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25 Aug 2023 


Buying a house is an exciting and important milestone, requiring several factors to be taken into consideration before committing. One of these factors is CPF’s Home Protection Scheme (HPS).


HPS is a mortgage-reducing insurance that protects you and your loved ones from losing your flat in the event of death, terminal illness, or total permanent disability. HPS insures members up to age 65 or until the housing loans are paid up, whichever is earlier. Here are three benefits offered by the HPS to help safeguard your home:

3 benefits of the Home Protection Scheme

1. Protection against losing your flat


The sum assured will be paid in the event of death, terminal illness, or total permanent disability, and will go towards taking care of the housing loan repayments. This will allow your loved ones a peace of mind, as they will not have to worry about keeping up with your share of the loan repayments and or risk losing the flat.

2. Affordable premium


If you are using CPF savings to pay your monthly housing instalments, you are required to be covered under HPS. However, even if you are not using your CPF savings to service your housing loan, you can still choose to be covered under HPS.


The HPS Premium Calculator is a tool that allows you to estimate the annual premium for your coverage when planning your home finances.

3. ​Ease of premium payment from your Ordinary Account (OA)


HPS premium is payable in full with your OA savings and will be automatically deducted from your CPF annually. This helps to ensure there will be no lapses in your coverage.


In the event that there are insufficient funds in your OA for the payment of your HPS premium, you will be notified. 


Alternatively, your spouse, parent, child, or sibling who co-owns the flat with you can also authorise the Board to use his/her OA savings to pay your premium shortfall.


You can find out more about the Home Protection Scheme here.


The information provided in this article is accurate as of the date of publication.