The HDB Lease Buyback Scheme is really a governing administration initiative that enables elderly HDB flat entrepreneurs in Singapore to offer a percentage of their flat's lease back again to HDB to complement their retirement cash flow. To be eligible, all homeowners needs to be a minimum of 65 yrs old, along with the flat needs to have at least 20 years of remaining lease. The gross regular monthly residence income for all proprietors need to not exceed $fourteen,000. Beneath the plan, HDB purchases back again a part of the flat's lease, as well as operator is then given a new lease of 30 many years, or around 95 a long time, determined by their age. The proceeds with the sale are utilized to top rated up their CPF Retirement Account, which subsequently delivers a every month money stream through CPF LIFE. The flat must be owner-occupied with the period of The brand new lease. The scheme gives a lump sum income bonus of up to $twenty,000 for people who qualify, here and it can be an alternative choice to downgrading into a smaller sized flat to monetize their existing property.