{"id":111443,"date":"2019-10-08T11:18:08","date_gmt":"2019-10-08T04:18:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/"},"modified":"2019-10-08T12:03:13","modified_gmt":"2019-10-08T05:03:13","slug":"seniors-receive-average-lbs-proceeds-of-177000","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/","title":{"rendered":"Seniors receive average LBS proceeds of $177,000"},"content":{"rendered":"


\nThe Ministry of National Development noted that most seniors \u2013 after taking up the Lease Buyback Scheme \u2013 have enough CPF RA savings \u201cto benefit from a lifelong income stream of about $1,000 per month on a household basis under CPF LIFE\u201d.
\nWith the Lease Buyback Scheme (LBS) enhanced in April 2015 to cover four-room flats, seniors who took up the scheme received average proceeds of $177,000 per household, including the LBS cash bonus, revealed the Ministry of National Development in Parliament on Monday (7 October).
\nIn its written reply to MP Foo Mee Har, who asked about the average amounts of funds received by seniors when they monetised their HDB flats via the LBS, the ministry said the proportion of proceeds received by seniors in their CPF Retirement Account (RA) and cash depended on their CPF RA balances before they availed of the LBS.
\nIn general, seniors with higher CPF RA balances would receive a higher proportion of their proceeds in cash, it said.
\nMND noted that most seniors \u2013 after taking up the LBS \u2013 have enough CPF RA savings \u201cto benefit from a lifelong income stream of about $1,000 per month on a household basis under CPF LIFE\u201d.
\nAside from that, most seniors also get some of their LBS proceeds in cash, on top of the cash bonus.
\nSeparately, the ministry shared that the mean and median mortgage service ratios (MSRs) of HDB housing loans disbursed at key collection between 2014 and 2018 have been similar, with the ratios stable at about 20 percent of new flat purchases and 25 percent for resale flat purchases.
\n\u201cAs flat buyers are required to dispose of any existing property after they collect the keys to their flat, they will be servicing an HDB housing loan for a single flat.\u201d
\nThe MSR cap of 30 percent of flat buyers\u2019 income is one of the criteria used to determine the maximum amount of loan that flat buyers can avail.
\nSome flat buyers, however, want to shorten their loan tenure in order to minimise interest costs.
\n\u201cFor a small number of such flat buyers (around three percent of those who collected keys to their HDB flats in 2018), while their approved loan amount adheres to the MSR cap over the maximum applicable loan tenure, their mortgage instalment over the shortened loan tenure may exceed 30 percent of their monthly income.\u201d
\nWhile you\u2019re here, check out HDB flats for sale in Singapore.\u00a0Or, read our handy property\u00a0buying guides\u00a0to help you own a property.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Seniors receive average LBS proceeds of 7,000<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Ministry of National Development noted that most seniors \u2013 after taking up the Lease...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111443","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sZt","jetpack-related-posts":[{"id":76088,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2500-households-took-up-hdbs-lease-buyback-scheme\/","url_meta":{"origin":111443,"position":0},"title":"2,500 households took up HDB\u2019s Lease Buyback Scheme","date":"January 9, 2018","format":false,"excerpt":"\r About 2,500 families have successfully applied for the Housing and Development Board\u2019s Lease Buyback Scheme (LBS) since it was launched in March 2009, according to a written parliamentary reply from the Ministry of National Development on Monday (8 January). It stated this in response to a question from Gan\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":111443,"position":1},"title":"Lease buyback scheme to be extended to all HDB flats","date":"August 21, 2018","format":false,"excerpt":"\r Elderly owners of large Housing and Development Board (HDB) flats can look forward to monetising their flat by selling part of their remaining lease to the government. \u00a0This comes as the Lease Buyback Scheme (LBS) will now be extended to all HDB flats, including five-room and bigger units, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114728,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-scrap-re-offer-of-balance-flats-exercise\/","url_meta":{"origin":111443,"position":2},"title":"HDB to scrap Re-Offer of Balance Flats exercise","date":"March 5, 2020","format":false,"excerpt":"\r The change is part of the various measures unveiled by Wong to make housing more accessible as well as to better support Singaporeans\u2019 diverse housing needs. Homebuyers can look forward to faster access to public housing as the Housing and Development Board (HDB) will do away with the Re-Offer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-20-households-residing-in-bigger-flats-sold-part-of-lease-to-hdb-in-q1-2019\/","url_meta":{"origin":111443,"position":3},"title":"Over 20 Households Residing In Bigger Flats Sold Part Of Lease To HDB In Q1 2019","date":"May 6, 2019","format":false,"excerpt":"\r From 1 January to 31 March, HDB received over 200 LBS applications from owners of such larger units after the scheme was extended to them at the start of this year. The Housing and Development Board (HDB) revealed that over 20 households living in five-room and bigger flats have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101430,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-provide-more-help-to-seniors-looking-to-unlock-flats-value\/","url_meta":{"origin":111443,"position":4},"title":"HDB to provide more help to seniors looking to unlock flat\u2019s value","date":"November 19, 2018","format":false,"excerpt":"\r More personalised information could soon be provided to help seniors make better retirement decisions, such as the estimated proceeds from the sale of their flats. 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