Financial Help For Families Grant

Financial Help For Families Grant – If you are a new home buyer, the Enhanced Housing Grant (EHG) can help you finance your first home.

In order to make housing easier and more affordable for Singaporeans, MND and HDB have recently announced the Enhanced Housing Grant (EHG), which will replace the Affordable Housing Grant (AHG) and Special Housing Grant (SHG). . Under EHG, eligible first-time homebuyers receive up to $80,000 in housing subsidies.

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EHG has a new home offer for first time home buyers. It applies to new housing applications from the September 2019 sales exercise and new sales applications from 11 September 2019. Applications submitted before this date are not eligible for EHG.

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First-time applicants for new homes can use up to $80,000 of EHG, while first-time singles can use up to $40,000 of EHG (Singles).

Similarly, first-time housing applicants can benefit from EHG up to $80,000, including the Housing Grant (up to $50,000) and Proximity Housing Grant (up to $30,000). This means that first-time home buyers can take advantage of home loans of up to $160,000.

To qualify for the EHG, monthly household income for previously enrolled households must not exceed $9,000 (see Table 1 below). The applicant or their spouse must have been employed within the past 12 months and continue to work in the area of ​​application.

Eligible applicants must be 35 years of age or older with a monthly income of up to $4,500. The customer must have been in regular employment for 12 months prior to the housing application and continue to work at the location of the housing application.

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* EHG applies to those buying 2-bedroom Flexi flats on 99-year leases in orphan lands, 2-bedroom Flexi flats for short-term rental and resale (up to 5-bedrooms in under the Singapore Single Citizen Scheme, and resale of all flats in Joint under the unified scheme).

For example, a family has a monthly income of $4,800 and wants to buy a 4-bedroom BTO flat in Tampines, a mature property. With EHG’s contribution, the A couple can receive an additional $40,000 in housing allowances.

Previously, new home buyers could get AHG up to $40,000 but not SHG. Under EHG, they can now use up to $80,000 of EHG. This means first-time buyers of new homes can benefit from a housing grant of up to $160,000, including EHG (up to $80,000). Housing Grant (up to $50,000) and PHG (up to $30,000).

For example, couple B has a monthly household income of $4,800. Some couples buy a 4-bedroom apartment in a mature country to live with their parents. With EHG’s contribution, B couples can receive an additional $40,000 in housing allowances;

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What happens if the remaining rent of the apartment I buy does not apply to the youngest owner and his spouse until the age of 95?

To use the full amount of EHG for eligible income brackets, the home being sold must have enough rent to cover the buyers and their spouses until age 95. Otherwise, the total amount will be calculated. This condition also applies to flats that are resold in the form of “Sale of Remainder of Flats” or “Reoffer of Flats” exercise.

For example, couple C, both 30 years old, with an average household income of $4,800, purchased a new home with a 60-year lease remaining. Since the home cannot cover them until age 95, they can use the $40,000 EHG instead of the $45,000 EHG for their entire savings account.

According to EHG, first-time applicants for new homes can take advantage of housing subsidies of up to $80,000, while first-time singles can use housing subsidies of up to $40,000.

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First-time home buyers can take advantage of housing grants of up to $160,000, including EHG (up to $80,000), Housing Grant (up to $50,000) and PHG (up to $30,000).

Whether it’s starting a BTO sale this coming November or buying a new home, remember to consider EHG when planning your new home. Budget for 2022 is an additional S$640 million to reduce the impact

SINGAPORE: The government will delay a planned increase in the goods and services tax (GST) until 2023 and implement the increase in two steps, Finance Minister Lawrence Wong said in his budget speech on on Friday (Feb 18).

The first increase from 7 percent to 8 percent will occur on January 1, 2023, and the second increase from 8 percent to 9 percent will occur on January 1, 2024.

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This comes after Prime Minister Lee Hsien Loong said in his New Year’s address in December that the government will start moving forward with planned growth this year once the economy recovers from the COVID- 19.

The plan to increase the GST by two percentage points, from 7 percent to 9 percent, was first announced in 2018 during Finance Minister Heng Swee Keat’s budget speech.

Mr Wong said on Friday that the GST increase was necessary to support Singapore’s health costs and care for its elderly population.

At the time, Mr Wong said, he considered the overall situation – the pandemic, the state of Singapore’s economy and the prospect of inflation.

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“We have an urgent financial need. But I also understand the concerns of Singaporeans about the increase in GST at the same time as the price.”

The GST increase has been delayed till 2023 and the increase will be spread over 2 years. (Photo by Dawn Teo)

The government will continue to introduce GST for healthcare and education, he said. City councils will receive an additional S$15 million annually to cover the additional GST paid on service and maintenance fees.

Taxes and fees will not increase in 2023. This applies to license fees and fees imposed by public entities for the provision of services. This includes school fees, Institute of Technical Education and Polytechnic fees and public transport fees.

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“Fearing that businesses may use GST as a cover to raise prices, the government will set up an Anti-Profitability Committee,” said Mr Wong, adding that It is chaired by the Minister of State for Trade and Industry Low Yen Ling.

The verification package aims to eliminate at least 5 years of new GST costs for most Singaporean households. (Photo by Rafa Estrada)

To counter the impact of the GST increase, the government will add S$640 million to the S$6 billion stimulus package announced in 2020 and improve the GST Voucher (GSTV) scheme.

The security package and the improved GSTV plan will also be implemented ahead of the GST hike so that Singaporeans can benefit from both at the same time, said Mr Wong.

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The extended guarantee package will cover about five years of new GST spending for most Singaporean households, and about 10 years for low-income households, he said.

Under the package, every Singaporean senior will receive cash payments ranging from S$700 to S$1,600, while eligible senior citizens will receive a special GSTV – Cash (Seniors’ Bonus) of S$600 to S$900 .

Eligible Housing Class households will receive U-Save loan payments of S$330 to S$570 depending on the type of flat, while children and senior citizens in Singapore will receive MediSave payments of S$450.

Singaporean households will also receive two installments of CDC vouchers of S$200 each in 2023 and 2024. The vouchers can be used on medium-sized and commercial customers and households. wholesale.

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“Even with these payments, some vulnerable families may need more support,” said Mr Wong, adding that those with urgent needs can turn to their Citizens’ Consultative Committees (CCCs) for help.

The government will increase the CCC ComCare Fund with S$5 million over five years and provide self-help groups with a total of S$12 million over four years.

About S$40 million will be made available under the Productivity Solutions Grant for businesses to apply for capital investment and marketing solutions.

How will the financial assistance announced in Budget 2022 offset the GST hike? Here are some examples. (By Clara Ho)

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Under the changes, the rental and maintenance fee will become a permanent part of the GSTV scheme.

The allowance will be increased from S$28,000 to S$34,000 for more Singaporeans.

GSTV – Cashback will be increased to S$500 for residents of houses priced at S$13,000 and below; and S$250 for those living in households with an annual income between S$13,000 and S$21,000.

“The permanent GSTV plan will provide continuous payments for the GST expenses of most of the low and middle class families and pensioners before the transition period covered by the guarantee package,” it said. Mr Wong.

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For example, the improved GSTV will completely eliminate the GST of all retired households living in one

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