Most couples would apply for a BTO flat as a first step to setting up their own family. However, some of us would be buying resale flats as we want a better location or we want to stay near our parents for convenience sake. Resale flats are also much faster for you to move in as you do not have to wait at least 3 years for your house to be built finish as with the case of buying a BTO flat.
Credit: https://www.flickr.com/photos/86530412@N02/8224546207
Resale flats are flats bought from the open market which is not subsidized by the government as like the BTO flats. However, there are still grants available to help out with the high housing cost. Let's take a look at the various grants available:
The grant available for this scheme is $30,000. To be eligible, your household income must not exceed $12,000 (revised from $10,000 before 24 August 2015). You must be a Singaporean and form a family nucleus with another Singaporean or PR. This grant is only available for first time home buyers.
Additional CPF housing GrantsFamilies who earn up to $5000 will be eligible for additional housing grants under this scheme. The maximum grant available is $40,000 for those with less than $1500 monthly household income and minimum $5000 for household earning $4,501 - $5,000.
Proximity Housing Grant (New from 24 August 2015 onwards)Under this scheme, you can receive $20,000 in grant.
The eligibility criteria is:
Your parents/ married child are:
- living with you in the resale flat
- living in an HDB flat in the same town or within 2km
- owner-occupants of private property in the same town or within 2km
You can Subscribe to SG Young Investment by Email
or follow me on my Facebook page and get notified about new posts.
Related Posts:
1. Should Couples Buy A 5 Room HDB Flat For Their First BTO Application?
2. How much money does a couple need to earn in order to afford a $300,000 HDB flat?