Credit: CPF Board
As a potential first-time home owner, finding out which of the many HDB Grants you qualify for can be really confusing. Let's me explain the different HDB grants here:
In a nutshell, all you need to do is to focus on five questions:
What’s your average monthly household income over the past 12 months?
What’s the size of your flat (eg 4-room, 5-room)?
Are you planning to buy a BTO or resale flat? If it’s a resale flat, does the lease cover the youngest co-owner till 95 years old?
Is it an HDB Flay or Executive Condominium?
Are you staying within a 4km radius of your parents?
Enhanced Housing Grant
You need to consider your average monthly household income for the last 12 months as it will determine how much grant you can receive from the Enhanced Housing Grant.
Family Grant
Over the years, the price of resale flats has been rising, especially in mature estates where amenities are aplenty. To help Singaporeans who are considering resale flats, the Family Grant was introduced. The only caveat is that you need to ensure that the remaining lease on the resale flat covers the youngest co-owner till he/she is 95 years old.
Proximity Housing Grant
If you live within a 4km radius of your parents’ place, you will be eligible to $20,000 Proximity Housing Grant. If you are living with your parents, that’s an additional $10,000 in Proximity Housing Grant.
Some illustrations to help you better understand the HDB Grants scheme. This serve as a guide, please consult a HDB Officer to confirm the grant amount before making any purchase.
Now, I have a comprehensive Mortgage Loan Calculator to help you check your affordability before making any commitment. Let's have tea together :)
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