ELI5: How does the Singapore housing system work?

Singapore's housing system helps most people own their own homes by having the government build and sell affordable apartments called HDB flats.

Imagine you want to build a big Lego castle, but Lego bricks are super expensive! In Singapore, the government is like a big Lego factory that makes lots of Lego bricks (HDB flats) and sells them to families at a cheaper price than if you bought them from a private shop. This helps more families own their own Lego castle (home).

Here's how it works in everyday life:

• Building the Flats: The government, through the Housing Development Board (HDB), builds lots of apartment buildings all over Singapore.
• Buying a Flat:

• Paying for the Flat: Most people use their Central Provident Fund (CPF), which is like a savings account for retirement and housing, to pay for their HDB flat. They can also take out a loan from HDB or a bank. It's like using your piggy bank and asking your parents for a loan to buy that big Lego set!
• Subsidies and Grants: The government also gives out grants (like free money!) to help families afford their flats. This is like getting extra Lego bricks for free when you buy a set!