Enhancement for Active Seniors) Programme provides subsidies for installing elderly-friendly features such as grab bars, slip-resistant flooring, and ramps in existing HDB flats. This initiative helps seniors live independently and safely in their homes for as long as possible.
Housing Grants for Unique Needs
Apart from the general grants, there are specialised schemes catering to individuals with unique housing needs. For second-time homebuyers, particularly divorcees or widowed individuals, financial assistance is available through the Assistance for Second-Timers (Divorcees/Widowed Persons) Scheme. These individuals may qualify for priority flat allocation and housing grants to help them secure stable living arrangements post-divorce or bereavement.
For multi-generation families who wish to live together or in close proximity, the government offers financial incentives to facilitate such arrangements. Grants for multi-generation families include Proximity Housing Grant (PHG) and Step-Up CPF Housing Grant, which support lower-income households upgrading from rental flats to homeownership. These schemes encourage stronger family support systems by making it easier for different generations to stay connected while maintaining privacy and independence.
For low-income families, additional grants and subsidies are available under the Public Rental Scheme and the Special CPF Housing Grant (SHG). These schemes provide affordable rental and homeownership options for households that may not yet qualify for conventional housing grants. By ensuring that financial constraints do not prevent families from having a roof over their heads, these grants play a crucial role in Singapore’s housing policies.
Need a Home Loan Advisor in Singapore?
While housing grants significantly reduce the financial burden of homeownership, they are just one part of the equation. Many homebuyers require additional financial planning to navigate mortgage loans and financing options effectively. Consulting a home loan advisor can help individuals and families assess their financial situation, understand available loan packages, and make informed decisions regarding their housing journey. Financial institutions and HDB provide loan advisory services to ensure that buyers select mortgage plans that best fit their needs.
Understanding the various housing grants in Singapore is essential for making informed home-buying decisions. Whether you are a young professional, a growing family, a senior looking to downsize, or someone with unique housing needs, there is financial assistance available to support you. By leveraging these grants strategically and seeking expert advice when needed, homeownership in Singapore can become a more attainable and financially manageable goal.
