Residential

BTO flat grant extensions for lower and middle-income households

The government will be extending a variety of grants for lower and middle-income households to allow them to pay off their flats in 25 instead of 30 years. The Special CPF Housing Grant (SHG) for lower and lower-middle-income first-timers will be extended from two-room and three-room flats to include four-room flats. In his annual National Day Rally speech, Prime Minister Lee Hsien Loong said that middle-income households will also benefit, while a middle-income household can get up to $20,000 more if they buy a new flat. Currently, the SHG is given on top of the Additional CPF Housing Grant for eligible first-timer families applying to buy a two-room or three-room standard flat in a non-mature estate. After the enhancements, homebuyers using their CPF funds to pay their loans should be able to pay off their flats in 25 years instead ...