Budget 2023: Higher grant for first-time HDB resale flat buyers
There are now even higher CPF grants for first time HDB resale flat buyers following the announcement in Budget 2023 on 14th Feb 2023 (Valentine's Day, no less).
The government will provide even more support for first-timer buyers to purchase resale flats. In particular, there will be an increase of the CPF Housing Grant by $30,000 for eligible first-timer families purchasing 4-room or smaller resale flats, and by $10,000 for those purchasing 5-room or larger flats.
Eligible first-timer families purchasing resale flats will qualify for this increased CPF Housing Grant from 14th Feb 2023 3:30pm. The additional grant amount will be credited into their CPF account from April 2023 onwards. Together with the Enhanced CPF Housing Grant and the Proximity Housing Grant, eligible families can receive up to $190,000 in grants when buying a resale flat !
Tables to summarize the higher grants for first-time HDB resale flat buyers
This table summarized the changes for families purchasing a resale flat
This table summarized the changes for singles purchasing a resale flat
When Will You Show Me the Money
Of course, the million dollar question is when do these grants come to you ? For those not familiar, CPF grants (for the purchase of new or resale HDB flats) are "credited" to your CPF accounts. Which is then used for the purchase of the HDB flats.
There are three scenarios.
Scenario 1 : As at 3:30pm on 14th Feb 2023, any eligible buyers who have yet to complete their resale transaction, you will get the grant and will get the grant monies within 3 months of date of resale completion. This is very generous as it meant that the changes actually apply to anyone who has NOT yet complete the resale. (Now imagine, your resale completion was at 8:30am today... oops...:p)
Scenario 2 : eligible buyers who submit their resale application between 14th Feb 3:30pm to 31st March 2023. They will not get the monies BEFORE completion but within 3 months AFTER the resale completion. I guess HDB needs some time to work out the stuff with CPF board.
Scenario 3 : eligible buyers who submit their resale application after 1st April 2023 will be getting the funds before resale completion, as per normal procedures. Life is normal then.
I will update this article of mine later but the article gives a good overview of the housing grants and how the Enhanced Housing Grant affects young couples buying old HDB flats.