If you own a bigger flat type, you can choose to right-size your flat and supplement your retirement income through the Silver Housing Bonus (SHB) scheme. Find out how you can buy a smaller flat and use your net sale proceeds to top up your CPF Retirement Account (RA).

How to right-size

You can choose to right-size by selling your existing flat and buying either:

Smaller and cheaper flat from the resale market, or
Smaller flat from us, such as a 2-room Flexi or 3-room flat

Get more information on selling your flat for a better understanding of the process.

Silver Housing Bonus (SHB)

The SHB has been introduced to help lower-income elderly households supplement their retirement income when they right-size their flat. If you buy a smaller flat type (up to 3-room flat), you can apply for the SHB and receive up to $20,000 cash bonus per household by using some of your net sale proceeds to top up your CPF Retirement Account (RA) and join CPF LIFE.

Eligibility conditions

You are eligible for the SHB if you meet the following criteria:

Criteria	Eligibility
Age, Citizenship	At least one owner is a Singapore Citizen aged 55 or above
Income	Gross monthly household income of $12,000 or less
Existing Property	HDB flat (met Minimum Occupation Period for resale), or Private property of Annual Value of $13,000 or less; and No concurrent ownership of second property
Property You Are Buying	Smaller HDB flat (up to 3-room); and Purchase price does not exceed selling price of existing property
Housing Transactions	Booking of new HDB flat, or application to buy resale flat must be: before sale of existing property; or within 6 months of completing sale of existing property

Computing net sale proceeds

The net sale proceeds are calculated as follows:

Net sale proceeds = Selling price of existing property less any outstanding loan on existing property, refund to CPF Account, resale levy, deductible of up to $15,000 for ancillary costs, and cash used for purchase of next property.

Top-up amount required

The amount you need to top up depends on the amount of net sale proceeds:

Net Sale Proceeds	CPF Top-up Requirement	Net Sale Proceeds to be kept in Cash	Cash Bonus
Less than $60,000	All net sale proceeds^#	$0	$1 for every $3 top-up
$60,000 to $160,000	$60,000^#	$0 to $100,000	$20,000
More than $160,000	$60,000 + Further top-up (i.e. Net sale proceeds – $60,000 – $100,000)^	$100,000 + Remaining after further top-up	$20,000