Step-Up CPF Housing Grant – HDB for sale
Previously, housing grants were only available to first-time buyers of HDB flats. Second-time buyers of subsidised flats are also subject to the resale levy. The resale levy reduces the subsidy on the second subsidised flat, so as to maintain a fair allocation of public housing subsidies between first and second-timers. The resale levy policy will stay. HDB for sale.
However, to help families in subsidised 2-room flats in the non-mature estates upgrade to 3-room standard flats in the non-mature estates (after they have served the Minimum Occupation Period), HDB introduced a new Step-Up CPF Housing Grant of $15,000 to such families. Similar to the AHG and the SHG, the Step-Up CPF Housing Grant will be subject to the workfare condition, i.e. the applicant, or spouse/fiancé/fiancée must be in continuous employment for the 12 months before flat application, and remain employed at the time of flat application – HDB for sale.
As with other housing grants, the Step-Up CPF Housing Grant will be credited into the buyer(s)’ CPF Ordinary Account (OA) at the point of flat purchase, and will have to be refunded into the CPF OA upon sale of the 3-room flat.
This new measure started from the Jul 2013 BTO exercise.
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