Do I need to pay back the HDB Flat CPF Housing Grant in 2024?

Do I need to pay back the HDB Flat CPF Housing Grant?

Should I give back the CPF housing grants I received from the Government when I decide to sell my HDB flat?

No, you are not required to give back your housing grants to the Government. The Government provides housing grants to assist home buyers in purchasing either a new or previously owned flat.

To illustrate, new homebuyers who meet the criteria can receive financial aid and the Enhanced CPF Housing Grant (EHG) if they purchase a flat directly from HDB. They also have the option to buy a previously owned flat from the open market, with assistance from various housing grants. These grants include the basic CPF Housing Grant, EHG, and Proximity Housing Grant (PHG).

These housing grants can be utilized by individuals purchasing a home to lower the cost of their property and decrease the necessary mortgage loan amount. The housing grants will be completely credited to their CPF accounts, with no cash being distributed.

What happened when I decided to sell my HDB Flat?

If you decide to sell your apartment, any money from your CPF that was used to buy the HDB Flat, as well as the CPF housing grant(s) you received, will be given back to your CPF account. This includes the interest that would have accumulated in your CPF account if you had not used the money to buy your HDB Flat.

The initial housing grant amounting to $30,000 (for singles) or $60,000 (for families) will be deposited into your CPF Ordinary Account. Any additional grant funds will be deposited into your CPF Special Account / Retirement Account and Medisave Account.

You have the option of utilizing the funds from your CPF for either your upcoming home acquisition or to meet your future financial requirements related to retirement and healthcare.

Source: HDB

 FAQ of HDB Flat CPF Housing Grant

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Q: Do I need to pay back HDB Flat Housing Grant?

A: Whether you need to pay back the HDB Flat Housing Grant depends on the specific grant you have received. Some grants, such as the Enhanced CPF Housing Grant, do not require repayment, while others, like the Proximity Housing Grant, may have certain conditions that need to be met to avoid repayment. It is essential to carefully review the terms and conditions associated with each grant to understand your obligations.

Q: What is an HDB BTO?

A: HDB BTO stands for Built-to-Order flats, which are new public housing developments offered by the Housing and Development Board (HDB) in Singapore. These flats are sold at a subsidized price to eligible Singaporean citizens and families.

Q: What is a resale levy in relation to HDB flats?

A: A resale levy is a sum of money that a flat buyer needs to pay to HDB when they buy a second subsidised flat from HDB. This typically applies when a flat buyer sells their first subsidised flat and subsequently buys another flat from HDB, such as a new BTO flat, an executive condominium (EC), or a resale flat.

Q: Do I need to pay accrued interest when selling my HDB resale flat?

A: Yes, if you used your CPF savings to finance your HDB flat purchase, you will need to refund the principal amount and the accrued interest when you sell your flat. The accrued interest is the interest that would have been earned on your CPF savings if they had not been withdrawn for the flat purchase.

Q: What are some of the grants available for HDB flat buyers in Singapore?

A: There are several grants available for HDB flat buyers in Singapore, including the Family Grant, Singles Grant, Enhanced CPF Housing Grant, and Proximity Housing Grant. These grants are designed to provide financial assistance to eligible buyers in purchasing their first HDB flat.

Q: Can I use the HDB grant money towards paying off my HDB flat?

A: The HDB grants are intended to help offset the cost of purchasing an HDB flat by providing financial assistance. While the grants can be used to pay for the flat purchase, they are not specifically intended to be used for repaying any existing loans or obligations associated with the flat.

Q: What happens if I need to return the HDB flat that was purchased with a CPF housing grant?

A: If you need to return the HDB flat that was purchased with a CPF housing grant, you will be required to refund the grant amount to your CPF account. The specific details and conditions for the refund will be outlined in the grant agreement and related terms and conditions.

Q: Can I receive a CPF Housing Grant if I am buying an executive condominium (EC) instead of an HDB flat?

A: Yes, eligible Singaporean citizens can receive the CPF Housing Grant when purchasing certain executive condominiums (ECs). The grant amount and conditions will depend on the specific EC project and the eligibility criteria set by the authorities.

Q: Are there any grants available for buying a resale HDB flat?

A: Yes, there are grants available for eligible buyers purchasing resale HDB flats, such as the Additional CPF Housing Grant and the Proximity Housing Grant. These grants are designed to provide financial assistance to buyers who are looking to purchase a resale flat in the open market.

Q: How can I use the HDB grants as a part of my home loan process?

A: HDB grants can be used to offset the purchase price of your flat, which can subsequently lower the amount of home loan or mortgage you need to secure. It is important to understand how the grants will be credited and utilized in your overall home loan application and approval process.

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