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Get the most out of your CPF housing grants! Part 4: Resale Flats

If you're planning to get a resale flat, you still get plenty of housing grants! Learn more about them below:

For families:
If your household income is $10,000 or less, you will be eligible for the CPF Housing Grant for Family (Resale) for up to $30,000.
How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy.
However, if you are living with your parents in the same resale flat, or they live within 2km of you, you will be eligible for up to another $10,000.
You will also be eligible for the Additional CPF Housing Grant of up to $40,000 if your household income is $5,000 or less. The amount you get depends on your household income.



How to get the most CPF Housing Grant: Have a monthly household income of $1,500 or less, both applicants must be Singapore Citizens, and stay with your parents in the same flat, or live in the same town/within 2 km from your parents. At least one parent must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $80,000 (CPF Housing Grant for Family and Additional CPF Housing Grant)

For singles:
If your income is $5,000 or less, you may be eligible for the CPF Housing Grant for Singles (Resale) for up to $15,000. However, you are only eligible for 2-, 3-, 4- or 5-room resale flats. That means, no ECs, no executive flats or anything in between.

How much you get exactly depends on the number of applicants who are Singapore Citizens, and if either applicant has previously taken a housing subsidy. However, if you are living with your parents in the same resale flat, or they live within 2km of you, you will be eligible for up to another $5,000. You will also be eligible for the Additional CPF Housing Grant of up to $40,000 if your household income is $5,000 or less. The amount you get depends on your household income.



How to get the most CPF Housing Grant: Have a monthly income of $750 or less, applicants must be Singapore Citizens, and stay with your parents in the same flat. At least one parent must be a Singapore Citizen or PR.
Maximum possible CPF Housing Grant: $40,000 (CPF Housing Grant for Singles and Additional CPF Housing Grant for Singles)

How to legally get more grants than you're actually eligible for
If you've noticed, the amount of the grant you're eligible for is dependent on your income. Your income for the past 12 months before you apply makes a big difference. So if you're studying and working part-time, it actually makes sense to apply for the flat and declare that part-time salary.

Here's another hack: apply for Singaporean Citizenship, if you don't already have it. As we've pointed out, Singapore Citizens are eligible for higher grants than PRs. If you want to maximise how much you can get, Citizenship is the way to go.

Also, do note that apart from finding out which grants you're eligible for, the homework doesn't stop there. If you are thinking of taking up a bank loan for your home, it's extremely important to make sure you find out which is the best home loan package in Singapore, which can be done easily on MoneySmart.

Story first posted on AsiaOne.com

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