HDB Singapore Enhanced Lease Buyback Scheme

HDB Singapore Enhanced Lease Buyback Scheme (LBS)

 HDB Singapore Enhanced Lease Buyback Scheme (LBS)

HDB Singapore Enhanced Lease Buyback Scheme (LBS)

What is LBS ?
Enhanced Lease Buyback Scheme is an option to convert part of your HDB lease to cash.

For whom is LBS?
Low-income elderly households in HDB  3-room and smaller flats.

How does LBS work ?
Under the Enhanced LBS, the elderly flat owners sell part of their flat lease to HDB and retain a 30-year lease. Their proceeds from selling part of the flat lease will be used to top up their CPF Retirement Accounts (RAs). Flat owners will use their full CPF RA savings to purchase a CPF LIFE plan to give them a monthly income for life.

Restrictions of LBS ?
Once committed, the 30 year lease term is non-transferable in the market, cannot sell the flat in the open market or sublet the whole flat. More details here …

When will application be accepted for Enhanced Lease Buyback Scheme ?
From 1 April 2015.

Example of LBS.
An elderly couple who own a 3-room flat in Bedok, which has a remaining lease of 70 years and a market value of $323,000.

Under the scheme, HDB will buy 40 years of the lease at $138,000. The couple will use the $138,000 to top up their CPF Retirement Accounts up to the specified limits. The top-ups, plus the initial RA balances (ie. full RA savings), will be used to buy a CPF Life plan to give the elderly couple a monthly stream of income for life.

How to apply LBS ? Get ready your singpass login password. Apply here.

 

HDB Singapore Enhanced Lease Buyback Scheme timeline

HDB Singapore Enhanced Lease Buyback Scheme timeline

HDB Singapore Enhanced Lease Buyback Scheme timeline

 

Fees Payable under current LBS

  •  Administrative charge ~$100.
  • Legal Fees ~ $300-$500.

 

HDB Singapore Enhanced Lease Buyback Scheme- Terms and Condition

 

 Please contact me as I have some inquiries on property issues

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