{"id":1903,"date":"2016-12-17T03:14:46","date_gmt":"2016-12-16T19:14:46","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=1903"},"modified":"2022-07-01T03:33:27","modified_gmt":"2022-06-30T19:33:27","slug":"what-you-need-to-know-about-the-lease-buyback-scheme","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/what-you-need-to-know-about-the-lease-buyback-scheme\/","title":{"rendered":"What you need to know about the enhanced Lease Buyback Scheme"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure id=\"attachment_9027\" aria-describedby=\"caption-attachment-9027\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-9027\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2015\/09\/lease-buyback-scheme.jpg\" alt=\"If you're a senior citizen and living in a HDB, you might want to consider the lease buyback scheme after retirement\" width=\"600\" height=\"339\"><figcaption id=\"caption-attachment-9027\" class=\"wp-caption-text\"><span style=\"color: #000000;\">If you&#8217;re a senior citizen and living in a HDB, you might want to consider the lease buyback scheme after retirement<\/span><\/figcaption><\/figure>\n<p class=\"p1\">If you are a retired Singaporean with your own HDB flat looking for ways to supplement your monthly income, there are a number of reliable methods which can help ease the financial worries in your golden years. On 3 September 2014, the Ministry of National Development (MND) and the Housing &amp; Development Board (HDB) <a href=\"https:\/\/www20.hdb.gov.sg\/fi10\/fi10296p.nsf\/PressReleases\/8891D802BA22AA6E48257D4800212EEA?OpenDocument\" target=\"_blank\" rel=\"noopener\">announced enhancements to the Lease Buyback Scheme<\/a> (LBS) making it more flexible for Singaporean seniors to unlock their housing equity to meet retirement needs while allowing them to stay on in their homes.<\/p>\n<h2><span style=\"color: #000000;\"><strong>What does the enhanced Lease Buyback Scheme offer? <\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">Under the enhanced Lease Buyback Scheme, elderly flat owners are able to sell part of their flat lease to HDB and retain a 30-year lease. The proceeds from selling part of the flat lease will be used to top up their Central Provident Fund Retirement Accounts (CPF RAs).<\/span><\/p>\n<p><span style=\"color: #000000;\">Flat owners can then use their full CPF RA savings to purchase a CPF Lifelong Income For the Elderly (CPF LIFE) plan, which provides a monthly payout for life.<\/span><\/p>\n<p class=\"p1\">Following the application of these improvements since April 1, 2015, there has been a substantial spike in interest for the scheme. Within the span of two months, almost 450 families have registered their homes for the enhanced LBS \u2013 marking an approximately 50%\u00a0increase over previous numbers.<\/p>\n<h2><span style=\"color: #000000;\"><b>What enhancements were made?<\/b><\/span><\/h2>\n<p class=\"p1\">Due to a low take-up rate since its inception in 2009, a number of changes have been made to boost interest for the LBS. These enhancements include:<\/p>\n<ul>\n<li>\n<h4><span style=\"color: #000000;\"><b><b>Relaxation of Flat Size &amp; Income Restrictions<\/b><\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p1\">Previously, the Lease Buyback Scheme had been restricted to owners of 3-room or smaller flats with a household income of S$3,000 or less. Following the changes in April 2015, the LBS has been extended to 4-room flat homeowners and the income ceiling raised to S$10,000 (from S$3,000 previously).<\/p>\n<p class=\"p1\">This change is perhaps the most noteworthy enhancement to the Lease Buyback Scheme as it allows working elderly to be eligible for the monetisation option.<\/p>\n<p class=\"p1\">Owners of 4-room flats will also stand to receive a $10,000 cash bonus per household when they participate in the LBS. This bonus sum is on top of the proceeds received from selling the tail-end lease of their flat to HDB.<\/p>\n<h4><span style=\"color: #000000;\"><b><b>Flexibility in CPF Top Up &amp; Payouts under CPF Life<\/b><\/b><\/span><\/h4>\n<p class=\"p1\">The requirement for households with two or more owners to top up their CPF RA with the Lease Buyback Scheme proceeds will also be relaxed. With this change, each owner will only be required to top up his\/her CPF RA to half the prevailing CPF Minimum Sum (MS) adjusted by age, as opposed to the full MS for both parties.<\/p>\n<p class=\"p1\">This will provide participants with more cash upfront from joining the LBS, albeit subject to a cap of S$10,000.<\/p>\n<p class=\"p1\">Optionally, house owners can also choose to top up their own CPF RA or their spouse\u2019s accounts with their LBS earnings to secure higher lifetime payouts under CPF Life.<\/p>\n<ul>\n<li>\n<h4><span style=\"color: #000000;\"><b><b>Increased Flexibility in Length of Lease Retained<\/b><\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p1\">Under the Enhanced Lease Buyback Scheme, applicants will be able to secure flexible lease periods based on their age and preferences.<\/p>\n<p class=\"p1\">This is a change from the standardised 30-year lease for all cases. For instance, those aged 75 to 79 will have the option of a 20-year lease instead.<\/p>\n<p class=\"p1\">Additionally, participants who might prefer a longer lease can apply for more than the minimum age required, in five-year increments, up to a maximum of 35 years.<\/p>\n<h2><span style=\"color: #000000;\"><b>Registering for the Lease Buyback Scheme: Five things to take note of<\/b><\/span><\/h2>\n<p class=\"p1\">While more Singaporeans are warming up to the Lease Buyback Scheme as a means to leading a comfortable retirement, there are certain clauses that should be kept in mind when participating in the program:<\/p>\n<ol>\n<li class=\"p1\">By joining the LBS, home owners give up their right to their houses at the end of the retained lease period. This means that participants are unable to pass their property down to the next generation.<\/li>\n<li class=\"p1\">Not all units are eligible for the LBS; a flat must have at least 20 years of lease to sell to the HDB for it to qualify for the scheme. Additionally, for 3-room flats, the remaining mortgage must be S$5,000 or lower.<\/li>\n<li class=\"p1\">All owners have to occupy the flat for at least 5 years and should not hold any concurrent ownership over a second property.<\/li>\n<li class=\"p1\">Participants need not fear being kicked out of their home should they outlive their lease period. The HDB has given assurance that such cases will be dealt on an individual basis; appropriate arrangements will also be made for owners who are unable to pay for an extension. Nonetheless, seniors should be aware of this clause as it ensures their interests are protected.<\/li>\n<li class=\"p1\">The most significant point of note is that the value of the participatory flats are determined and fixed at the time of enrolment. It does not take into account any future appreciation over the lease period, but only straight-line depreciation. This is an unlikely occurrence in land-scarce Singapore where a high demand for housing constantly drives the property market.<\/li>\n<\/ol>\n<p class=\"p1\">All things considered, the LBS is a stable avenue through which the elderly are able to secure their retirement nest egg. Regardless, it is always advisable to assess all terms and conditions thoroughly. You can learn more about the scheme <a href=\"https:\/\/www.hdb.gov.sg\/residential\/living-in-an-hdb-flat\/for-our-seniors\/monetising-your-flat-for-retirement\/lease-buyback-scheme\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<h2><span style=\"color: #000000;\"><b>What are some available alternatives?<\/b><\/span><\/h2>\n<p class=\"p1\">While the LBS can be an attractive option for Singaporeans who have not saved enough or have spent their savings on other immediate needs (e.g. children\u2019s education, medical bills etc.), it might not necessarily be the catch-all solution for every senior citizen looking to retire in comfort. Here are two alternatives for retirees:<\/p>\n<ul>\n<li>\n<h4><span style=\"color: #000000;\"><b><b>Subletting<\/b><\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p1\">Apart from the LBS, subletting an entire unit or a number of rooms can prove to be a similarly steady source of income for Singaporean retirees. This can be a viable option for elderly couples who do not mind living with strangers or have children who are open to having their parents stay with them.<\/p>\n<p class=\"p1\">However, one also needs to be aware of the <a href=\"https:\/\/www.hdb.gov.sg\/business\/estate-agents-and-salespersons\/renting-out-a-flat-or-bedroom\/regulations-for-renting-out-flats#:~:text=Flat%20owners'%20responsibilities,flat%20only%20for%20residential%20purpose\" target=\"_blank\" rel=\"noopener\">responsibilities of a landlord<\/a> should he or she make a decision to enter the rental market. Some requirements include meeting the Minimum Occupation Period of 3- or 5- years (depending on when the unit was purchased), as well as being legally complicit for any infringement of the covenants and provisions under the Housing &amp; Development Act on the part of tenants.<\/p>\n<ul>\n<li>\n<h4><span style=\"color: #000000;\"><b><b>Right-sizing<\/b><\/b><\/span><\/h4>\n<\/li>\n<\/ul>\n<p class=\"p1\">For Singaporean elders who do not wish to live in a house that is larger than their needs, a possible option would be to down-size from their current flat to a smaller one. This would involve buying a more compact unit and keeping the proceeds from selling an existing home as retirement funds.<\/p>\n<p class=\"p1\">Singaporeans, aged 55 or above, are also eligible for the <a href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-silver-housing-bonus-scheme-cpf-retirement\/\" target=\"_blank\" rel=\"noopener\">Silver Housing Bonus<\/a> if they choose to purchase a smaller HDB apartment. Under this scheme, participants stand to receive up to S$30,000 cash if they choose to cut-back to a 3-room or smaller flat.<\/p>\n<p class=\"p1\">In other words, right-sizing represents a lump sum which can be used to further bolster one\u2019s retirement securities.<\/p>\n<hr>\n<div class=\"entry-content\">\n<h2><span style=\"color: #000000;\">Interested in the Lease Buyback Scheme?\u00a0Let us know in the comments section below or on our Facebook post.<\/span><\/h2>\n<p class=\"p2\"><span style=\"color: #000000;\">If you found this article helpful, check out <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.99.co\/singapore\/insider\/why-the-lease-buyback-scheme-lbs-still-isnt-attractive-to-many\/\" target=\"_blank\" rel=\"noopener\">Why the Lease Buyback Scheme (LBS) still isn&#8217;t attractive to many<\/a><\/span> and <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-silver-housing-bonus-scheme-cpf-retirement\/\" target=\"_blank\" rel=\"noopener\">Is HDB\u2019s Silver Housing Bonus scheme worth considering?<\/a><\/span><\/span><\/p>\n<p class=\"p2\"><span style=\"color: #000000;\">Looking for a property? 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This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What you need to know about the enhanced Lease Buyback Scheme<\/title>\n<meta name=\"description\" content=\"Under the enhanced Lease Buyback Scheme, elderly flat owners are able to sell part of their flat lease to HDB and retain a 30-year lease.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/what-you-need-to-know-about-the-lease-buyback-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What you need to know about the enhanced Lease Buyback Scheme\" \/>\n<meta property=\"og:description\" content=\"Under the enhanced Lease Buyback Scheme, elderly flat owners are able to sell part of their flat 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