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.
You are eligible for the SHB if you meet the following criteria:
|Age, Citizenship||At least one owner is a Singapore Citizen aged 55 or above|
|Income||Gross monthly household income of $12,000 or less|
|Property You Are Buying|
|Housing Transactions||Booking of new HDB flat, or application to buy resale flat must be:|
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
Less than $60,000
All net sale proceeds#
$1 for every
$60,000 to $160,000
$0 to $100,000
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
A good retirement investment is the Executive Condominium such as The Criterion EC