The HDB Lease Buyback Scheme can be a federal government initiative that allows elderly HDB flat house owners in Singapore to sell a part of their flat's lease again to HDB to complement their retirement profits. To be qualified, all house owners must be at the very least sixty five decades old, as well as the flat need to have at least 20 years of remaining lease. The gross month to month house money for all owners should 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 yrs, or nearly ninety five decades, based upon their age. The proceeds from the sale are used to top up their CPF Retirement Account, which subsequently presents a monthly income stream through CPF LIFE. The flat must be owner-occupied click here with the period of The brand new lease. The scheme offers a lump sum cash reward of as many as $twenty,000 for individuals who qualify, and it really is an alternative to downgrading to a lesser flat to monetize their present house.