DPM Lawrence Wong announced today (February 14) in his Budget speech that the CPF Housing Grant for eligible first-timer families buying four-room or smaller resale flats will be increased by S$30,000.
The grant for those buying five-room or larger flats will also be increased by S$10,000. This applies to eligible home buyers who submit their resale applications from 3.30pm from today onwards.
The additional grant amount will be credited into the CPF account of these families from April. Together with the enhanced CPF and the Proximity Housing Grant, eligible families can receive up to S$190,000 when buying a resale flat.
The government will also focus on supporting first-timer families with children, as well as young married couples aged up to 40 who are buying their first home.
The first-timer category covers a wide range of applicants, including those who already have their own homes but have not received housing subsidies before, he notes.
More will be done to help such families secure their BTO flats in a timely manner, including by giving them an additional ballot for their BTO applications. This will be implemented later in 2023.
Featured Image Credit: Bloomberg
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