Purchasing a home in Singapore is a significant milestone, and for many couples, accessing the right financial assistance can make the journey smoother. If you are a first-time Singapore Citizen (SC) purchasing a home with a non-citizen spouse, the Central Provident Fund (CPF) housing grants can offer some support. Here’s a guide to help you understand the grants available and how to apply.
What are CPF Housing Grants?
CPF housing grants are subsidies provided by the Singapore government to help eligible homebuyers reduce the cost of purchasing a flat. These grants are aimed at making home ownership more affordable for Singaporeans.
CPF Housing Grant for Resale Flats (Singles)
If you are buying with your non-resident spouse, you may be eligible for a Singles Grant of $40,000 for the purchase of a 2- to 4-room resale flat or $25,000 for a 5-room or bigger resale flat.
- Terms and Conditions apply. `Your average gross monthly household income must not exceed:
$7,000 if purchasing a flat on your own
Enhanced CPF Housing Grant (Singles)
If you are a first-timer applicant buying a flat on your own or with your non-resident spouse, you may be eligible for an Enhanced CPF Housing Grant (EHG) (Singles) to help with your new or resale flat purchase.
From 20 August 2024, first-timer singles may qualify for an EHG (Singles) of up to $60,000. If you are buying with other first-timer single(s), up to 2 singles may each be eligible for an EHG (Singles), i.e., a total of up to $120,000.
Source: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat
If you are buying a resale flat, you must first qualify for the CPF Housing Grant for Resale Flats (Singles) before you may be eligible for the EHG.
Proximity Housing Grant (Singles)
If you are buying a resale flat to live with or near your parents/ child, you may apply for the following Proximity Housing Grant (PHG) (Singles):
$10,000 to live near your parents/ child (within 4km)
$15,000 to live with your parents/ child
Apply for an HDB Flat Eligibility (HFE) letter via the HDB Flat Portal for a holistic understanding of your housing and financing options before you embark on your home buying journey. It will inform you upfront of your eligibility to buy a new or resale flat, as well as the amount of CPF housing grants and HDB housing loan you are eligible for.
Max Loan & Total Grants (My Property Budget?)
To ascertain the maximum property price that you and your foreign spouse can afford, consider the following method. First, calculate your total financial resources by combining
1) your maximum loan amount,
2) any applicable grants, and
3) the available cash and CPF funds you have.
Be sure to account for additional costs such as Buyer’s Stamp Duties, agent commissions, legal fees, and any other miscellaneous expenses. This comprehensive approach will give you a clearer understanding of your purchasing power.
