HDB Lease Buyback Scheme

The proposed HDB lease buyback scheme could benefit as many as 25k elderly. It is to supplement the retirement savings of older, low-income owners while allowing them to continue living in their homes.

The Government will shorten the lease to 30yrs and buys back the remaining lease. Should the owners outlived the 30yrs, they will still have a place to stay, but may not be their own homes.

The amount of the buyback will subject to market value, and the payouts will be in 3 parts. To encourage people to sign up for the scheme, Government will give out a subsidy to owners.

Eligibility:
1) >=62 yrs old, AND
2) Own 2 or 3-room unit, AND
3) Have had only 1 HDB subsidy.

Payouts:
1) Initial lump sum,
2) Monthly installments over a fixed number of years,
3) An insurance plan that will give owners an income for life after (1) & (2) run out.

* AsiaOne-Buyback , AsiaOne-Retirement , iProperty-Resale *

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I do wish tt the Govt opens up the scheme so tt more elderly are eligible for it, such as remove the condition of 'hv had only 1 HDB subsidy'.
2 & 3-Rm flats gonna be hot again ... ...