HDB Silver Housing Bonus

How To Right-Size Your Flat And Supplement Your Retirement Income Through The HDB Silver Housing Bonus (SHB) Scheme?

The Silver Housing Bonus (SHB) scheme has been implemented since 1 February 2013, to help lower-income elderly households to supplement their retirement income.

Having sufficient retirement fund has become more and more important. People are living longer. It means that you need to save more money for a longer retirement or you may end up outliving your savings.

The Silver Housing Bonus (SHB) scheme is to promote the benefits of right-sizing your home.

  • Sell your existing bigger HDB flat, to buy a smaller HDB flat type (up to 3-room flat).
  • Use the net sale proceeds to top up your CPF Retirement Account.
  • By right-sizing your home, you can apply for the Silver Housing Bonus (SHB) and receive up to $20,000 cash bonus per household.

The more money you have in your CPF Retirement Account, the more money you can invest in the CPF Life, which provides the elderly a steady stream of lifelong retirement income.

HDB Silver Housing Bonus At A Glance

ForHDB owners (SC, aged ≥ 55 ) who own a bigger HDB flat
AmountUp to $20,000 Cash Bonus Per Household
Age, CitizenshipAt least one owner is a Singapore Citizen aged ≥ 55
Income Ceiling

Your average gross monthly household income must not exceed:

  • $12,000
Existing Property
  • HDB flat (met MOP for resale), or
  • Private property of Annual Value of ≤ $13,000; and
  • No concurrent ownership of 2nd property
Property You Are Buying
  • Smaller and cheaper HDB resale flat
  • Smaller flat from HDB, such as a 2 or 3-room flat, or a Studio Apartment (income ≤ $3,000)
  • Purchase price does not exceed selling price of existing property
Housing Transactions
Application to buy an HDB resale flat must be:
  • before sale of existing property; or
  • within 6 months of completing sale of existing property

Or, booking of new HDB flat or Studio Apartment

The Silver Housing Bonus (SHB) involves computations using information from both HDB and CPF Board. It is important to explain the scheme to interested applicants in detail and in person when they are at HDB. This will allow them to make an informed decision before signing up for the Silver Housing Bonus.

Net Sale ProceedsSelling 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.
Net Sale ProceedsCPF Top-Up RequirementNet Sale Proceeds to be kept in CashCash Bonus
< $60,000All net sale proceeds#$0$1 for every $3 top-up
$60,000 to $160,000$60,000#$0 to $100,000$20,000
> $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

# Top up into any flat owners’ CPF Retirement Account

^ Top up into CPF Retirement Account of flat owner with lowest Retirement Account balance, up to the prevailing Full Retirement Sum (FRS)

Eligible elderly households are encouraged to plan prudently to free up more housing wealth for their retirement needs and make sure that they are financially better off after right-sizing.

HDB Silver Housing Bonus FAQs

Yes. You can apply for the SHB even if you have taken a loan for your next flat, provided you meet all other eligibility criteria and meet the top-up requirement.


(a) If you are below the age of 80 and already on CPF LIFE, any remaining balance in your CPF Retirement Account (RA) and the top-up to your RA will be used to buy an additional CPF LIFE policy, which will increase your monthly payouts.

(b) If you are currently on the CPF Retirement Sum Scheme and below the age of 80, your remaining RA balance and the top-up to your RA will be committed to a CPF LIFE plan, which will provide you with a monthly payout for life. You will not be required to join CPF LIFE if you have less than $40,000 (if you are below age 65) or $60,000 (if you are between age 65 to 79) in your RA after the top-up.

(c) If you are age 80 and above, your top-up to your RA will be streamed out as an additional monthly payout from your RA (if you are already on CPF LIFE), or via the CPF Retirement Sum Scheme (if you are already on the CPF Retirement Sum Scheme).

The top-up for the SHB must come from the household’s net sale proceeds from right-sizing. If the household’s top-up is less than $60,000, the SHB given will be pro-rated on a 1:3 basis, i.e. $1 bonus for every $3 top-up.

The SHB is targeted at elderly households moving to a 3-room or smaller HDB flat or Studio Apartment as this will yield more proceeds to cater to their retirement needs.

The requirement for elderly households to buy another HDB flat or Studio Apartment ensures that they continue to have a roof over their heads to enjoy their retirement years.

The SHB targets lower-income elderly households as they may need more support to build up their retirement income. The Annual Value is an indication of the value (or worth) of a property and serves as a proxy for a household’s wealth.

The SHB targets lower-income elderly households as they may need more support to build up their retirement income. This income ceiling is applicable to the household in the next flat/ Studio Apartment.

Households with zero net proceeds will not be able to make any top-up to their CPF Retirement Account, and therefore will not be eligible to receive the SHB.

At 55 years old, some of your CPF savings from your Special Account and/or Ordinary Account will be transferred into Retirement Account to form your retirement sum.

Your retirement sum will be used to buy a CPF LIFE annuity to receive lifelong monthly payouts from your payout eligibility age, which is currently at age 65.

Depending on your desired CPF LIFE monthly payout and your CPF balances, you can choose from a range of payout options that best suit your needs in retirement.

Your monthly payout* for life from 65Retirement Account savings required at 55
If you own a property and choose to pledge your property.$660 – $720Basic Retirement Sum (BRS) $80,500
If you do not own a property or choose not to pledge your property.$1,220 – $1,320Full Retirement Sum (FRS) $161,000
If you wish to put more savings in CPF LIFE.​$1,770 – $1,920​Enhanced Retirement Sum (ERS)$241,500

*Payouts are estimates based on CPF LIFE Standard Plan parameters in 2016.
#Available from January 2016

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+65 9151 1871
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