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Do I need to be insured under Home Protection Scheme?

Updated by CPF
It depends on whether you are using CPF savings or cash to service your monthly housing instalments.
 
  • For members who are using CPF savings to service their monthly housing instalments
You must apply for Home Protection Scheme (HPS) and your eligibility for HPS coverage is subject to approval and you being in good health.
 
If you are not eligible for an HPS cover due to serious pre-existing medical condition, you may still use your CPF savings to pay your monthly housing instalment.
 
  • For members who are using cash to service their monthly housing instalments
You are strongly encouraged to apply for an HPS cover if you are an owner of the flat and do not have adequate financial protection for your share of outstanding housing loan.
 
Your eligibility for HPS coverage is subject to approval and you being in good health.
 
Find out more:

This information is sourced from CPF.

Topics:

Home OwnershipProtecting against losing your home

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