Enhancements to Lease Buyback Scheme announced
The government has extended the Housing and Development Board's Lease Buyback Scheme to include 4-room flats.
And further enhancements are being put in place so that elderly homeowners can choose the length of the lease they want to retain.
By extending the scheme to 4-room flats, 75 per cent of elderly households will be covered, up from 35 per cent.
Four-room households participating in the scheme will also receive a $10,000 bonus, on top of the proceeds they receive when selling the tail-end of the lease on their flat to the HDB.
Elderly households under the scheme will also now have the flexibility to choose the length of the lease to retain, based on their age and preference, instead of a standard 30-year lease for all.
Those aged 70 to 74 will have the option of a 25-year lease, those aged 75 to 79 will have the option of a 20-year lease, and those aged 80 or older will have the option of a 15-year lease.
But those who prefer longer leases can choose to retain more than the minimum required for their age, in 5-year increments, up to 35 years.
Further enhancements announced today by the Ministry of National Development and the HDB include the relaxation of the requirement for elderly households to top up their CPF Retirement Accounts with the proceeds of the scheme.
With the change, households with two or more owners will only be required to top up their CPF Retirement Account to half the age-adjusted prevailing Minimum Sum, rather than the full age-adjusted prevailing Minimum Sum currently.
The income ceiling for participation in the scheme will also be raised to $10,000, up from $3,000 per month.
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