The housing market has seen an uprising of homeowners in recent years, thanks to the various housing grants available to eligible families.
An uprising of home ownership for rental tenants
Rental tenants are Singapore Citizen (SC) households who have no other housing options, hence, flats under the Public Rental Scheme are heavily subsidised to cater to them. According to the Housing and Development Board (HDB), more than 3,000 rental tenants have purchased their very first property during the Build-to-Order (BTO) or Sale of Balances Flats (SBF) exercises since 2013.
More housing grants for first-time homeowners
HDB has added more grants for first-time applicants, this presents more great news for eligible first-timer families who purchase a flat from HDB. Once they are able to meet the criteria, they will be eligible for grants with up to $40,000 of Additional CPF Housing Grant (AHG) and up to $40,000 in Special CPF Housing Grant (SHG), with varying amounts depending on household incomes. According to HDB, more than 200 have received the maximum housing grants of S$80,000.
As a first-timer applicant with pressing housing needs, you get to enjoy higher priority and other privileges when applying for a new flat such as the Third Child Priority Scheme or the Married Child Priority Scheme for eligible applicants to improve chances of securing a BTO or SBF flat. This, in addition to housing grants. On the other hand, the Tenants’ Priority Scheme (TPS) allows eligible tenants to purchase for a two-room flexi or three-room flat in the BTO or SBF exercises, as HDB sets aside 10% of the flat supply for eligible first-timers.
Need to find out more about buying your dream home? Ohmyhome is here in every step of your journey on your next flat purchase. Our HDB Buyer Agent Service includes financial planning and exploring the housing grants suitable to your needs. Call us at 6886 9009 to find out more!
Sources: CNA, HDB- First-Timer, HDB- Public Rental Scheme
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