First-timer couples who buy a resale Housing Board flat will get more subsidies, Finance Minister Heng Swee Keat announced in his Budget statement today (Feb 20).
The CPF Housing Grant, previously capped at $30,000, has been increased to $50,000 for couples who purchase four-room flats or smaller from the resale market, and to $40,000 for those who buy flats that are five-room or bigger.
For singles, the grant will be raised to $25,000 who those purchase four-room flats or smaller from the resale market, and to $20,000 for those who buy flats that are five-room or bigger.
The change takes place “with immediate effect”, he said.
Together with the Additional CPF Housing Grant (AHG) and Proximity Housing Grant (PHG), couples can now receive up to $110,000 in subsidies.
The AHG gives applicants up to $40,000 (from $20,000 previously), depending on their income, while the PHG provides up to a further $20,000 for those who live near their parents (up from $10,000).
These changes are expected to make resale HDB flats more attractive, as there is no waiting time compared to Built-to-Order (BTO) flats.