What will happen to my Single Premium Home Protection Scheme cover if there are changes to my outstanding housing loan?
If your loan repayment period or loan amount has changed, we will terminate your Single Premium (SP) Home Protection Scheme (HPS) cover, and issue an Annual Premium (AP) HPS cover to you based on your new outstanding housing loan. Any surrender value of your SP HPS will be paid to your CPF Ordinary Account.
However, any increase to your HPS cover arising from the changes to your housing loan, e.g. increase in cover period or sum assured, is subject to you being in good health. You will remain insured under your SP cover if you are not eligible for the additional AP cover.
Do I need to inform the Board to adjust my Home Protection Scheme cover if I make a partial repayment of my loan?
