Young couples and families navigating changes in life circumstances can look forward to more housing support with new measures just announced.
Read on to find out more.
3,000 flats with shorter waiting time
Are you and your partner ready to embark on your home ownership journey? Good news – HDB will be rolling out 3,000 flats with shorter waiting time by 2019.
1,100 of these flats to be located across Sembawang, Sengkang and Yishun, will be launched in the second half of 2018. This will be followed by another 2,000 flats in 2019. More details will come your way.
Deferred income assessment for young couples
First-timer couples who are full-time students or National Servicemen can look forward to getting their new flat earlier.
Currently, first-timer couples buying their first flat have to be in continuous employment for 12 months prior to their flat application. They also need to have a valid HDB Loan Eligibility letter when they book a flat, if they intend to take up an HDB housing loan.
Starting from the May 2018 sales exercise, young couples can submit their application first. HDB will assess their eligibility for the HDB housing loan and housing grants (e.g., AHG and SHG) closer to the key collection for their new flat. This will enable them to embark on their homeownership journey earlier.
Removal of 3-year time-bar policy for divorced parents
Divorced parents and their children will now receive more support from HDB as they transit to their next housing arrangement.
Currently, only one party of a divorced couple can buy/ own a subsidised flat within 3 years from the date of their divorce. HDB has removed this 3-year time-bar policy. Both parties in the divorce can now buy or own a subsidised flat each upon divorce, as long as they individually meet the eligibility conditions for flat purchase.
This policy change will take effect for flat applications received on or after 6 March 2018.
Enhancement of Fresh Start Housing Scheme
Launched in 2016, the Fresh Start Housing Scheme helps second-timer rental families with young children, to buy their own home.
One requirement was that the family must have stayed in a public rental flat for at least 2 years. HDB will be reducing this requirement to 1 year, to assist families who are ready for Fresh Start to qualify earlier and have a home of their own sooner.
Loving these latest policy enhancements? Share the good news with your friends and family too.
This article was adapted in collaboration with MyNiceHome, HDB’s official website for all things related to home buying and renovation in Singapore.