More affordable resale HDBs for first-time applicants

Finance Minister Heng Swee Keat announced, with immediate effect, in his Budget statement today that the CPF housing grant has been raised to $50,000 for first-timer couples buying four-room or smaller HDB flats from the resale market. For those who purchase five-room or bigger flats, the grant has been raised to $40,000.

The CPF housing grant was previously capped at $30,000. First-timer couples can now receive up to $110,000 in subsidies, which includes the Additional CPF Housing Grant and Proximity Housing Grant.

ERA Key Executive Officer Eugene Lim expects resale HDB transaction volume “to receive a good boost as resale flats are now cheaper, and this might swing more purchasers towards a resale flat instead of having to wait three years or so for a BTO flat.”

Lim also believes that the announcement “will help to nudge prices upwards; particularly for resale HDB flats with excellent attributes, in locations where sellers are few.”

Source: Ministry of Finance

Related Articles From TheEdgeProperty.com.sg
Help for first-timers buying resale HDBs, but no easing of cooling measures
HDB rolls out 4,056 BTO flats
REDAS asks for review of property tax in Budget 2017
HDB to release 17,000 BTO flats