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.
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 Grants
Families 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
If you fulfil all the above 3 criteria, you can get as much as $55,000-$90,000 in grants to buy your resale flat. If you're planning to buy a BTO flat, you can refer to my previous post here to know the enhanced grants available for BTO flats.