{"id":76088,"date":"2018-01-09T10:58:17","date_gmt":"2018-01-09T03:58:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/2500-households-took-up-hdbs-lease-buyback-scheme\/"},"modified":"2018-01-09T11:03:59","modified_gmt":"2018-01-09T04:03:59","slug":"2500-households-took-up-hdbs-lease-buyback-scheme","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2500-households-took-up-hdbs-lease-buyback-scheme\/","title":{"rendered":"2,500 households took up HDB\u2019s Lease Buyback Scheme"},"content":{"rendered":"


\nAbout 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).
\nIt stated this in response to a question from Gan Thiam Poh, Member of Parliament (MP) for Ang Mo Kio Group Representation Constituency (GRC).
\nMoreover, Gan asked about each applicant\u2019s average payout, and whether the amount they each received has been impacted by the falling resale prices and rental income of HDB flats.
\n\u201cThe average LBS proceeds among the households who have benefited from the scheme to date is about $146,000,\u201d replied the Ministry.
\n\u201cThe payout is dependent on the market value of the flat at the time of application. Specifically, the LBS proceeds (comprise) the market value of the flat with its full remaining lease, minus the value of the lease retained by the household and any outstanding monies due to HDB.\u201d
\nUnder this scheme, elderly owners can sell part of their HDB flat\u2019s remaining lease and opt to retain a length of the lease based on the age of the youngest owner.
\nThe proceeds from this will be used to top up their CPF Retirement Account (RA). They can then use their CPF RA savings to purchase a CPF LIFE plan, which will provide them with a monthly income for life.
\nTo avail of LBS, all owners of a flat must reach the age of at least 65, and their combined monthly household income should not exceed $12,000. At least one of them must be a Singapore Citizen and they must not own a second property.
\nFurthermore, all owners must have fulfilled a Minimum Occupation Period (MOP) of five years. The scheme is only applicable to four-room or smaller HDB flats, and there must be at least 20 years of lease to sell to the Housing Board.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…2,500 households took up HDB\u2019s Lease Buyback Scheme<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

About 2,500 families have successfully applied for the Housing and Development Board\u2019s Lease Buyback Scheme...<\/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-76088","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-jNe","jetpack-related-posts":[{"id":110483,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lbs-available-for-flat-owners-with-outstanding-mortgage-loan-of-over-5000\/","url_meta":{"origin":76088,"position":0},"title":"LBS available for flat owners with outstanding mortgage loan of over $5,000","date":"September 4, 2019","format":false,"excerpt":"\r Flat owners with outstanding mortgage loans of more than $5,000 can now take up the LBS \u201cas long as the proceeds from the lease sale are sufficient to fully discharge the loan. The rule that requires Housing and Development Board (HDB) flat owners to have an outstanding loan of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111443,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/","url_meta":{"origin":76088,"position":1},"title":"Seniors receive average LBS proceeds of $177,000","date":"October 8, 2019","format":false,"excerpt":"\r The 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. With the Lease Buyback Scheme (LBS) enhanced\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":76088,"position":2},"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":96393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lease-buyback-scheme-to-be-extended-to-all-hdb-flats\/","url_meta":{"origin":76088,"position":3},"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":76088,"position":4},"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":101430,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-provide-more-help-to-seniors-looking-to-unlock-flats-value\/","url_meta":{"origin":76088,"position":5},"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. Unlocking the value of one\u2019s HDB flat can prove to be a complex task, wrote National Development Minister Lawrence Wong in a blog post.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76088"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=76088"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76088\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=76088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=76088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=76088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}