Guide
Home Protection Scheme (HPS) Explained
The Home Protection Scheme is CPF's mortgage-reducing insurance for HDB flat owners. If something happens to you, it pays off the outstanding housing loan so your family keeps the home. Here's who needs it and how it works.
What it covers
Pays off the outstanding HDB flat loan if an insured member dies, becomes totally and permanently disabled, or is diagnosed with a terminal illness.
Who needs it
Compulsory for HDB flat owners who use CPF savings to pay their monthly housing loan instalments, for both HDB and bank loans.
How long it lasts
Until the loan is fully paid or the member reaches age 65, whichever is earlier.
How it's paid
Annual premiums are deducted from your CPF Ordinary Account, so there is usually no cash outlay.
How HPS cover works
HPS is mortgage-reducing: the sum insured falls as your loan balance falls. If a claim is made, CPF pays HDB or the bank the outstanding amount covered by your share. Because it is tied to the loan, it doesn't pay out cash to your family on top of that.
HPS vs private mortgage insurance
- HPS: low premiums paid from CPF, no medical exam for most applicants, but cover stops at age 65 and only pays the loan.
- Private mortgage or term insurance: can extend beyond 65 and include critical illness, but premiums are usually paid in cash and must meet CPF's criteria for exemption.
Planning your HDB purchase
HPS is one of the costs to budget alongside the BTO down payment and stamp duty. To see how much you can borrow, use the HDB loan calculator. For exact premiums, visit the CPF Board website.
Good to know
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