If you are like most Singaporeans, owning a home to call your own is likely to be one of your biggest goals in life. Many of us will opt to live in HDB flats – they are made affordable through HDB’s housing grants and financial schemes.
In this article, we will be providing resources for everything you will need to know about all of HDB’s housing grants, policies, and programmes. This includes information on things such as buying, selling, and renting a HDB flat, what you can/cannot do in a HDB flat, as well as HDB’s upgrading programmes.
HDB housing grants and financial schemes
If you are a first-time buyer, then this segment will be of particular importance to you. Since you are buying a flat for the first time, it’s likely that you’re going to be entitled to a decent amount of HDB’s housing grants.
What’s more, in Sep 2019, it was announced that the income cap for eligible HDB flat buyers has been raised from $12,000 to $14,000. A new Enhanced CPF Housing Grant (EHG) was also introduced, offering first-time flat buyers more flexibility in selecting their size and location of their flats.
For those who wish to live near their ageing parents, there are initiatives such as the Proximity Housing Grant. There is also the Lease Buyback Scheme for older homeowners, which allows flat owners to have more retirement income by monetising their flat’s remaining lease. This is a scheme that’s catered to senior citizens, who may be looking for ways to cash out on their remaining lease for some extra money.
Schemes for the single homeowner
Due to government regulations, singles need to be at least 35 years of age in order to purchase HDB units. If they are looking for BTOs, they’re limited to 2-room Flexi units.
Even then, they might not be able to afford an apartment on their own. They can apply through the Joint Singles Scheme so that they can live with another single friend.
The schemes offered by HDB will help you to reduce your expenditure when it comes to purchasing a HDB flat.
For a more in-depth guide on HDB’s various financial schemes, check out the links below.
Taking out a loan for your HDB
Most Singaporeans will have to take out a loan in order to finance our purchase of a HDB flat – either from HDB, or from a bank.
Between an HDB loan or bank loan, there are various benefits and disadvantages that come with each option. And of course, there’s the question of eligibility in the first place.
With the new CPF and HDB loan rules in place, homebuyers may be confused with the changes. That’s why we’re helping out by compiling a list of resources that includes coverage of the new rules, and the differences between bank and HDB loans.
If you’re interested in buying an HDB, this can help you to decide on the loan type that gives you the best deal.
|
Getting a loan for your HDB
|
Buying a HDB flat
This segment is geared more towards those who might be unclear on whether they are allowed to buy HDB property under certain circumstances.
For more information on buying a HDB flat, be sure to check out the articles below.
|
Buying a HDB flat
|
Selling a HDB flat
There have been various rules put in place to deter people from buying property simply to make a quick buck.
One of these rules, the Minimum Occupancy Period (MOP), was created to ensure that property buyers cannot sell their HDBs without first living in them for a minimum number of years.
Another policy, the HDB resale levy, also imposes a levy on homebuyers who want to buy another subsidised HDB flat after making a sale of a previous subsidised flat.
For more details on the MOP and HDB resale levy, you can read the following articles.
|
Selling your HDB
|
Renting out or renting a HDB
This segment is for you if you’re thinking about renting or renting out your HDB flat. Regardless of your intention, the following articles will tell you everything you need to know.
Living in a HDB
When living in a HDB estate, there are actually certain things you aren’t allowed to do that you might not have known about, such as smoking in the stairwell of HDBs.
The articles below will cover areas such as HDB’s policy on not allowing a mezzanine in a HDB flat due to safety concerns, and the places that you can and cannot smoke in a HDB environment.
The articles will also cover details on how to apply for HDB season parking for your car, and what to take note of if you wish to start a HDB home business.
HDB’s various upgrading programmes
HDB has a few upgrading programmes in place to improve the quality of life of residents.
This may take the form of the Lift Upgrading Programme (LUP), which seeks to grants lift access to every floor, or the Home Improvement Programme (HIP). The HIP includes upgrades such as the installation of new clothes drying racks, and fixing of structural cracks.
The following articles will give you more information on HDB’s various upgrading programmes.
|
HDB’s various upgrading programmes
|
For more property news, content and resources, check out PropertyGuru’s guides section.
Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.
Need help financing your latest property purchase? Let the mortgage experts at PropertyGuru Finance help you find the best deals.
Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.