Are you a Singaporean citizen facing challenges in finding your dream home? The journey to homeownership can often be filled with frustrations, from limited space to lack of privacy. However, the Singapore government understands these pain points and offers various housing grants to assist first-time buyers in acquiring their own property. In this article, we will explore the different HDB grants available and how they can help you overcome these obstacles.
Addressing the Pain Points:
Living with family can sometimes compromise privacy and comfort, hindering your ability to enjoy your personal space. Additionally, the lack of adequate room for daily activities or starting a family can be disheartening. Moreover, the constant inquiries about when you will have your own home can add to your frustration. If you have experienced unsuccessful attempts at HDB BTO or sales of balance flat applications, do not lose hope, as there are other avenues to explore.
Here are 3 government grants that can assist you in getting your dream home quicker.
1. CPF Family Grant:
For first-timer grant purchasing a resale flat, you will be able to get up to $80,000 for 2-room to 4-room or up to $50,000 for 5-room onwards.
For the first-time grant purchasing a BTO flat, you will be able to get up to $40,000 for 2-room to 4-room or up to $25,000 for 5-room onwards.
2. Enhanced Housing Grants (EHG):
The Enhanced Housing Grants (EHG) cater to individuals with a combined household income below $9,000. Under this scheme, eligible buyers can receive up to $80,000, subject to average household income for purchasing a resale flat.
If you are purchasing a BTO, eligible buyers can receive up to $40,000, subject to average household income.
The EHG offers a substantial financial benefit, allowing you to maximize your purchasing power and explore more options for your dream home.
3. Proximity Housing Grant (PHG):
The Proximity Housing Grant (PHG) is aimed at buyers who wish to reside near their parents, within 4km. By choosing a property in close proximity to your parents' residence, you can receive a grant of up to $20,000. Furthermore, if you decide to bring your parents to live with you, the grant amount increases to $30,000, for a resale flat. If you are purchasing a BTO, eligible buyers can receive up to $10,000, subject to average household income, near parents and if you wish to bring your parents to live with you, the grant amount increases to $15,000. The PHG encourages multigenerational living and strengthens family bonds while providing additional financial support for your home purchase.
Benefits of HDB Grants:
By utilizing these grants, you gain access to numerous advantages:
1. Expanded Options:
The grants increase your budget, enabling you to explore a wider range of housing choices.
2. New MOP BTO Flats:
You can consider newly built flats under the Minimum Occupation Period (MOP) for first-time buyers, ensuring a fresh and modern living environment.
3. Larger Flats in Mature Estates:
With enhanced financial assistance, you can consider more spacious flats located in well-established neighbourhoods.
4. Reduced Waiting Time:
The grants may expedite the process of acquiring your home, reducing the time spent on waitlists.
5. Ideal Location:
You have the flexibility to purchase a property in your desired location, aligning with your lifestyle and preferences.
Don't let the challenges of homeownership deter you from achieving your dreams. The Singapore government offers a range of HDB grants to alleviate your concerns and provide financial assistance. By taking advantage of grants such as the CPF Family Grant, Enhanced Housing Grants (EHG), and Proximity Housing Grant (PHG), you can significantly increase your budget and gain access to a wider selection of properties.
Over the past year alone, I have successfully guided 30 first-time couples in purchasing their homes, helping them reduce housing loans, and monthly instalments, and ultimately achieve homeownership faster. Contact me today to explore the opportunities presented by these grants and embark on your journey toward owning your ideal home in Singapore.