Ah, Singapore. Probably the only country in the world where you can get up to $50,000 from the SG50 Celebration Fund just to celebrate our 50th anniversary of independence. Do you know what’s really crazy? Getting that money requires jumping through less hoops than getting a subsidy for your home. In a country that boasts over 90% home ownership, that’s pretty mindblowing.
It wasn’t easy to make applying for the CPF Housing Grant as simple as possible, but if you follow this guide, you’ll hopefully be able to figure out how much you can get to subsidise your next home.
Eligibility for all CPF Housing Grants
Generally, you have to be a first-time applicant and buying a flat with a remaining lease of more than 30 years to qualify for any grant. You also have to be currently employed and have been in continuous employment for 12 months before the flat application (since your household income is determined by the average monthly income over this period).
You must also not have owned or sold a flat bought from HDB, or a DBSS or Executive Condominium from the developers. Neither must you have received the CPF Housing Grant for the purchase of a HDB resale flat, or taken any other form of housing subsidy.
1. Buying a new BTO flat from HDB
For BTO flats, you do not get any CPF Housing Grants even if your household’s monthly salary is below the income ceiling. This is because HDB has already included the subsidy in the BTO price.
If your household income is $6,500 or less, you can get up to $60,000 from the Additional CPF Housing Grant and Special CPF Housing Grant to help with your BTO flat purchase. The amount you get depends on your household income. (Note: the Special CPF Housing Grant is only available for 2-room, 3-room and 4-room flat applications in non-mature estates)
If you are apply as a single person, and your income is $3,250 or less, you can get up to $30,000 from the Additional CPF Housing Grant and Special CPF Housing Grant to help with your BTO flat purchase. The amount you get depends on your income. If you apply under the Joint Singles Scheme, you may be eligible for double that amount, depending on your combined incomes.
For the Single Singapore Citizen and Non-Citizen Spouse schemes and First-Timer/Second-Timer couples:
For the Joint Single Scheme or Orphan Scheme:
How to get the most CPF Housing Grant: Have a monthly household income of $1,500 or less and all applicants must be Singapore Citizens.
Maximum possible CPF Housing Grant: $60,000 (Additional CPF Housing Grant and Special CPF Housing Grant)
2. Buying a DBSS flat from developers
The DBSS has been suspended since 2011. But just in case you want to join one of the hundreds of unhappy Trivelis flat-buyers, here are the grants you may be eligible for.
For families:
The CPF Housing Grant for Family (DBSS) is given out based on a couple of factors.
- If your household income is between $8,001 and $10,000, you will be eligible for the CPF Housing Grant for Family up to $30,000. How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy.
- If your household income is $8,000 or less, you will be eligible for the CPF Housing Grant for Family up to $30,000 as well. However, if you are living with your parents in the same flat, or they live within 2km of you, you will be eligible for up to another $10,000.
You will also be eligible for the Additional CPF Housing Grant and Special CPF Housing Grant of up to $60,000 if your household income is $6,500 or less. The amount you get depends on your household income.
How to get the most CPF Housing Grant: Have a monthly household income of $1,500 or less, both applicants must be Singapore Citizens, and stay with your parents in the same flat, or live in the same town/within 2 km from your parents. At least one parent must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $100,000 (CPF Housing Grant for Family, Additional CPF Housing Grant and Special CPF Housing Grant)
For singles:
If you are single, a Singapore Citizen and 35 years old and above, you may be eligible to get a grant if you buy a DBSS unit from the developers. There are two different categories:
- If you are applying with your siblings under the Orphans Scheme, or
- If you are planning to stay with your parents.
The CPF Housing Grant for Singles (DBSS) under the Orphans Scheme is $11,000. The CPF Housing Grant for Singles (DBSS) is $20,000 if you are applying to stay with your parents in the flat ($20,000).
Whether or not you qualify for the above, you may also be eligible for the Additional CPF Housing Grant and Special CPF Housing Grant of up to $30,000 if your income is $3,250 or less. If you are applying under the Joint Singles Scheme, then you may be eligible for up to $60,000 if your combined incomes are $6,500 or less.
For the Single Singapore Citizen and Non-Citizen Spouse schemes and First-Timer/Second-Timer couples:
For the Joint Single Scheme or Orphan Scheme:
How to get the most CPF Housing Grant: Have a monthly income of $750 or less, are a Singapore Citizen and stay with your parents in the same flat. At least one of your parents must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $50,000 (CPF Housing Grant for Singles (living with parents), Additional CPF Housing Grant (Singles) and Special CPF Housing Grant (Singles))
3. Buying an Executive Condominium from developers
To be eligible for the CPF Housing Grant when buying an Executive Condominium, you have to apply as a family. Sorry, single people.
If your household income is between $11,0001 and $12,000, you may be eligible for the CPF Housing Grant for Family for up to $10,000. How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy.
If your household income is between $10,001 and $11,000, you may be eligible for the CPF Housing Grant for Family for up to $20,000. How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy.
If your household income is $10,000 or less, you may be eligible for the CPF Housing Grant for Family for up to $30,000. How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy.
How to get the most CPF Housing Grant: Have a monthly household income of $10,000 or less, and both applicants are Singapore Citizens.
Maximum possible CPF Housing Grant: $30,000 (CPF Housing Grant for Family)
4. What if I’m buying a resale flat?
For families:
If your household income is $10,000 or less, you will be eligible for the CPF Housing Grant for Family (Resale) for up to $30,000. How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy. However, if you are living with your parents in the same resale flat, or they live within 2km of you, you will be eligible for up to another $10,000.
You will also be eligible for the Additional CPF Housing Grant of up to $40,000 if your household income is $5,000 or less. The amount you get depends on your household income.
How to get the most CPF Housing Grant: Have a monthly household income of $1,500 or less, both applicants must be Singapore Citizens, and stay with your parents in the same flat, or live in the same town/within 2 km from your parents. At least one parent must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $80,000 (CPF Housing Grant for Family and Additional CPF Housing Grant)
For singles:
If your income is $5,000 or less, you may be eligible for the CPF Housing Grant for Singles (Resale) for up to $15,000. However, you are only eligible for 2-, 3-, 4- or 5-room resale flats. That means, no ECs, no executive flats or anything in between.
How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy. However, if you are living with your parents in the same resale flat, or they live within 2km of you, you will be eligible for up to another $5,000.
You will also be eligible for the Additional CPF Housing Grant of up to $40,000 if your household income is $5,000 or less. The amount you get depends on your household income.
How to get the most CPF Housing Grant: Have a monthly income of $750 or less, applicants must be Singapore Citizens, and stay with your parents in the same flat. At least one parent must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $40,000 (CPF Housing Grant for Singles and Additional CPF Housing Grant for Singles)
How to legally get more grants than you’re actually eligible for
If you’ve noticed, the amount of the grant you’re eligible for is dependent on your income. Your income for the past 12 months before you apply makes a big difference. So if you’re studying and working part-time, it actually makes sense to apply for the flat and declare that part-time salary.
Here’s another hack (and this is definitely going to “excite” the Yahoo! commenters): apply for Singaporean Citizenship, if you don’t already have it. As we’ve pointed out, Singapore Citizens are eligible for higher grants than PRs. If you want to maximise how much you can get, Citizenship is the way to go.
Also, do note that apart from finding out which grants you’re eligible for, the homework doesn’t stop there. If you are thinking of taking up a bank loan for your home, it’s extremely important to make sure you find out which is the best home loan package in Singapore, which can be done easily on MoneySmart.
Do you have any other ideas how to get a higher CPF Housing Grant amount in Singapore? Share them with us.
Image Credits:
Nicolas Lannuzel, Table data source: HDB