In 1964, the government introduced the Home Ownership for the People Scheme to give citizens a tangible asset in the country and a stake in nation-building. This push for home ownership also improved the country’s overall economic, social, and political stability.
In 1968, to help more become home owners, the government allowed the use of Central Provident Fund (CPF) savings for the down payment and to service the monthly mortgage loan instalments. This, together with other schemes and grants introduced over the years, has made home ownership highly affordable and attractive.