Great Deals Await First-time Home Buyers

The Housing and Development Board (HDB) of Singapore is giving a great opportunity to those who will be buying their homes for the first time. The Board has expanded its grant, specifically targeting those who want to buy their homes but are having financial difficulties.

According to Finance Minister, Tharman Shanmugaratnam, there are at least 2,700 first time home buyers who will be qualified for this housing grant every year.

The Singaporean Government has also lifted the income ceiling for those first time buyers who will qualify for the additional grant. On the previous month, the income ceiling was 4,000 dollars and now, it reached 5,000 dollars. In relation to this, the maximum amount for the grant was also raised from 30,000 dollars to 40,000 dollars. The last raise that the grant has experienced was 18 months ago in August 2007, when it amounted from 20,000 dollars to 30,000 dollars. Likewise, the eligibility criterion was raised from 4,000 dollars to 3,000 dollars.

The Finance Minister also pointed out that the number of first time home buyers who will qualify for HDB’s additional housing grant scheme will be boosted to 8,000 annually.

This newly enhanced scheme will double its budget to about 150 million dollars per year in order to fully ensure the public, especially the first time home buyers, with affordable housing.

Mister Samuel Ng, head of the Marine Parade Family Service Centre, addressed the benefits of Hob’s initiative and how it will address some newlyweds’ concerns during the crisis period on properties.

Mister Ng also says that housing is crucial in starting a family, and therefore, should be one of the priorities of the Singaporean Government.