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Lease buyback scheme to be extended to all HDB flat types

By EdgeProp Singapore

/ EdgeProp |

January 2, 2019 3:30 PM SGT

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With effect from 1 January 2019, the Lease Buyback Scheme (LBS) will be extended to all HDB flat types. The LBS was previously only available to seniors who own 4-room or smaller flat types.

With the extension, seniors who own 5-room and larger flat types are now eligible to take up the LBS to monetise their flat.

According to HDB, as at November 2018, about 34,000 households can benefit from this extension, bringing the total number of households who are eligible for LBS to about 130,000.

Households in 5-room and larger flats will receive up to $5,000 cash bonus per household when they participate in the LBS. This is on top of the proceeds they receive from selling part of their remaining flat lease to HDB. There are no changes to the other LBS eligibility conditions.

HDB also announced that after taking up the LBS, seniors may still rent out spare bedrooms to supplement their retirement income further. Besides the LBS and renting out bedrooms, other monetisation options for seniors are: (a) renting out their whole flat (if they did not take up the LBS); and (b) right-sizing to a smaller flat with the option of applying for the Silver Housing Bonus.

Seniors who are interested to take up the LBS or any other housing monetisation option can make an appointment for a personalised one-to-one financial counselling session at any HDB Branch.

For more information on the LBS, visit HDB’s InfoWEB at www.hdb.gov.sg/LBS or call the HDB Branch Service Line at 1800-225-5432 between 8.00am and 5.00pm from Mondays to Fridays.

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