What will happen to my Home Protection Scheme cover if I have refinanced my housing loan?
If 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 Home Protection Scheme (HPS) cover. We will automatically adjust your 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.
If your loan quantum and/or repayment period has increased, we will write to you to inform you to apply to adjust your cover. Please note that any increase in your HPS coverage is subject to approval and you being in good health.
If there are no changes to your loan quantum and/or repayment period, no adjustment to your HPS cover is required. We will update our records to reflect your new mortgagee.
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