The revised Housing Grant scheme aims to benefit 4,000 households each year. -- ST PHOTO: STEVEN LEE CT
THE recently announced enhanced Additional CPF Housing Grant scheme will help an extra 1,300 lower-income families own their first flats, the HDB said in a press release on Friday.
The current scheme, first introduced in March 2006, now provides an additional housing subsidy of between $5,000 and $20,000 to lower-income families to buy their first flat, be it a new or resale unit.
About 3,300 families have benefited as of July 31 this year.
To provide even more assistance, the enhanced scheme would grant even higher subsidies.
Under it, families who earn up to $4,000 per month can receive subsidies between $5,000 and $30,000.
Previously, only households earning up to $3,000 a month could qualify for a maximum grant of $20,000.
The revised scheme, which will take effect on Friday, aims to benefit 4,000 households each year.
Like the current scheme, HDB says, at least one of the would-be buyers must have worked continuously for at least two years when they apply to buy the flat.
REVISED ADDITIONAL CPF HOUSING GRANT SCHEME
1. To help lower-income families become homeowners, the Government introduced the Additional CPF Housing Grant (AHG) Scheme on 3 Mar 2006. The AHG has provided lower-income families with an additional housing subsidy of between $5,000 and $20,000 to buy their first HDB flat, which may be a new HDB flat or a resale unit. As at 31 Jul 2007, about 3,300 lower-income families have benefited from the AHG.
More Subsidy for Lower-Income Families
2. As announced by the Prime Minister at his National Day Rally speech on 19 Aug 2007, the Additional CPF Housing Grant (AHG) Scheme would be enhanced to provide more subsidy to lower-income families to help them buy their first HDB flat.
3. The enhanced AHG Scheme will take effect from 24 Aug 07. The income ceiling for AHG will be raised from $3,000 to $4,000, whilst the maximum grant will be raised from $20,000 to $30,000. The details of revised grant are as follows:
Average Monthly Household Income over the last 2 years | Current Additional CPF Housing Grant Quanta | Revised Additional CPF Housing Grant Quanta |
$1,500 or less | $20,000 | $30,000 |
$1,501 - $2,000 | $15,000 | $25,000 |
$2,001 - $2,500 | $10,000 | $20,000 |
$2,501 - $3,000 | $5,000 | $15,000 |
$3,001 - $3,500 | - | $10,000 |
$3,501 - $4,000 | - | $5,000 |
4. The enhanced scheme is expected to benefit an additional 1,300 first-timer households annually, bringing the total number of benefiting households to an estimated 4,000 per year.
Implementation Details
5. As with the existing scheme, at least one of the flat buyers must have worked
continuously for a minimum of two years when they apply to buy the flat. Upon the sale of the flat, the AHG will have to be reinstated to the recipient’s CPF account, in accordance with prevailing CPF rules.
6. The revised AHG will be effective from 24 Aug 2007. It will be applicable for the purchase of flats as follows:
| Category of Flats | |
| Purchase of New Flats | Booking of Flats on or after 24 Aug 07 |
| REVISED ADDITIONAL CPF HOUSING GRANT SCHEME | |
| Purchase of Resale Flats | Resale Application received by HDB on or after 24 Aug 07 |
Enquiries
7. For enquiries, the public can call the following toll free lines :
(a) Sales/Resale Customer Service Line : 1800 8663 066
(b) SERS Enquiry Line : 1800 8663 070
(c) Branch Office Service Line : 1800 2255 432
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