CPFB | Protecting against losing your home

Home ownership

Safeguard your home with the Home Protection Scheme.

Safeguard the roof over your head with Home Protection Scheme (HPS), a mortgage-reducing insurance that protects you and your loved ones from losing your Housing and Development Board (HDB) flat in the event of death, terminal illness, or total permanent disability.

Updates on 20 Apr 2021

Added new section for home page under banner.

Eligibility
Benefits
Things to note
Application
Ways to manage
Resources
FAQs
Articles

A couple and their baby are relaxing on the sofa after moving into their new home.

Eligibility

Understanding the HPS

HPS is for CPF members who own an HDB flat and are paying their monthly housing instalments using CPF savings or cash. It insures members until he/she turns 65, or until the housing loans are paid up.

Should your housing loan only be paid up after you turn 65, do consider getting private insurance coverage after your HPS cover ends at 65.

You own an HDB flat

HPS does not cover private residential properties, such as executive condominiums (ECs) or privatised Housing and Urban Development Company (HUDC) flats.

If you’ve an outstanding housing loan for a private property, consider purchasing private insurance coverage.

You’re using CPF savings or cash to pay a housing loan

If you’re using CPF savings to pay your monthly housing instalments, HPS is required. If you’re using cash, we strongly encourage you to apply.

You’re in good health

Your eligibility for an HPS cover is subject to approval and you being in good health. You may be required to undergo a medical examination. We may also request a copy of the medical report from your attending doctor.

If you’re not eligible for HPS cover, you can still use your CPF savings to pay your monthly housing instalments.

Benefits

Protect you and your family against losing your home

Outstanding mortgage settlement

Rest assured that in the event of a claim, HPS will settle the outstanding housing loan, up to the insured sum, with HDB or the mortgagee directly.

Insurance coverage with affordable premiums

Protect your home with one of the lowest premiums on the market.

Pay your annual premiums with CPF savings

Payment is simple, with annual premiums deducted automatically from your Ordinary Account (OA).

Things to note

What to know before joining the scheme

Family of three under an umbrella while holding a health declaration form

Fully and truthfully declare your health condition

Any HPS cover issued based on false or misleading information can be voided at any time, and such insurance claims will be denied. In such situations, any premiums paid will not be refunded.

Deciding the right share of cover to apply for

Your share of the HPS cover should at least match the proportion of the monthly housing instalment which is payable with your CPF savings and/or cash. The total share of cover per household should add up to at least 100%.

Also, you and your co-owner(s) can each choose to insure for a higher share of cover, for up to 100% per owner. In the event of a claim, HPS will settle the outstanding housing loan up to the insured sum, based on the share of cover applied.

As a higher share of cover results in a higher annual premium being deducted from your OA, be sure to consider your future retirement needs when deciding the share of cover.

Use our HPS Premium Calculator to estimate your HPS premium, based on your decided share of cover.

Calculate

Stay on top of your annual premium payments

Ensure that you’ve enough funds in your OA for premium payments on your policy anniversary month.

Keep in mind that your cover could lapse if you fall behind on your premium payments. You’ll need to apply to join HPS again with your eligibility subject to your health condition at the point of reapplication.

Application

Applying for HPS

Using CPF savings for housing instalments

If you’re taking an HDB loan, you can apply for HPS the same time you apply to withdraw your CPF savings for monthly housing instalments through HDB.

If you’re taking a bank loan, you can submit an online application to apply for HPS.

Apply for HPS cover

Not using CPF savings for housing instalments

You can submit an online application to apply for HPS.

Apply for HPS cover

Ways to manage

Managing your HPS coverage and payments

Making premium payments

Pay your HPS premium

Your annual premium will be automatically deducted from your OA. We’ll inform you to top up your OA if the balance is not enough to pay the premium.

Pay your premium

Other payment options

Alternatively, family members (i.e. your spouse/parent/child/sibling) who co-own the flat with you, can authorise us to use their OA savings to pay your HPS premium shortfall.

Pay other’s premium

Managing your cover

Adjust your HPS cover due to changes in loan repayment period or loan amount

Adjust your HPS cover to ensure that you’re adequately covered.

If you’ve used your CPF savings to repay the loan (for both HDB and bank loans), there is no need to apply to adjust your HPS cover. We’ll automatically adjust your HPS cover if the loan quantum and/or repayment period is reduced. We’ll notify you for HPS cover adjustment if the loan quantum and/or repayment is increased.

If you’ve refinanced your housing loan and are already covered under HPS, you do not need to apply as your HPS cover will automatically be adjusted.

If you’re taking a bank loan and have used cash to repay the loan, or changed the loan repayment period, you can submit an online application to adjust your HPS cover.

Adjust HPS cover

Adjust your HPS cover due to changes in your share of responsibility in repaying the loan

When doing so, ensure that your new share of HPS cover is sufficient to pay your share of the outstanding loan in the event of a claim.

You can submit an online application to adjust your HPS cover.

Adjust HPS cover

End your HPS cover

Your HPS cover ends when you:

Sell your HDB flat
Fully redeem your housing loan, or
Have a new HPS insurance cover issued to you for your new flat.

If you’ve used your CPF savings to redeem the loan (for both HDB and bank loans), we will automatically end your HPS cover.

If you’re taking a bank loan and have used cash to redeem the loan, you can apply to end your HPS cover.

End HPS cover

Switching cover

Convert from a Single Premium to an Annual Premium cover

Your Single Premium cover will insure you until you turn 55 to 60 years old. Find out when it will be converted to an Annual Premium HPS cover. You'll be able to continue enjoying insurance protection and use your CPF savings for monthly housing instalments.

Learn more

Getting exemption from HPS

Apply with equivalent life insurance

You can apply for HPS exemption if you’ve the following insurance policies:

Whole Life
Term Life
Endowments
Life Riders (must be attached to a basic policy)
Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

These policies must cover your outstanding housing loan up to the full term of loan or until you turn 65, whichever is earlier.

Apply for HPS first before getting exemption

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 not previously used your CPF savings for your HDB flat at the time of purchase or for your monthly housing instalment, please fill up this application form to start using your CPF savings for your HDB flat.

Please approach the insurer(s) of your private insurance policy(s) 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 you are covered under HPS and 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.