Hey there, young couples! Listen up, because we’ve got some fantastic news for you! The Housing and Development Board (HDB) has just announced a whole bunch of awesome measures that are going to make your lives a whole lot easier when it comes to buying your first home together.
Starting in June, the HDB is rolling out a series of initiatives that are specifically designed to help eligible young couples like you get your hands on your dream home.
They’ve gone above and beyond to make sure that you have all the support you need to make this exciting milestone a reality.
Source: Bloomberg
So, what can you look forward to? Well, for starters, the HDB is going to be providing greater assistance to young couples across the board. They understand that buying your first home together is a big step, and they want to make sure that you have everything you need to make it happen.
These new measures are aimed at making the whole process a lot more manageable and accessible for young couples.
The HDB has put a lot of thought into how they can best support you during this exciting time, and we think you’re going to be pretty impressed with what they’ve come up with.
Reduced Initial Down Payment
One of the most significant changes is the reduction of the initial down payment for young couples. From June onwards, they will only need to pay 2.5 per cent of the purchase price upfront, instead of the current 10 per cent. This will significantly lower the financial burden on young partners looking to buy their first HDB flat.
Young Couples to Receive Priority in BTO Exercises
Source: iStock
Furthermore, young couples will be given priority in the Build-to-Order (BTO) exercises. This means that they will have a higher chance of securing their desired flat, as more units will be set aside for this group of buyers. This initiative recognizes the importance of supporting young partners in their journey towards homeownership.
Enhanced Grants and Vouchers
In addition to the reduced down payment and priority in BTO exercises, young couples will also benefit from enhanced grants and vouchers. The CPF Housing Grant and the Enhanced CPF Housing Grant will be increased, providing more financial support to eligible young couples. Moreover, the Proximity Housing Grant will be extended to more areas, encouraging young partners to live closer to their parents or children.
Young Couples in School and National Service Included
The HDB has also taken into consideration the needs of young couples who are still studying or serving their National Service. These groups will now be eligible for the enhanced support measures, ensuring that they are not left behind in their aspirations to own a home.
Source: iStock
With these new measures in place, young couples in Singapore have a fantastic opportunity to make their dream of homeownership a reality. If you are a young couple looking to purchase your first HDB flat, now is the time to take action. Visit the HDB website or contact your nearest HDB branch to learn more about how you can benefit from these initiatives and start your journey towards owning your very own home.
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