Everything about public housing and Home Ownership Scheme: Green Form, restriction periods, government guarantees.
Complete GuideThe government has strengthened income and asset checks and adjusted rents to encourage capable families to purchase HOS flats or Green Form Subsidised Home Ownership units through Green Form, freeing up units for those on the waiting list. Tenants exceeding income or asset thresholds may face rent increases or be required to move out.
Eligible public housing tenants can apply for new HOS flats or Green Form Subsidised Home Ownership projects through Green Form. Green Form applicants generally get higher loan-to-value ratios (up to 95%) and more relaxed approval conditions, without stress tests. The government also provides mortgage guarantees during the guarantee period.
Green Form Subsidised Home Ownership is specifically for Green Form public housing tenants, with typically higher discounts than regular HOS (e.g., about 58% off). Some estates are converted from originally planned public housing buildings, retaining public housing interior layouts.
The government provides a guarantee period for new HOS flats (currently generally 30 years), starting from the estate's first sale date. During the guarantee period, banks can offer more relaxed stress test requirements for HOS mortgages. For Green Form applicants, income documents may not even be required. As the guarantee period shortens, borrowing capacity and loan terms may be affected.
Under the latest policy, the general transfer restriction period for new HOS and other subsidised housing has been shortened from 15 years to 10 years. During the restriction period, owners can only resell units to eligible buyers in the secondary market, and cannot sell on the open market after paying the premium.
For unpaid premium HOS transfers, they generally need to be done as gifts with Housing Authority approval, commonly when elderly owners gift ownership to children. Refinancing is very strict, usually only approved for medical, education, or severe financial hardship reasons, with limited amounts based on actual needs - not freely refinanced like private properties.