Are the changes in distribution and use of HDB grants a form of cooling measure? Earlier this week, HDB announced a few changes regarding income assessment and housing subsidy. The changes took effect from 9 May 2023 onwards — the same day the HDB Flat Eligibility Letter (HFE) replaced the HDB Loan Eligibility (HLE) letter. Among the changes, the ones...
Earlier this week, HDB announced a few changes regarding income assessment and housing subsidy. The changes took effect from 9 May 2023 onwards — the same day the HDB Flat Eligibility Letter replaced the HDB Loan Eligibility letter.How the HDB grants are distributed and usedWe don’t know about you guys, but to us, they seem like a form of cooling measure for public housing.Essentially, from 9 May 2023 onwards, HDB grants are distributed equally to the applicants and essential occupiers .
One possible effect of the increase in grant amount is that it may have encouraged sellers to push up prices, since the buyers could better afford the purchase. With the change in usage and grant distribution, each will get S$40,000. But since only the owner’s share of the S$40,000 grant can be used for the grant, this may get them to rethink their flat purchase. They may instead want to settle for a flat with a lower price.Hang on, what’s this “buying an HDB flat as an owner-essential occupier household” all about?
For starters, most of the BTO and SBF flat supply is allocated to first-timers. During the application stage, households with first-timer and second-timer applicants are considered first-timer families, allowing them to get the same benefits as those who are both first-timers. Another benefit of having one applicant as a first-timer is that first-timer/second-timer households can still enjoy grants, albeit less than households comprising two first-timers.
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