HDB may offer shorter leases to help renters own homes

2 min read

Fresh Scheme

Shorter leases that are currently only offered to elderly buyers could be extended to public rental households under the Fresh Start Housing Scheme.

An upcoming scheme to help renters own a home again could offer two-room flexi flats with shorter leases.

The Fresh Start Housing Scheme will also include a new grant. This may be disbursed in tranches subject to conditions, as a way of encouraging new home owners to stay in their jobs, National Development Minister Lawrence Wong suggested in a blog post.

The scheme, announced by Prime Minister Lee Hsien Loong in August, targets second-timer families with young children. They would have owned a flat, but have sold it and are now public rental tenants.

Both HDB and the Ministry of National Development have been gathering views through public dialogues to shape the scheme.

Most former flat owners who are now living in public rental flats want to own a flat again, but are unable to get a mortgage, Mr Wong noted.

Under the scheme, this targeted group will get a flat similar in size to rental units. But the “big difference” is that they will eventually call the flat their own, Mr Wong added. Another HDB concessionary loan could also be provided to aid the move.

Visit The Straits Times for more.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

Join our social media communities!

Main Facebook page
Facebook #All Things HDB page
Facebook #Condo-Maniacs page
Facebook #UHNWIs Luxury Homes page
Instagram Main
Instagram #HouseInsights
Instagram #HouseTips
TikTok Main
TikTok #HouseTips

Reader Interactions

Leave a comment

Your email address will not be published. Required fields are marked *

Get the latest news in your inbox

  • This field is for validation purposes and should be left unchanged.