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What is the minimal mortgage rate that I need to purchase for my private Mortgage Reducing Term Assurance policy if I wish to be exempted from Home Protection Scheme?

If you wish to be exempted from the Home Protection Scheme, the mortgage rate of your Mortgage Reducing Term Assurance (MRTA) policy must be equal to or higher than the assumed mortgage rate of your housing loan. The assumed mortgage rate depends on whether you are taking an HDB loan or a bank loan.

If you are taking an HDB loan under the concessionary rate, a mortgage rate of 3% is assumed.

 

If you are taking an HDB loan under the market rate, a mortgage rate of 4% is assumed.

 

These mortgage rates are assumed after taking into consideration the historical rates and other factors such as the rising interest rate environment. This is a prudent approach, to ensure that members are adequately covered for their outstanding housing loan over the entire loan tenor.

If you are taking a bank loan, a mortgage rate of 4% is assumed, after taking into consideration the historical rates and other factors such as the rising interest rate environment. This is a prudent approach, to ensure that members are adequately covered for their outstanding housing loan over the entire loan tenor.