If you intend to use your CPF savings to pay the monthly housing instalment, you would have to apply for HPS first. You can then apply for HPS exemption after you have obtained legal ownership of the flat/completed the refinancing of your housing loan. This ensures that your monthly housing instalment arrangement will not be disrupted if the HPS exemption is not submitted and approved in time. If your HPS exemption is received and approved within one month from the issuance of your HPS cover, we will refund the full premium to your CPF Ordinary Account. Otherwise, a pro-rated premium refund will be made upon the termination of your HPS cover.