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http://www.channelnewsasia.com/news/singapore/more-housing-grants/792054.html
To help middle-income families afford their first home, the Special CPF Housing Grant of up to S$20,000 will be extended to middle-income households with a combined income of up to S$6,500 (up from S$2,250).
This Special CPF Housing Grant scheme will also be extended to four-room flats in non-mature estates. Previously, the grant was only for two- and three-room flats.
Singles will also benefit from the new measures. The current Special CPF Housing Grant income ceiling for singles buying new two-room flats will be raised to S$3,250.
Low-income families will be given help to upgrade through a Step-Up CPF Housing Grant of S$15,000. This will apply to families living in subsidised two-room flats who want to three-room flats in non-mature estates.
These two new initiatives will start from the July 2013 Build-to-Order (BTO) exercise. Those who applied for a new BTO flat in July but have yet to select their new flat, will also benefit.
Even as the government gives out more grants to help Singaporeans own their first home, its underlying principle is prudence. This is to ensure these new policies are sustainable for generations to come.
To ensure financial prudence in the purchase of public-housing, the Mortgage Servicing Ratio (MSR) limit will be reduced from 35 to 30 per cent of the borrower's gross monthly income.
The maximum tenure for HDB housing loans will also be trimmed from 30 to 25 years. In tandem, the Monetary Authority of Singapore will make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. PRs now account for some 20 per cent of the resale market.
Analysts said these measures will help to stabilise the HDB re-sale market in the long run.
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