Is this for me, I don't believe it.

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Is this for me, I don't believe it.

[Arcachon]

http://www.hdb.gov.sg/cs/infoweb/res...-housing-bonus

Right-sizing with Silver Housing Bonus
If you own a bigger flat type, you can choose to right-size your flat and supplement your retirement income through the Silver Housing Bonus (SHB) scheme. Find out how you can buy a smaller flat and use your net sale proceeds to top up your CPF Retirement Account (RA).

How to right-size
You can choose to right-size by selling your existing flat and buying either:

Smaller and cheaper flat from the resale market, or
Smaller flat from us, such as a 2-room Flexi or 3-room flat
Get more information on selling your flat for a better understanding of the process.

Silver Housing Bonus (SHB)
The SHB has been introduced to help lower-income elderly households supplement their retirement income when they right-size their flat. If you buy a smaller flat type (up to 3-room flat), you can apply for the SHB and receive up to $20,000 cash bonus per household by using some of your net sale proceeds to top up your CPF Retirement Account (RA) and join CPF LIFE.

Eligibility conditions
You are eligible for the SHB if you meet the following criteria:

Age, Citizenship
At least one owner is a Singapore Citizen aged 55 or above
Income
Gross monthly household income of $12,000 or less
Existing Property
HDB flat (met Minimum Occupation Period for resale), or
Private property of Annual Value of $13,000 or less; and
No concurrent ownership of second property
Property You Are Buying
Smaller HDB flat (up to 3-room); and
Purchase price does not exceed selling price of existing property

Computing net sale proceeds
The net sale proceeds are calculated as follows:

Net sale proceeds = Selling price of existing property less any outstanding loan on existing property, refund to CPF Account, resale levy, deductible of up to $15,000 for ancillary costs, and cash used for purchase of next property.

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Private property of Annual Value of $13,000 or less

Need to sell two PC first

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Top Level > Living in HDB Flats > Monetisation Options > SHB

Can ex-LBS flat owners who returned their flat to HDB take up the SHB subsequently?
No. Both the SHB and enhanced LBS bonus serve the same purpose of enhancing monetisation proceeds committed into the elderly household’s CPF Retirement Account. Eligible elderly households are encouraged to plan prudently on the option they wish to take to unlock their housing wealth.

Can I apply for the SHB if I am already on CPF LIFE or the CPF Retirement Sum Scheme (and have started drawing a monthly payout)?
Can I take a loan on my next HDB flat to keep more net sale proceeds, and qualify for the SHB?
Do I need to apply for the SHB?
How can I get advice on the top-up requirement and monthly payouts under the Silver Housing Bonus (SHB)?
I do not have sufficient net sale proceeds to meet the full top-up requirement. Can I top-up the difference from my personal savings?
I have zero net proceeds. Can I qualify for the SHB?
Why is the entry age for the SHB set at age 55?
Why is the SHB and Enhanced LBS bonus given only once to each eligible Singapore Citizen?
Why is the SHB not available to elderly households who right-size to a 4-room flat?
Why is the SHB not available to elderly households who sell their existing property without buying another flat (e.g. move in with their children), but wish to top up their CPF Retirement Account (RA)?

Why is there a cap of $13,000 on the Annual Value if the existing property is a private property?
The SHB targets lower-income elderly households as they may need more support to build up their retirement income. The Annual Value is an indication of the value (or worth) of a property and serves as a proxy for a household’s wealth.

Why is there no e-Form for the Silver Housing Bonus scheme?
Why must all monies in the lessee’s CPF Retirement Account (RA) be committed to a CPF LIFE plan?

Why must the purchase price of the next flat not exceed the selling price of the existing property?
This ensures that the elderly household is financially better off after right-sizing, and is able to free up more housing wealth for their retirement needs.

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