What will happen to my Home Protection Scheme cover if I have refinanced my housing loan?
After you have refinanced your housing loan, e.g. from a Housing & Development Board (HDB) loan to a bank loan or a change in mortgagee, you do not need to apply to adjust your HPS cover. We will automatically adjust your Home Protection Scheme (HPS) cover if your loan quantum and/or repayment period has reduced. A new HPS cover will be issued to you based on the latest loan details and the premium for the new cover will be deducted from your CPF Ordinary Account.
However, if your loan quantum and/or repayment period has increased, we will write to you*.
If there are no changes to your housing loan details, we will update our records to reflect your new mortgagee.
*Any increase in your HPS coverage is subject to approval and you being in good health.
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