What will happen to my Home Protection Scheme cover if I make a partial repayment of my loan?
We will automatically adjust your Home Protection Scheme (HPS) cover accordingly if
- You made a partial repayment towards your HDB loan, regardless of whether you are using cash or CPF savings, or
- You made a partial repayment towards your bank loan, using CPF savings.
However, if you have taken a bank loan and have used cash for the partial payment, please apply 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.
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.
