The HDB Lease Buyback Plan is actually a federal government initiative which allows elderly HDB flat house owners in Singapore to sell a part of their flat's lease back again to HDB to complement their retirement profits. To be eligible, all house owners needs to be at the very least sixty five decades old, as well as the flat need to have not less than 20 years of remaining lease. The gross month-to-month house profits for all entrepreneurs must not exceed $14,000. Under the scheme, HDB buys back a portion of the flat's lease, as well as the proprietor is then presented a contemporary lease of thirty decades, or nearly ninety five decades, depending on their age. The proceeds in the sale are used to leading up their CPF Retirement Account, which in turn offers a month-to-month earnings stream by means of CPF Existence. The flat has to be owner-occupied for your duration of The brand new lease. The plan supplies a lump sum funds here bonus of as much as $20,000 for people who qualify, and it can be an alternative choice to downgrading into a more compact flat to monetize their existing property.