http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20110303-266339.html
Up to $60,000 in housing subsidies for low-income families
The new Special CPF Housing Grant is meant to help low-income families buy smaller flats. -AsiaOne
Thu, Mar 03, 2011
AsiaOne
SINGAPORE - Low-income families can now look forward to more help from the Singapore government.
Minister for National Development Mah Bow Tan announced today a Special CPF Housing Grant (SHG) that will aid families that earn up to $2,250.
Meant to help low-income families buy smaller flats, this is given out to families on top of the regular housing subsidy and the Additional CPF Housing Grant (AHG).
Households whose income does not exceed $1,500 can only buy 2-room standard flats. Together with the AHG and the regular price subsidy, such families can save up to $60,000.
The Housing Development Board (HDB) said in a statement that the SHG was meant to help low-income families own a flat by reducing the housing loan they needed to take.
A family with a monthly income of $1,000 would only need to pay $160 a month to maintain a new 2-room flat after factoring in the SHG and AHG, it said.
An estimated 700 tenants currently renting flats under the Public Rental Scheme can benefit from the SHG. Priority will be given to rental tenants who are first-time buyers.
To qualify for the SHG, one of the flat-buyers must have worked continuously for at least a year before they apply to buy a flat.
The average monthly income of the household over the one-year period will be used to determine the amount of grant the household will receive.
The SHG will take effect from March 3 this year. It will be extended to those who apply to buy two and three-room flats in the current BTO exercise for Seng Kang and Bukit Panjang.
Applicants who have already applied for a flat under this BTO exercise can change their choice of flat type without paying a fresh administrative fee.