Do I need to inform the Board to adjust my Home Protection Scheme cover if I make a partial repayment of 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 partial repayment of your housing loan, regardless of whether you are using cash or CPF savings for the partial repayment.
Your Home Protection Scheme (HPS) cover will be automatically adjusted when we are notified accordingly by HDB. Your existing HPS cover will end and any unused premium will be paid to your CPF Ordinary Account. A new HPS cover will be issued to you based on the latest loan details after partial repayment. The premium for the new cover will be deducted from your CPF Ordinary Account.
If you are using cash to make a partial repayment of your housing loan, please apply to adjust your Home Protection Scheme (HPS) cover online using your Singpass. We will then write to your bank to obtain your latest loan details. Your HPS cover will not be adjusted if you do not inform us that you have made partial repayment in cash. Without the appropriate adjustment, you would be over-insured or under-insured, which would not be to your benefit.
If you are using your CPF savings to make a partial repayment of your housing loan, you do not need to inform us of the partial repayment. We will adjust your HPS cover automatically.
Upon adjustment, your existing HPS cover will end and any unused premium will be paid to your CPF Ordinary Account. A new HPS cover will be issued to you based on the latest loan details after partial repayment. The premium for the new cover will be deducted from your CPF Ordinary Account.
