Doing so will avoid any delay in commencing the use of your CPF savings for your monthly housing instalments.
You can apply for HPS exemption after you have obtained legal ownership of the flat and the housing loan for the property has been disbursed.
If you have refinanced your housing loan, you may apply for HPS exemption after the refinancing is completed and the housing loan has been disbursed by the new mortgagee.
Please approach the insurer(s) of your private insurance policies to submit your application to be exempted from HPS. We will only process applications submitted through insurers.
You will need to provide your insurer(s) with supporting documents showing your current* housing loan details, i.e. loan commencement date, balance loan amount, balance term of loan & the mortgage rate. These can generally be found on your housing loan statement.
*Within 6 months from the date the application for exemption is submitted.
If we receive your HPS exemption request from your insurer within one month of the issuance of your HPS cover, we will refund the full premium into your Ordinary Account. Otherwise, you will receive a pro-rated premium refund upon the termination of your HPS cover.