Do I need to inform the Board to terminate my Home Protection Scheme cover if I have fully repaid my loan?
It depends on the type of loan that you took to purchase your flat.
- For Housing & Development Board (HDB) Loan
You do not need to inform us of the full repayment of your housing loan, regardless of whether you are using CPF savings or cash. Your Home Protection Scheme (HPS) cover will be automatically terminated when we are notified by HDB that you have fully repaid your loan. The unused premium, if any, will be refunded to your CPF Ordinary Account.
If you are using cash to fully repay your bank loan, please write to us to inform us of the full repayment. We will write to your bank to obtain your loan repayment details before terminating your Home Protection Scheme (HPS) cover. Upon termination of your HPS cover, the unused premium, if any, will be refunded to your CPF Ordinary Account. Your HPS cover will not be terminated if you do not inform us that you have fully repaid your loan in cash.
If you are using your CPF savings to fully repay your loan, you do not need to inform us of the full repayment. Your HPS cover will be automatically terminated and the unused premium, if any, will be refunded to your CPF Ordinary Account.
