
We want our elderly parents to be comfortable in their golden years. In this post, we will share with you 3 schemes – the Lease Buyback Scheme, Silver Housing Bonus and 2-Room Flexi Scheme – to enhance their home environment as well as their retirement income.
A. Lease Buyback Scheme (LBS)

The LBS allows your parents to sell part of their flat’s lease to HDB and channel the sale proceeds to their CPF Retirement Account (RA). The money is used to purchase a CPF LIFE plan that provides a steady monthly income during retirement.
Benefits
Choose the lease term that you want for your current flat
Supplement your CPF Retirement Account and receive monthly pay-outs from CPF LIFE
Receive the excess proceeds (after top-up) as a cash payment
Eligibility
Singaporean, aged 64 and above
Lives in a 4-room flat or smaller
No concurrent ownership of second property
Minimum of 20 years of lease to sell
All owners living in the flat for at least 5 years
Gross monthly household income of $12,000 or less
How to apply
Visit My HDB Page
Proceed to My Flat > Purchased Flat – Flat Details
Visit HDB to learn more.
B. Silver Housing Bonus (SHB)

If your parents live in a bigger HDB flat, the SHB allows them to downsize their HDB flat and get a payout to supplement their retirement income. In doing so, they sell their existing flat and purchase a smaller and cheaper HDB flat, either from the resale market or from HDB. The net sales profit is put into their CPF retirement account to be included under CPF LIFE. Those who opt for this scheme will receive an up to $20,000 cash bonus from the government, on top of their net sales profit.
Benefits
Right-size to a safer and more convenient living environment for an elderly resident
Supplement CPF Retirement Account and receive monthly pay out from CPF LIFE
Receive up to $20,000 cash bonus from government
Eligibility
Singaporean, aged 55 and above
Gross household monthly income of $12,000 or less
Owns a HDB flat (met Minimum Occupation Period for resale), or a private property of Annual Value of $13,000 or less
No concurrent ownership of second property
Next property must be a 3-room HDB flat or smaller, with purchase price not exceeding the selling price
Application to buy an HDB resale flat must be before the sale or within 6 months of finalising the sale of existing property
How to apply
Visit HDB for a better understanding of the process of applying for SHB
C. 2-Room Flexi Scheme

The 2-Room Flexi Scheme is for elderly Singaporeans who are looking to purchase a shorter lease 2-room flat. Under this scheme, your parents will be given the flexibility to choose the lease period of their 2-room flat. Shorter lease flats will come with elder-friendly features, such as grab bars and non-slip floors.
Benefits
Choose the length of lease between 15 and 45 years when your parents reach age 45
Choose elderly-friendly features for your parents
Convert their home equity into cash and CPF savings
Right-size to a safer and more convenient living environment for the elderly
Eligibility
Singaporean, aged 55 and above
Lease must last both your parents till age 95
Monthly household income must not exceed income ceiling
No ownership or share in other properties
How to apply
Visit HDB for the fees and costs involved in applying for Short-lease 2-room Flexi Flats
Interested In Learning More About Maximising House Subsidy Benefits For Your Elderly Parents?
Call 626-515-00 now for a free phone consultation!