What is the priority of the Home Protection Scheme deduction if I am also using my CPF savings to pay my monthly housing instalments?
The payment for your Home Protection Scheme (HPS) premium takes priority over that of your monthly housing instalments. This is to ensure that you remained financially protected by HPS for your outstanding housing loan.
Hence, during the premium grace period, your CPF Ordinary Account (OA) savings will be reserved for the HPS premium payment. This means that you will not be able to use your OA savings for any payments, including the monthly housing instalments, until your HPS premium is paid.
During this period, we suggest that you make alternative arrangements with your mortgagee on the shortfall in your monthly housing instalments.
