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Getting a resale flat over BTO flat has several advantages; one of it is the number of grants available for a resale flat. Grants for resale flats can come up to $160,000 while grants for BTO flats are at a maximum of $80,000. These housing grants for resale flats allows buyers to fork out a lesser amount while being able to move into the new home sooner. What are the grants that are available and the criteria to be eligible for it? Read on to find out more.
Family Grant
Eligibility
First-timer applicants
Income ceiling of $14,000 combined, or $21,000 if extended families will be living together
Both applicants are above 21 years old and are married
Remaining lease of resale flat is more than 20 years
Amount
If both are Singapore Citizens, the grant amount will be $50,000 for 2- to 4-rooms flats; $40,00 for 5-room flats or larger. However, if either party is a Singapore Permanent Resident, the grant amount will be reduced by $10,000.
Enhanced CPF Housing Grant (EHG)
Eligibility
Applicants are all first-timers
Average gross monthly household income for the past 12 months must not be more than $9,000
One applicant has to be working continuously for 12 months and is still employed at the time of application
Remaining lease of resale flat is more than 20 years; flat must have sufficient lease to cover the youngest buyer to 95 years old, otherwise the grant will be pro-rated
Applicants are not allowed to own any other properties (locally and overseas) or dispose of such properties 30 months prior to the grant application
Amount
Depending on the household income, applicants can receive up to $80,000.
Enhanced CPF Housing Grant (EHG) Singles
Eligibility
First-timer applicant who is a Singapore Citizen and is above 35 years old
Average gross monthly household income for the past 12 months must not be more than $4,500
Applicant has to be working continuously for 12 months and is still employed at the time of application
Remaining lease of resale flat is more than 20 years; flat must have sufficient lease to cover the applicant to 95 years old, otherwise the grant will be pro-rated
Applicants are not allowed to own any other properties (locally and overseas) or dispose of such properties 30 months prior to the grant application
Amount
Depending on the applicant’s income, applicants can receive up to $40,000.
Proximity Housing Grant (PHG)
Eligibility
Purchase of resale flat within 4km of parents or child (previously 2km)
Applicant must be a Singapore Citizen and is above 21 years old (35 years old for singles)
One other family member must be a Singapore Citizen or Permanent Resident
Have not received PHG previously
Remaining lease of resale flat is more than 20 years
Amount
For families: $30,000 to live together with parents/child, $20,000 to live within 4km of parents/child.
For singles: $15,000 to live together with parents/child, $10,000 to live within 4km of parents/child.
How will the grants be disbursed?
The grants will be credited into the applicant’s CPF Ordinary account. It can be used to offset the flat’s purchase price or to repay the mortgage loan of the flat.
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