More financial help for first-time flat buyers

Low-income Singaporean families will receive more financial help to buy their first home from this year’s Budget.

The government will introduce a Special CPF Housing Grant (SHG) to help low-income families purchase a Build-to-Order (BTO) flat for the first time.

The SHG will be provided to families who earn up to S$2,250 per month.

This is on top of the S$40,000 Additional CPF Housing Grant (AHG) to help low-income households earning a monthly salary of S$1,500 and below to own their first homes.

The Ministry of Finance said the SHG, coupled with other subsidies, will enable more low-income families to have their very own homes.

To achieve this, the government will provide a total of S$175 million in grants each year for these families to pay for their flats. This is in addition to providing the families with subsidised home loans for their BTO flats.

Details of the SHG grant will be revealed by the Ministry of National Development in the Committee of Supply (COS) sessions, which will be held after the Budget announcement.

Source : Channel NewsAsia – 18 Feb 2011

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