Proximity Housing Grant offers more help to families who want to live near their parents or married children
During the National Day Rally, Prime Minister Lee Hsien Loong announced that families buying a resale flat near their parents or married children will receive a $20,000 grant, as part of the new Proximity Housing Grant (PHG) that aims to get families to live near each other for mutual support.
This adds on to the maximum $30,000 CPF Housing Grant for first-timer families purchasing a resale flat.
Under the new changes, all Singaporeans – including owners of private property and recipients of earlier housing subsidies – will also qualify for the grant, although current private property owners will have to dispose of their private property within six months after the purchase of an HDB flat. There will also be no household income ceiling to qualify for the PHG.
Eligible singles will also receive a PHG of $10,000 under the same conditions.
However, PHG can only be given to every Singaporean once, and which they must stay near their parents or children for a minimum of 5 years.
For more information, check out Channel News Asia and 99.co’s infographic below for more HDB housing- and family-related policy changes announced during the NDR:
If you enjoyed this article, you might be interested in En Bloc Sales – how does it work? and Things you should consider when buying an older HDB resale flat.
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I ask berhalf of my mum. She want to do lease buyback but she did understand how it work. When she in the period of lease buyback can she sell her flat. Lease buyback period how long.
I ask behalf of my mum. She want to do lease buyback but she did not understand how it work. When the period she do lease buyback do she can sell the house. Also her mop did mean the period short 3 or 4 MTh. But she have went to see the mp for help about this matter of lease buyback
In a nutshell, the Lease Buyback Scheme is a policy initiated by the Gov’t to allow elderly citizens to sell back part of the lease of their house in exchange for money (most of which will go into your retirement savings). If your mother is 64(+) she will in principle be eligible for the scheme (some other criteria can be found here: http://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/for-our-seniors/lease-buyback-scheme). As for the period, there is a minimum of 20 years worth of lease that you have to be able to sell back.
If you have any more specific questions, please do not hesitate to contact us, either through this medium or directly via our live chat on our main website (https://www.99.co/)