Budget 2023: Up to S$30,000 more in housing grants for families buying resale flats for the first time
The Singapore government has announced a slew of new measures in its Budget 2023, with the aim of helping families purchase their first resale flat. The government has announced up to S$30,000 in additional housing grants for those who are buying their first resale flat.
This additional grant is a welcome move for many families who have been struggling to purchase their first home in Singapore. This grant will help to reduce the upfront costs of purchasing a resale flat, and make it more affordable for families to enter the property market.
The grant is available to all Singaporean families who are buying their first resale flat. The grant is split into two parts: a S$20,000 grant and a S$10,000 grant. The S$20,000 grant is available to all families who are buying a resale flat, regardless of their income level. The S$10,000 grant is available to families whose income is below the median income level.
The government has also announced other measures to help families purchase their first home. These include a higher loan-to-value (LTV) ratio for HDB loans, lower interest rates for HDB loans, and an increased loan quantum for HDB loans. These measures will help to reduce the overall cost of purchasing a resale flat.
Overall, the government’s measures in Budget 2023 will help many families to purchase their first resale flat. The additional housing grants and other measures will help to reduce the upfront costs of buying a resale flat, making it more affordable for families to own their first home. This is a welcome move by the government, and will no doubt be appreciated by many families in Singapore.