Singaporeans above the age of 21 and married to non-permanent or non-citizens can now access additional grants for housing. The new adjustment means that they can now get an additional housing grand reaching $40,000 if they are buying resale flats as first-timers.
Note that this new age limit has been received positively. This is because previously, only those who were 35 years or older could access the Enhanced CPF-Housing Grants when buying resale flats under the category of the Non-Citizen Spouse-Scheme. More info on Kopar at Newton location can be found here by CEL Development.
There is no doubt that more people will now be buying resale flats. This is because the age limit has been significantly reduced. In addition to that, the amount of grants offered is great. As a result, couples will certainly gain more flexibility when it comes to selecting and buying homes that suit their personal needs. The best thing about the enhanced grant is that it comes with a higher income cap. In addition to that, there are no restrictions regarding the location plus the size of the flat.
Data reports show that Enhanced-CPF Housing-Grant i.e. EHG has attracted thousands of applications. For instance, there have been over 2300 applications that have been received for HDB resale over a span of one month only and more than a thousand belonged to 1st time buyers.
The adjusted housing grants for Singaporeans will be calculated based on half of the monthly household of the couple i.e. 50 percent. It will also be subject to an income ceiling of $4,500. The new Non-Citizen Spouse-Scheme also aligns with the Additional-CPF Housing Grant i.e. AHG and the Special-CPF Housing Grant i.e. SHG. So, a wife or husband of a non-citizen can easily buy a property.
Overall, the new EHG has a $9,000 income ceiling. This is a significantly high amount compared to SHG and AHG that have $8,500 and $5,000 respectively.
However, interested buyers should know that the new adjustment comes with a specific stipulation. The lease should be able to cover the youngest spouse or buyer until they reach 95 years. This is a measure put in place by the government to ensure that buyers get houses that will be able to last them their lifetimes. Failure to adhere to this means that the lease will get pro-rated
According to property experts, this move will likely lead to increased demand. ERA Realty’s head of research and consultancy, Mr. Nicholas Mak, has said that the demand for HDB resale could increase. According to Mak, lowering the age of Singaporeans married to non-citizens will lead to higher demand in the market. However, he goes on to say that he wasn’t expecting the wide price fluctuations.
Mak further says that people shouldn’t expect massive effects. This is because he doesn’t think that the number of couples under this scheme is that big. Additionally, he doesn’t think that many such couples would quickly rush to buy resale flats. To him, this new adjustment will simply help to make the playing field even and ensure that the property rules in Singapore are now more equitable to couples of cross-nationality.