More cash for elderly downsizing flat or selling lease
ELDERLY Singaporeans would get more cash upfront, and need to put in less to top up their savings accounts, if they choose to downgrade to a smaller flat or sell the tail-end of their lease back to the Housing Board.
The Ministry of National Development said on Thursday that it has enhanced both the Silver Housing Bonus scheme, and the Lease Buyback Scheme in response to public feedback.
These schemes are targeted at lower-income Singaporeans aged 55 and above who earn $3,000 or less a month. They are typically those whose children have moved out, and now need more cash to cope with daily expenses.
Those who apply for the Silver Housing Bonus will now receive $20,000 in cash, and enjoy up to $100,000 of the cash proceeds from the flat sale, after topping up their retirement account to at least $60,000 and paying off the existing home loan.