Silver Housing Bonus: Who Qualifies and What You Get
Learn how seniors can receive a cash bonus when downsizing to a smaller flat in Singapore.
The Silver Housing Bonus is a financial incentive for seniors who choose to sell their larger home to move into a smaller flat.
Who it's for
This scheme is designed for seniors who decide to downsize, meaning they sell their current larger flat to move into a smaller one.
What you get
If you qualify, you will receive a cash bonus. This is intended to reward you for moving from a larger home to a smaller property.
What it costs you
While you receive a cash bonus, there is a requirement regarding your sale proceeds. You must use a portion of the money from your sale to top up your CPF Retirement Account.
The catch to know
There is a limit to how much you can receive; the bonus amount is capped at $30,000.
How to apply
- Decide to sell your larger flat and purchase a smaller one.
- Ensure you meet the downsizing requirements set by the housing authority.
- Follow the official procedures during your property sale and purchase.
- Check the official portal for more details: https://www.hdb.gov.sg