# Measures to Cool the HDB Resale Market and Provide More Support for First-Time Home Buyers

- **Source:** Ministry of National Development
- **Published:** 2024-08-19T15:30:00.000Z
- **Author:** Ministry of National Development
- **Original:** https://www.mnd.gov.sg/newsroom/press-releases/view/measures-to-cool-the-hdb-resale-market-and-provide-more-support-for-first-time-home-buyers
- **Topics:** HDB & Public Housing, Government & Policy, Transactions & Deals

## Featured rationale

The combined measures could temper resale demand and borrowing while preserving affordability for lower-to-middle-income first-time buyers through larger targeted grants.

## AI summary

From 20 August 2024, HDB’s loan LTV fell from 80% to 75%, while maximum EHG support rose to $120,000 for families and $60,000 for singles.

## Original article

JOINT MND-HDB PRESS RELEASE

Measures to Cool the HDB Resale Market and Provide More Support for First-Time Home Buyers

The Loan-to-Value limit for HDB housing loans will be lowered by 5 percentage points from 80% to 75%

The Enhanced CPF Housing Grant quantum will be increased to improve affordability for lower-to-middle income first-time home buyers

These measures further encourage financial prudence and promote a stable and sustainable market

MND and HDB announced today a set of measures to cool the HDB resale market, and to provide more support to lower-to-middle income first-time home buyers.

2 With effect from 20 August 2024, 12.00am, the Loan-to-Value (LTV) limit for HDB loans will be lowered from 80% to 75%. This brings the LTV limit for HDB loans in line with loans granted by financial institutions, which remains at 75%.

3 As Prime Minister Lawrence Wong announced in the National Day Rally 2024, the Government will increase the Enhanced CPF Housing Grant (EHG) quantum for both new and resale flats to support first-time home buyers. The EHG will be increased:

By up to $40,000 for eligible first-timer families, from the current maximum grant amount of $80,000 to $120,000; and

By up to $20,000 for eligible first-timer singles, from the current maximum grant amount of $40,000 to $60,000.

4 Given the sustained, strong, broad-based demand for HDB resale flats, these measures will help cool the market and encourage prudent borrowing, thus making housing more affordable for lower-to-middle income first-time home buyers.

Lowering of LTV Limit for HDB Housing Loans

5 The Government closely monitors the HDB resale market. Earlier rounds of cooling measures and the ramped-up Build-To-Order (BTO) flat supply have helped to moderate the increase of HDB resale prices. HDB resale prices grew by 4.9% in 2023, down significantly from 10.4% in 2022. However, resale prices still rose by more than 4% in the first half of 2024. This was driven by strong, broad-based demand, coupled with some supply tightness, as fewer flats reached their Minimum Occupation Period this year.

6 To further stabilise the HDB resale market and encourage flat buyers to borrow prudently, the LTV limit for HDB housing loans will be lowered by 5 percentage points from 80% to 75%. The revised HDB LTV limit will apply to complete resale applications[1] that are received by HDB on or after 20 August 2024, as well as BTO applications for the October 2024 BTO exercise onwards. The LTV limit for loans granted by financial institutions remains unchanged at 75%.

7 First-time home buyers, especially lower-income households, will be less affected by the lower LTV limit, as they receive significant housing grants. To provide further support to lower-to-middle income first-time home buyers, we will also enhance the EHG.

Increase in Enhanced CPF Housing Grant for first-timers buying new and resale flats

8 Introduced in September 2019, the EHG[2] is a means-tested grant that provides additional support for lower-to-middle income households buying new or resale flats as their first home. Currently, eligible first-timer families and singles buying a flat can receive up to $80,000 and $40,000 in EHG, respectively. The EHG amount is tiered based on household income, with no restrictions on flat type and location. The EHG is progressive, so that lower-income households receive more support for their home ownership aspirations.

9 Since its introduction, about 72,300 first-timer households have benefitted from EHG, amounting to more than $2 billion. In the first six months of 2024, about $204 million in EHG was disbursed to around 7,000 first-timer households. Of the 72,300 first-timer households who received the EHG so far, 4 in 10 bought resale flats while the remaining 6 in 10 bought a flat from HDB across the various sales modes (i.e., BTO, Sale of Balance Flats and open booking of flats).

10 To further support first-time home buyers, the maximum quantum of EHG grants will be increased to $120,000 for families, and $60,000 for singles. Depending on the monthly household income, the increase will range from $5,000 to $40,000 for families and from $2,500 to $20,000 for singles, with higher increases for lower-income households who require more support. See Annex A for the details.

11 With the revised EHG, plus the existing CPF Housing Grant and Proximity Housing Grant (PHG), first-time home buyers will receive greater help in their flat purchases.

New Flats
Eligible first-timer families who buy a new flat will receive up to $120,000 in EHG, on top of the significant market discount in the flat price, while singles will receive up to $60,000 in EHG.

Eligible first-timer families who buy a new flat will receive up to $120,000 in EHG, on top of the significant market discount in the flat price, while singles will receive up to $60,000 in EHG.

Resale Flats

Eligible first-timer families who buy a resale flat will receive up to $230,000 in housing grants, comprising the revised EHG of up to $120,000, a CPF Housing Grant of up to $80,000 and a PHG of up to $30,000.

For eligible first-timer singles who buy a resale flat, they can receive up to $115,000 in housing grants comprising the revised EHG of up to $60,000, a CPF Housing Grant of up to $40,000 and a PHG of up to $15,000.

The details are shown in Tables 1 and 2.

Table 1: Housing Grants for Eligible First-Timer Families

Grant

Current

Revised

CPF Housing Grant

2- to 4-room flat

$80,000 
(last increased in Feb 2023)

No change

5-room or larger flat

$50,000 
(last increased in Feb 2023)

No change

Enhanced CPF Housing Grant (EHG)

Up to $80,000

Up to $120,000

Proximity Housing Grant (PHG)

Up to $30,000

No change

Total grants for resale flats

Up to $190,000

Up to $230,000

Total grants for new flats (EHG)

Up to $80,000

Up to $120,000

Table 2: Housing Grants for Eligible First-Timer Singles

Grant

Current

Revised

CPF Housing Grant

2- to 4-room flat

$40,000 
(last increased in Feb 2023)

No change

5-room or larger flat

$25,000 
(last increased in Feb 2023)

No change

Enhanced CPF Housing Grant (EHG)

Up to $40,000

Up to $60,000

Proximity Housing Grant (PHG)

Up to $15,000

No change

Total grants for resale flats

Up to $95,000

Up to $115,000

Total grants for new flats (EHG)

Up to $40,000

Up to $60,000

12 The revised EHG will apply to eligible first-timer households who:

Apply for a new flat from the October 2024 BTO exercise onwards

For those who have an HDB Flat Eligibility (HFE) letter but have yet to apply for a flat in a sales exercise, HDB will update their HFE letter via the HDB Flat Portal to reflect the revised EHG amount and will notify them individually by email[3]. Applicants do not need to re-submit their HFE applications.

The revised EHG will not apply retrospectively to flat applications made for BTO or Sale of Balance Flats exercises or open booking of flats that have already been launched, i.e. the last exercise in June 2024 and earlier.

For those who have an HDB Flat Eligibility (HFE) letter but have yet to apply for a flat in a sales exercise, HDB will update their HFE letter via the HDB Flat Portal to reflect the revised EHG amount and will notify them individually by email[3]. Applicants do not need to re-submit their HFE applications.

The revised EHG will not apply retrospectively to flat applications made for BTO or Sale of Balance Flats exercises or open booking of flats that have already been launched, i.e. the last exercise in June 2024 and earlier.

Submit a resale flat application on or after 20 August 2024

Eligible first-timers whose resale transaction is pending completion will receive the revised additional grant. The amount will be credited into their CPF accounts within two months from the date of their resale completion. They do not need to approach HDB; nor will the completion of their resale transaction be affected.

For those who have an HFE letter but have not yet submitted a resale application, HDB will update their HFE letter via the HDB Flat Portal to reflect the revised EHG amount and will notify them individually by email.

Eligible first-timers whose resale transaction is pending completion will receive the revised additional grant. The amount will be credited into their CPF accounts within two months from the date of their resale completion. They do not need to approach HDB; nor will the completion of their resale transaction be affected.

For those who have an HFE letter but have not yet submitted a resale application, HDB will update their HFE letter via the HDB Flat Portal to reflect the revised EHG amount and will notify them individually by email.

Apply for an HFE letter on or after 20 August 2024

Eligible first-timers without an HFE letter who apply for the HFE letter on or after 20 August 2024 will enjoy the revised EHG amount.

For eligible first-timers who have already submitted their HFE letter applications prior to 20 August 2024, HDB will extend the revised EHG amount to them when issuing them an HFE letter. They do not need to apply for a fresh HFE letter.

Providing Affordable & Accessible Public Housing

13 In the upcoming October 2024 BTO exercise, HDB will offer 8,500 flats across 15 projects under the new flat classification, with additional subsidies for Plus and Prime flats. These flats include a wide range of affordable housing options for buyers with different budgets and needs. With the planned supply of about 19,600 BTO flats in 2024, we are on track to offer 100,000 flats from 2021 to 2025.

14 Resale flats remain affordable for the vast majority of home buyers. 8 in 10 first-timer families who collected the keys to their resale flats in 2023 used 25% or less of their monthly household income to service their HDB housing loan. This means they can service their monthly loan instalments with their monthly CPF contributions, with little to no cash outlay. HDB flats that are sold at very high prices make up only a very small minority of total resale transactions.

15 The Government remains committed to keep public housing affordable and accessible for Singaporeans. We will continue to monitor the property market closely and adjust policies as necessary to foster a stable and sustainable property market.

Issued By : MND & HDB

Date : 19 August 2024

Annex A - EHG Structure* for First-Timer Families and Singles

Average Monthly Household Income

EHG for Families^ and Joint Singles#

Average Monthly Household Income

EHG for Singles@

Current

Revised

Current

Revised

≤$1,500

$80,000

$120,000

≤$750

$40,000

$60,000

$1,501 - $2,000

$75,000

$110,000

$751 - $1,000

$37,500

$55,000

$2,001 - $2,500

$70,000

$105,000

$1,001 - $1,250

$35,000

$52,500

$2,501 - $3,000

$65,000

$95,000

$1,251 - $1,500

$32,500

$47,500

$3,001 - $3,500

$60,000

$90,000

$1,501 - $1,750

$30,000

$45,000

$3,501 - $4,000

$55,000

$80,000

$1,751 - $2,000

$27,500

$40,000

$4,001 - $4,500

$50,000

$70,000

$2,001 - $2,250

$25,000

$35,000

$4,501 - $5,000

$45,000

$65,000

$2,251 - $2,500

$22,500

$32,500

$5,001 - $5,500

$40,000

$55,000

$2,501 - $2,750

$20,000

$27,500

$5,501 - $6,000

$35,000

$50,000

$2,751 - $3,000

$17,500

$25,000

$6,001 - $6,500

$30,000

$40,000

$3,001 - $3,250

$15,000

$20,000

$6,501 - $7,000

$25,000

$30,000

$3,251 - $3,500

$12,500

$15,000

$7,001 - $7,500

$20,000

$25,000

$3,501 - $3,750

$10,000

$12,500

$7,501 - $8,000

$15,000

$20,000

$3,751 - $4,000

$7,500

$10,000

$8,001 - $8,500

$10,000

$10,000

$4,001 - $4,250

$5,000

$5,000

$8,501 - $9,000

$5,000

$5,000

$4,251 - $4,500

$2,500

$2,500

>$9,000

NA

NA

>$4,500

NA

NA

Note:

* Applicable to first-timers who buy a flat with sufficient lease to cover the youngest core buyer and core occupier to the age of 95. Otherwise, the household will receive a pro-rated EHG amount.

^ Applicable to families with at least two first-timers.

# Under the Joint Singles Scheme, the EHG is available for buying 2-room Flexi flats on 99-year or short leases from HDB and resale flats (2-room or larger flats) on the open market.

@ Under the Single Singapore Citizen Scheme, the EHG is available for buying 2-room Flexi flats on 99-year or short leases from HDB and resale flats (2- to 5-room flats) on the open market.

The increase to the maximum EHG quantum is progressively tiered such that the lower-income households who require more support receive the most assistance to realise their home ownership aspirations.

[1] A complete application is one where HDB has received both sellers’ and buyers’ portions of the resale application.

[2] The EHG replaced the Additional CPF Housing Grant (AHG) and the Special CPF Housing Grant (SHG).

[3] For those who have applied in an earlier sales exercise and their HFE letter is still valid for the October 2024 BTO exercise onwards, HDB will update their HFE letter via the HDB Flat Portal to show the EHG amounts which apply to the respective sales exercise.

## Chinese translation

> Translation model: grok_cli

### 冷却组屋转售市场并加强对首次购房者支持的措施

国家发展部与建屋发展局联合新闻稿

冷却组屋转售市场并加强对首次购房者支持的措施

建屋发展局房屋贷款的贷款与估值比率上限将下调5个百分点，由80%降至75%

增强型公积金购屋津贴额度将提高，以改善中低收入首次购房者的可负担性

这些措施进一步鼓励财务审慎，并促进稳定、可持续的市场

国家发展部与建屋发展局今日宣布一系列措施，以冷却组屋转售市场，并向中低收入首次购房者提供更多支持。

2 自2024年8月20日午夜12时起，建屋发展局贷款的贷款与估值比率（LTV）上限将由80%下调至75%。此举使建屋发展局贷款的LTV上限与金融机构发放贷款的上限一致，后者维持在75%。

3 正如总理黄循财在2024年国庆群众大会上所宣布，政府将提高新组屋及转售组屋的增强型公积金购屋津贴（EHG）额度，以支持首次购房者。EHG将提高：

符合资格的首次购屋家庭最多提高40,000元，由目前最高津贴额80,000元增至120,000元；以及

符合资格的首次购屋单身人士最多提高20,000元，由目前最高津贴额40,000元增至60,000元。

4 鉴于组屋转售需求持续强劲且广泛，这些措施将有助于冷却市场并鼓励审慎借贷，从而使中低收入首次购房者更容易负担住房。

下调建屋发展局房屋贷款的LTV上限

5 政府密切关注组屋转售市场。此前多轮降温措施以及加大预购组屋（BTO）供应，已有助于缓和组屋转售价格的升势。2023年组屋转售价格上涨4.9%，较2022年的10.4%显著放缓。然而，2024年上半年转售价格仍上升逾4%。这是由于需求强劲且广泛，同时供应相对偏紧，因今年达到最低居住年限的单位较少。

6 为进一步稳定组屋转售市场并鼓励购房者审慎借贷，建屋发展局房屋贷款的LTV上限将下调5个百分点，由80%降至75%。修订后的建屋发展局LTV上限，将适用于建屋发展局在2024年8月20日或之后收到的完整转售申请[1]，以及自2024年10月预购组屋销售活动起的预购组屋申请。金融机构发放贷款的LTV上限维持在75%不变。

7 首次购房者，尤其是低收入家庭，受较低LTV上限的影响较小，因为他们可获得可观的购屋津贴。为进一步支持中低收入首次购房者，我们也将加强EHG。

提高首次购屋者购买新组屋及转售组屋的增强型公积金购屋津贴

8 EHG[2]于2019年9月推出，是一项按经济状况审查的津贴，为购买新组屋或转售组屋作为首套住房的中低收入家庭提供额外支持。目前，符合资格的首次购屋家庭和单身人士购买组屋，最高可分别获得80,000元和40,000元的EHG。EHG金额按家庭收入分档，对组屋类型和地点没有限制。EHG具有累进性，使低收入家庭在实现置业理想时获得更多支持。

9 自推出以来，约72,300个首次购屋家庭受惠于EHG，总额超过20亿元。2024年前六个月，约向约7,000个首次购屋家庭发放了2.04亿元的EHG。在迄今获得EHG的72,300个首次购屋家庭中，四成购买转售组屋，其余六成通过建屋发展局各种销售模式购买组屋（即预购组屋、剩余组屋销售及公开抽签选购组屋）。

10 为进一步支持首次购房者，EHG最高额度将提高至家庭120,000元、单身人士60,000元。视每月家庭收入而定，家庭的增幅介乎5,000元至40,000元，单身人士介乎2,500元至20,000元，需要更多支持的低收入家庭获较高增幅。详情见附件A。

11 在修订后的EHG，加上现有的公积金购屋津贴及近居购屋津贴（PHG）下，首次购房者在购买组屋时将获得更大帮助。

新组屋
符合资格的首次购屋家庭购买新组屋，除了组屋售价中的显著市场折扣外，最高可获120,000元EHG，而单身人士最高可获60,000元EHG。

符合资格的首次购屋家庭购买新组屋，除了组屋售价中的显著市场折扣外，最高可获120,000元EHG，而单身人士最高可获60,000元EHG。

转售组屋

符合资格的首次购屋家庭购买转售组屋，最高可获230,000元购屋津贴，包括修订后最高120,000元的EHG、最高80,000元的公积金购屋津贴，以及最高30,000元的近居购屋津贴。

符合资格的首次购屋单身人士购买转售组屋，最高可获115,000元购屋津贴，包括修订后最高60,000元的EHG、最高40,000元的公积金购屋津贴，以及最高15,000元的近居购屋津贴。

详情见表1及表2。

表1：符合资格首次购屋家庭的购屋津贴

津贴

现行

修订后

公积金购屋津贴

2房至4房式组屋

80,000元
（最近一次于2023年2月提高）

不变

5房式或更大组屋

50,000元
（最近一次于2023年2月提高）

不变

增强型公积金购屋津贴（EHG）

最高80,000元

最高120,000元

近居购屋津贴（PHG）

最高30,000元

不变

转售组屋津贴总额

最高190,000元

最高230,000元

新组屋津贴总额（EHG）

最高80,000元

最高120,000元

表2：符合资格首次购屋单身人士的购屋津贴

津贴

现行

修订后

公积金购屋津贴

2房至4房式组屋

40,000元
（最近一次于2023年2月提高）

不变

5房式或更大组屋

25,000元
（最近一次于2023年2月提高）

不变

增强型公积金购屋津贴（EHG）

最高40,000元

最高60,000元

近居购屋津贴（PHG）

最高15,000元

不变

转售组屋津贴总额

最高95,000元

最高115,000元

新组屋津贴总额（EHG）

最高40,000元

最高60,000元

12 修订后的EHG将适用于符合以下情况的首次购屋家庭：

自2024年10月预购组屋销售活动起申请新组屋

对于已持有建屋发展局组屋资格（HFE）信函但尚未在销售活动中申请组屋者，建屋发展局将通过建屋发展局组屋门户更新其HFE信函，以反映修订后的EHG金额，并以电邮个别通知[3]。申请人无需重新提交HFE申请。

修订后的EHG不会追溯适用于已推出的预购组屋或剩余组屋销售活动或公开抽签选购组屋的申请，即最近一次为2024年6月及更早的销售活动。

对于已持有建屋发展局组屋资格（HFE）信函但尚未在销售活动中申请组屋者，建屋发展局将通过建屋发展局组屋门户更新其HFE信函，以反映修订后的EHG金额，并以电邮个别通知[3]。申请人无需重新提交HFE申请。

修订后的EHG不会追溯适用于已推出的预购组屋或剩余组屋销售活动或公开抽签选购组屋的申请，即最近一次为2024年6月及更早的销售活动。

在2024年8月20日或之后提交转售组屋申请

转售交易尚待完成的符合资格首次购房者，将获得修订后的额外津贴。金额将在转售完成之日起两个月内存入其公积金账户。他们无需联系建屋发展局；转售交易的完成亦不受影响。

对于已持有HFE信函但尚未提交转售申请者，建屋发展局将通过建屋发展局组屋门户更新其HFE信函，以反映修订后的EHG金额，并以电邮个别通知。

转售交易尚待完成的符合资格首次购房者，将获得修订后的额外津贴。金额将在转售完成之日起两个月内存入其公积金账户。他们无需联系建屋发展局；转售交易的完成亦不受影响。

对于已持有HFE信函但尚未提交转售申请者，建屋发展局将通过建屋发展局组屋门户更新其HFE信函，以反映修订后的EHG金额，并以电邮个别通知。

在2024年8月20日或之后申请HFE信函

尚未持有HFE信函、于2024年8月20日或之后申请HFE信函的符合资格首次购房者，将享有修订后的EHG金额。

对于在2024年8月20日之前已提交HFE信函申请的符合资格首次购房者，建屋发展局在发出HFE信函时将向其提供修订后的EHG金额。他们无需重新申请新的HFE信函。

提供可负担且可及的公共住房

13 在即将到来的2024年10月预购组屋销售活动中，建屋发展局将在新的组屋分类下，于15个项目推出8,500个单位，并为Plus和Prime组屋提供额外津贴。这些单位涵盖广泛、可负担的住房选择，以满足不同预算与需求的买家。随着2024年计划供应约19,600个预购组屋单位，我们正按计划在2021年至2025年期间提供100,000个组屋单位。

14 对绝大多数购房者而言，转售组屋仍然可负担。2023年领取转售组屋钥匙的首次购屋家庭中，八成以每月家庭收入的25%或以下偿还建屋发展局房屋贷款。这意味着他们可用每月公积金缴交额偿还月供，几乎或完全无需现金支出。以极高价格售出的组屋仅占转售交易总数中很小一部分。

15 政府继续致力让新加坡人负担得起、获得公共住房。我们将继续密切关注房地产市场，并在必要时调整政策，以促进稳定、可持续的房地产市场。

发布机构：国家发展部与建屋发展局

日期：2024年8月19日

附件A——首次购屋家庭与单身人士的EHG结构*

平均每月家庭收入

家庭^及联合单身#的EHG

平均每月家庭收入

单身人士@的EHG

现行

修订后

现行

修订后

≤1,500元

80,000元

120,000元

≤750元

40,000元

60,000元

1,501元 - 2,000元

75,000元

110,000元

751元 - 1,000元

37,500元

55,000元

2,001元 - 2,500元

70,000元

105,000元

1,001元 - 1,250元

35,000元

52,500元

2,501元 - 3,000元

65,000元

95,000元

1,251元 - 1,500元

32,500元

47,500元

3,001元 - 3,500元

60,000元

90,000元

1,501元 - 1,750元

30,000元

45,000元

3,501元 - 4,000元

55,000元

80,000元

1,751元 - 2,000元

27,500元

40,000元

4,001元 - 4,500元

50,000元

70,000元

2,001元 - 2,250元

25,000元

35,000元

4,501元 - 5,000元

45,000元

65,000元

2,251元 - 2,500元

22,500元

32,500元

5,001元 - 5,500元

40,000元

55,000元

2,501元 - 2,750元

20,000元

27,500元

5,501元 - 6,000元

35,000元

50,000元

2,751元 - 3,000元

17,500元

25,000元

6,001元 - 6,500元

30,000元

40,000元

3,001元 - 3,250元

15,000元

20,000元

6,501元 - 7,000元

25,000元

30,000元

3,251元 - 3,500元

12,500元

15,000元

7,001元 - 7,500元

20,000元

25,000元

3,501元 - 3,750元

10,000元

12,500元

7,501元 - 8,000元

15,000元

20,000元

3,751元 - 4,000元

7,500元

10,000元

8,001元 - 8,500元

10,000元

10,000元

4,001元 - 4,250元

5,000元

5,000元

8,501元 - 9,000元

5,000元

5,000元

4,251元 - 4,500元

2,500元

2,500元

>9,000元

不适用

不适用

>4,500元

不适用

不适用

注：

* 适用于所购组屋剩余租约足以覆盖最年轻核心买家及核心居住者至95岁的首次购房者。否则，家庭将获按比例计算的EHG金额。

^ 适用于至少有两名首次购房者的家庭。

# 在联合单身计划下，EHG可用于向建屋发展局购买99年或较短租约的2房式灵活组屋，以及在公开市场购买转售组屋（2房式或更大）。

@ 在单身新加坡公民计划下，EHG可用于向建屋发展局购买99年或较短租约的2房式灵活组屋，以及在公开市场购买转售组屋（2房至5房式）。

EHG最高额度的提高按累进分档，使需要更多支持的低收入家庭获得最多援助，以实现其置业理想。

[1] 完整申请是指建屋发展局已同时收到卖方与买方部分的转售申请。

[2] EHG取代了额外公积金购屋津贴（AHG）及特别公积金购屋津贴（SHG）。

[3] 对于已在较早销售活动中申请、且其HFE信函对2024年10月预购组屋销售活动起仍有效者，建屋发展局将通过建屋发展局组屋门户更新其HFE信函，以显示适用于相关销售活动的EHG金额。