{"id":6429,"date":"2017-03-15T14:36:01","date_gmt":"2017-03-15T06:36:01","guid":{"rendered":"http:\/\/www.investollo.com\/?p=6429"},"modified":"2017-03-15T14:36:01","modified_gmt":"2017-03-15T06:36:01","slug":"cpf-housing-grant-resale-hdb-increase-first-time-buyer","status":"publish","type":"post","link":"https:\/\/www.areyouready.sg\/cpf-housing-grant-resale-hdb-increase-first-time-buyer\/","title":{"rendered":"CPF Housing Grant for Resale HDB to be increase for First Time Buyer"},"content":{"rendered":"
In the Budget 2017, Finance Minister Heng Hwee Kiat made the announcement to increase the CPF Housing Grants available for first-timer families buying a resale HDB. The grant amount will increase from the $30,000 currently to $50,000 (4-room or smaller resale flat) or $40,000 (5-room or larger resale flat). This new enhancement has taken effect since 20th February 2017. We are going to discuss some aspect of the CPF Housing Grant as well as the changes.<\/span><\/p>\n <\/p>\n What is a CPF Housing Grant?<\/b><\/p>\n The CPF Housing Grant is a grant from the Government to you. It is money given to you by the Government to help you pay off part of the cost of buying your first home – a resale HDB flat. It is not given to you if the first flat you intend to buy is a new BTO. New BTOs are eligible for the Special Housing Grant, not the CPF Housing Grant. <\/span><\/p>\n <\/p>\n What can the CPF Housing Grant be used to pay for?<\/b><\/p>\n But it cannot be used to pay for the 5% or 10% down payment if you are taking a bank loan<\/a>.<\/span><\/p>\n <\/p>\n How much will I get?<\/b><\/p>\n <\/p>\n Is this free money from the Government?<\/b><\/p>\n Yes. This is free money from the Government to you if you meet the criteria. <\/span><\/p>\n The criteria include:<\/span><\/p>\n <\/p>\n Do I have to return the money to the Government if I sell my flat?<\/b><\/p>\n No. You do not have to return the money to the Government if you sold your flat that was paid for partially with the grant. Instead, the grant money will be transferred to your CPF Ordinary Account (OA) if you are below the age of 55 and to your Retirement Account (RA) if you are above the age of 55.<\/span><\/p>\n If you are above age 55, you can apply to withdraw the money in your CPF that is more than the Full Retirement Sum (FRS). \u00a0<\/span><\/p>\n <\/p>\n Is there interest levied on the grant?<\/b><\/p>\n Yes. There is an interest of 2.5% on the grant money that you will have to return to your own CPF account if you sell your house in the future. The interest is pegged to the prevailing CPF Ordinary Account (OA) rates. <\/span><\/p>\n\n
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\n Household Type<\/b><\/td>\n Current Grant Amount<\/b><\/td>\n <\/td>\n Previous Amount<\/b><\/td>\n<\/tr>\n \n <\/td>\n 4-room or smaller<\/span><\/td>\n 5-room or bigger<\/span><\/td>\n 2-room or bigger<\/span><\/td>\n<\/tr>\n \n Family<\/b><\/td>\n $50,000<\/span><\/td>\n $40,000<\/span><\/td>\n $30,000<\/span><\/td>\n<\/tr>\n \n Single<\/b><\/td>\n $25,000<\/span><\/td>\n $20,000<\/span><\/td>\n $15,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n
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