Singapore housing grants a model to copy
Singapore is a tiny country with a population of fewer than 6 million people. But the care for the citizens is a model for nations to copy. Giving back to people that gave the money to the government is a sign of commitment on the side of the government to the people. There is no better way that the government can relieve their citizen than to make adequate provisions for water, housing, and security. These are important to the Singaporean governing council, and the newly improved housing grant will be a respite to an economy that is just recovering from a recession.
Who is eligible?
To qualify for the housing grant for families, the intending beneficiary must be a first-time house hunter with a minimum salary of S$12,000. Besides that, can contact the developer or seller directly or a resale flat or condos.
The grant used to be S$30,000 but was recently raised to whooping S$50,000 for those who are whose taste is four rooms resale flat or smaller sizes of resale apartments. It also increases to S$40,000 for those who are willing to buy larger apartments.
The beauty of it all is the housing grant referred to as proximity grant. Which is available to those who are keen to live with or close to their parents or children. The amount is not bad at all, at S$20,000 it worth the sacrifice of staying close to the loved ones and get a good reward for it.
No cash disbursements
To those who are qualified, the money paid into your personal CPF account, no cash offers. The money can be used to pay for the purchase of a resale flat or reduce to minimal mortgage repayments. Though the grant can’t use for minimum payment if you are taking a bank loan.
Other benefits attached
If you eventually decide to sell your flat, all the monies from the CPF used to buy it will be paid to your ordinary account of CPF, including the grants money. It will include the interest that it might have accrued on the money if you didn’t withdraw it. The fact is, the money will not return to the government.
Singapore housing grants are a good way to show the government’s commitment to giving back to taxpayers what they have first given to the government. Perhaps there are fewer countries with a better housing grant that this.
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