cpf.gov.sg Home Protection Scheme Singapore : Central Provident Fund Board

Name of the Organization : Central Provident Fund Board
Type of Facility : Home Protection Scheme
Country : Singapore

Website : https://www.cpf.gov.sg/member
Application Form : https://www.statusin.org/uploads/25566-FORMHP.pdf

Home Protection Scheme :

** The Home Protection Scheme (HPS) protects CPF members and their families from losing their HDB flat in the event of death, terminal illness or total permanent disability.

Related : Central Provident Fund Board Self-Employed Scheme : www.statusin.org/11120.html

What is the Home Protection Scheme (HPS)?
** The HPS is a mortgage-reducing insurance that protects members and their families against losing their HDB flat in the event of death, terminal illness or total permanent disability.
** HPS insures members up to age 65 or until the housing loans are paid up, whichever is earlier.

Do I need to be insured under HPS?
** You have to be insured under HPS if you are using your CPF savings to pay your monthly housing loan instalments on your HDB flat.
** HPS does not cover private residential properties, such as executive condominiums (ECs) or privatised Housing and Urban Development Company (HUDC) flats.

When will my HPS cover start?
Your HPS cover starts when you meet all of the following conditions :
** You are the legal owner of the flat.
** You have completed the loan application with HDB or the approved mortgagee and are now legally responsible for the loan.
** You have made your health declaration which is accepted for HPS coverage.
** You have paid the first HPS premium.

Evaluate :
How much must I be insured for under Home Protection Scheme (HPS)?
** Your share of the HPS cover should at least match the proportion of the monthly housing instalment which is payable with your CPF savings and/or cash.

** This is because HPS pays off the outstanding housing loan, up to the sum assured, based on the percentage share of cover of the insured in the event of death or permanent incapacity.
** For example, if you are paying 80% of the monthly housing instalments, and your co-owner pays the remaining 20%, you should be insured for 80% of the loan and your co-owner 20%.
** The total share of cover per household should add up to at least 100%.

** However, you may each choose to insure for a higher or lower share based on your individual needs and circumstances, up to 100% share of cover per owner.
** For example, if you and your co-owner are paying 80% and 20% of the loan respectively, you can both be insured for 100%.
** This means that the Board would settle 100% of the outstanding housing loan up to the insured sum in the event of death or permanent incapacity.

How long am I covered under HPS?
** New members insured under HPS will be covered under Annual Premium (AP) up to 65 years old or until your housing loan is paid up, whichever is earlier.
** For members insured under HPS before 1 March 2001, your Single Premium (SP) HPS will cover you up to 55 or 60 years old, depending on when you joined the scheme.

** This is stated in your SP certificate.
** The Board will extend an AP cover when your SP cover has expired and you still have an outstanding housing loan.
** The issuance of AP cover is subject to premium payment.

How can I pay the HPS premium?
** The annual premium will be deducted automatically from your CPF Ordinary Account (OA) to renew your cover.
** HPS premium deduction has priority over that of your monthly housing instalment.
** This is to ensure that you remain insured under HPS before you use your CPF to service the loan.
** You will receive a notification from the Board to top up your OA if the balance is not enough to pay the premium.

Apply :
How do I apply to be covered under HPS?
** If you are taking a HDB loan, you can apply for HPS cover at HDB Hub or any HDB branch office when you are applying to use your CPF for the monthly housing instalment.
** If you are taking a bank loan, you can apply for HPS cover by completing the Form HBL1/2/3 which is available at the banks, solicitors or any CPF Service Centres.

** If you are not making any CPF withdrawals for your HDB mortgage loan but wish to be covered under HPS, you can apply via the following channels:

Online using my cpf :
** Login with your SingPass.
** Submit an online application via My Requests.

Mail :
** Download and fill up HPS Application Form for HPS Cover / to Adjust HPS Cover.
Mail it to:
CPF Board
Home Protection Scheme Department (HPS)
238B Thomson Road
#08-00 Tower B Novena Square
Singapore 307685

** We will process the request and keep you informed of the outcome.
** You can also refer to our service standards for more information.
** You will get a full premium refund into your CPF Ordinary Account (OA) if the exemption application is received (by the Board) within one month from the issuance of the HPS cover.
** Otherwise, a pro-rated refund will be given to your CPF OA upon the termination of your HPS cover.