Lease Buyback Scheme extended to all HDB flats

re-reverse-mortgage

I had previously written an article on Lease Buyback Scheme(LBS). The LBS was eligible to four room or smaller flats when the article was written in Aug 2018. With effect from 1st Jan 2019, the LBS will be extended to all HDB flats except for short-lease flats, HUDC, and Executive Condominium units. Personally, I think this is a good move as most Singaporean are asset rich and cash poor. With most of the money stuck in their property, the house owners will not be forced to downgrade to a smaller unit if they wish to consider LBS as an retirement option.

The criteria and eligibility remains the same as below

Criteria Eligibility
Age All owners must have reached the eligibility age (currently set at age 65) or older
Citizenship At least one owner must be a Singapore Citizen
Income Gross monthly household income of $12,000 or less
Flat type All flat types*
Property Ownership No concurrent ownership of second property
Minimum Occupation Period All owners have been living in the flat for at least 5 years
Minimum Lease At least 20 years of lease to sell to HDB

*Excluding short-lease flats, HUDC, and Executive Condominium units

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