Annual value of up to $31k: Scheme for elderly to 'right-size' to HDB flats from private properties to be extended
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More seniors who own private properties will be eligible for a scheme to supplement their retirement income when they move into a three-room or smaller HDB flat. Speaking in his ministry's Budget debate on Wednesday (March 5), National Development Minister DAnnual value of up to $31k: Scheme for elderly to 'right-size' to HDB flats from private properties to be extended
More seniors who own private properties will be eligible for a scheme to supplement their retirement income when they move into a three-room or smaller HDB flat. Speaking in his ministry's Budget debate on Wednesday (March 5), National Development Minister Desmond Lee said that the Silver Housing Bonus (SHB) will be extended to include seniors who own a private property with an annual value up to $31,000. A property's annual value is the estimated rent a property can fetch in a year if rented out, and is determined based on market rents of comparable properties and other factors. The SHB scheme - launched in 2013 - currently provides a cash bonus of up to $30,000 for those aged 55 and above who sell an HDB flat or a private property with an annual value of less than $21,000. Lee said that from Dec 1, seniors whose private property has an annual value of between $21,000 and $31,000 will receive $10,000 if they «right-size» to a three-room flat. This amount will be pro-rated at $1 bonus for every $6 that seniors commit towards their CPF Retirement Account. Read more