{"id":44294,"date":"2022-07-21T16:15:00","date_gmt":"2022-07-21T08:15:00","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=44294"},"modified":"2024-11-12T14:19:06","modified_gmt":"2024-11-12T06:19:06","slug":"nine-essential-answers-about-home-protection-scheme","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/nine-essential-answers-about-home-protection-scheme\/","title":{"rendered":"9 essential answers about the Home Protection Scheme"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\r\n<p><span data-preserver-spaces=\"true\">Becoming a homeowner can be a tedious and tiring process. There\u2019s endless paperwork and work to do, from renovation woes to buying home insurance. And for those buying HDB flats, there\u2019s just one more thing you need to know: <strong>Home Protection Scheme (HPS)<\/strong>.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">Having existed for two decades, the Home Protection Scheme saw\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.straitstimes.com\/singapore\/housing\/540000-cpf-members-to-pay-less-for-home-protection-insurance\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">its premiums reduced on 1 July 2021<\/span><\/a><span data-preserver-spaces=\"true\"> (after a previous reduction in 2018). If you\u2019re a new homeowner, here are nine things you should know about the HPS:<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">1. What is the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">The Home Protection Scheme is mortgage-reducing insurance meant to protect you and your family from losing your HDB flat if misfortune falls on you.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">In the event of death, terminal illness, or permanent disability, HPS will\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/what-is-mortgage-insurance-why-important-need-mrta\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">pay off your entire outstanding mortgage<\/span><\/a><span data-preserver-spaces=\"true\">, with the sum assured for the insurance reduced proportionately based on the remaining amount payable for your home loan.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">2. Who\u2019s eligible for the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">It\u2019s compulsory to be insured under HPS if you\u2019re living in an HDB flat and paying off your monthly housing loan instalments with your CPF (Central Provident Fund) savings.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">When you meet the following criteria, your HPS cover will start:<\/span><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><span data-preserver-spaces=\"true\">You are the legal owner of the flat<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">You have completed either the loan application with HDB or the approved mortgage and are now legally responsible for the loan<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">You have made your health declaration, which is for HPS coverage<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">You have paid the first HPS premium<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">3. How long am I covered under the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If you\u2019re newly insured under HPS, you\u2019ll be covered under the Annual Premium HPS until you\u2019re 65 years old or until your housing loan is paid fully, whichever comes first.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If you were insured before 1 March 2001, that means you have Single Premium HPS that will cover you up to 55 to 60 years old, depending on when you join the scheme.\u00a0<\/span><\/p>\r\n\r\n\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/06\/You-can-Now-Book-an-HDB-Flat-the-Day-After-Applying.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" width=\"1000\" height=\"671\" class=\"wp-image-26925\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/06\/You-can-Now-Book-an-HDB-Flat-the-Day-After-Applying.jpg\" alt=\"HDB flats closely packed\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/06\/You-can-Now-Book-an-HDB-Flat-the-Day-After-Applying.jpg 1000w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/06\/You-can-Now-Book-an-HDB-Flat-the-Day-After-Applying-150x101.jpg 150w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure><\/div>\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">4. How does the Home Protection Scheme work between co-owners?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">Co-owners, even if they\u2019re your spouse, can have separate HPS coverages! The coverage ratio can be different, but the total coverage of all owners should be at least 100% of the outstanding loan. For example, you and your co-owner can each insure coverage of 50%, or you can opt to cover 20% while they cover 80%.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">You and your co-owner can also pay an HPS cover of 100% each so that if something happens to either of you, the home loan will be fully paid for. But the premiums will be higher, of course.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">5. How much is the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">The annual premium varies based on four factors:<\/span><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><span data-preserver-spaces=\"true\">Outstanding housing loan on the flat<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Type of loan<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Loan repayment period<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Age and gender of the applicant<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If you have a larger loan or longer repayment periods, your premium will be higher. Calculate your HPS premium <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cpf.gov.sg\/eSvc\/Web\/Schemes\/HomeProtectionSchemePremium\/HomeProtectionSchemePremiumLanding\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">here<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">The good news is that you only need to pay the annual premium for 90% of your HPS cover period! So, if your HPS cover period is 20 years, that means you only need to pay the premium for 18 years.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">6. How do I pay the HPS premium?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">The premium is automatically deleted from your CPF Ordinary Account (AO) every year. The HPS premium deduction is deducted first before your monthly housing instalment to ensure that you\u2019re still insured under HPS before servicing your housing loan.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If your OA has insufficient balance, you\u2019ll receive a notification to top up your OA. You can make the payment through eNETS or Paynow at e-Cashier, or cash at any Singapore Post branch office.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If your family member is a co-owner, they can also allow the Board to deduct the premium difference from their CPF OA savings.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">You must pay your HPS premium on time, or your HPS cover will lapse! If that happens, you\u2019ll have to re-apply for HPS cover, and your eligibility will be subject to your health condition at the point of the re-application.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">7. How can I apply for the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">If you\u2019re taking an HDB loan, apply for HPS cover at any HDB office or branch office when you\u2019re applying to use your CPF for the monthly housing instalment.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">But if you\u2019re taking a bank loan, you\u2019ll need to apply for HPS at\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cpf.gov.sg\/eSvc\/Web\/Schemes\/ApplyOrAdjustHpsCover\/ImportantNotes\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">my cpf<\/span><\/em><\/a><span data-preserver-spaces=\"true\">\u00a0first before applying to withdraw your CPF savings for your monthly housing instalments.\u00a0<\/span><\/p>\r\n\r\n\r\n<div class=\"wp-block-image\">\r\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/04\/money-house-fire-sale.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" width=\"1000\" height=\"733\" class=\"wp-image-25502\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/04\/money-house-fire-sale.jpg\" alt=\"Mortgage insurance protects your home\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/04\/money-house-fire-sale.jpg 1000w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/04\/money-house-fire-sale-150x110.jpg 150w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure><\/div>\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">8. Can I opt out of the Home Protection Scheme?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">While it\u2019s recommended to have HPS, you\u2019re not obligated to do so. But you need one of these types of insurance policies:<\/span><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><span data-preserver-spaces=\"true\">Whole life insurance<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Term life insurance<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Endowment plan<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">Life riders (must be attached to a basic policy)<\/span><\/li>\r\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-mortgage-reducing-term-assurance\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Mortgage Reducing Term Assurance (MRTA)<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0\/ Decreasing Term Rider<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">Even if HPS is not compulsory for you, it\u2019s usually a good idea to have mortgage insurance.<\/span><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong><span data-preserver-spaces=\"true\">9. What\u2019s the difference between HPS and other private mortgage insurances?<\/span><\/strong><\/h2>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">There are three main differences you should take note of:<\/span><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><span data-preserver-spaces=\"true\">HPS is not transferable, so if you buy a new HDB flat, you\u2019ll have to end HPS for your old property and apply for HPS for your new property.\u00a0<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">HPS only covers you until you\u2019re 65 years old, but private mortgage insurances may have a later or no maximum age.\u00a0<\/span><\/li>\r\n<li><span data-preserver-spaces=\"true\">HPS will repay the HDB or your bank directly if a successful claim is made, but private mortgage insurances may give you the payouts directly.<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">Private mortgage insurances can be more customisable, such as offering riders or add-ons.<\/span><\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">The good thing is that HPS is usually cheaper than private plans, so you can first purchase HPS, then add additional private insurance coverage later on.<\/span><\/p>\r\n<h3>Conclusion<\/h3>\r\n<p>The Home Protection Scheme (HPS) is a crucial mortgage-reducing term insurance scheme designed to protect HDB flat owners and their families. By offering insurance coverage that safeguards against the loss of the flat in the event of death, terminal illness, or total and permanent disability, HPS ensures that the remaining sum on the home loan is fully paid. This government-mandated scheme is compulsory for HDB owners utilising CPF for monthly loan repayments.<\/p>\r\n<p>However, it also extends to those not using CPF and even offers flexibility for co-owners to determine the ratio of coverage. Unlike private mortgage insurance, HPS is cost-effective. Although HPS has specific terms and lacks portability, it directly repays the bank or HDB in the event of a successful claim. While life insurance and private mortgage insurance differ from HPS, combining them can provide comprehensive coverage.<\/p>\r\n<p>It is advisable to keep HPS even if opting out is possible, as it serves as a safety net with automatic premium payments through CPF. Regular reviews of insurance coverage are essential to ensure adequacy and adjust for changes in loan packages or repayment structures.<\/p>\r\n\r\n\r\n\r\n<p><span data-preserver-spaces=\"true\">Unsure about whether you should drop HPS for other alternatives? Read our article\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-mortgage-reducing-term-assurance\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">here<\/span><\/a><span data-preserver-spaces=\"true\">!<\/span><\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-have-you-had-any-experience-with-hps-let-us-know-in-the-comments-section-below\"><b>Have you had any experience with HPS? Let us know in the comments section below.\u00a0<\/b><\/h2>\r\n\r\n\r\n\r\n<p>If you found this article helpful, 99.co recommends <a href=\"https:\/\/www.99.co\/singapore\/insider\/what-is-mortgage-insurance-why-important-need-mrta\/\" target=\"_blank\" rel=\"noopener\">What is mortgage insurance and do I really need it?<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/insider\/what-happens-to-your-house-if-you-die-tomorrow\/\" target=\"_blank\" rel=\"noopener\">What happens to your house if you die tomorrow?<\/a><\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n\r\n\r\n\r\n\r\n<p>The Home Protection Scheme is mortgage-reducing insurance meant to protect you and your family from losing your HDB flat if misfortune falls on you.<\/p>\r\n\r\n\r\n\r\n<p>In the event of death, terminal illness, or permanent disability, HPS will pay off your entire outstanding mortgage, with the sum assured for the insurance reduced proportionately based on the remaining amount payable for your home loan.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p>When you meet the following criteria, your HPS cover will start:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>You are the legal owner of the flat<\/li>\r\n<li>You have completed either the loan application with HDB or the approved mortgage and are now legally responsible for the loan<\/li>\r\n<li>You have made your health declaration, which is for HPS coverage<\/li>\r\n<li>You have paid the first HPS premium<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n\r\n\r\n<p>If you\u2019re newly insured under HPS, you\u2019ll be covered under the Annual Premium HPS until you\u2019re 65 years old or until your housing loan is paid fully, whichever comes first.<\/p>\r\n\r\n\r\n\r\n<p>If you were insured before 1 March 2001, that means you have Single Premium HPS that will cover you up to 55 to 60 years old, depending on when you join the scheme.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Becoming a homeowner can be a tedious and tiring process. There\u2019s endless paperwork and work to do, from renovation woes to buying home insurance. And for those buying HDB flats, there\u2019s just one more thing you need to know: Home Protection Scheme (HPS).\u00a0 Having existed for two decades, the Home Protection Scheme saw\u00a0its premiums reduced&hellip;<\/p>\n","protected":false},"author":122,"featured_media":56556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"50577,41773,40629,48409,15511,15097","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53631,53632,53589,57131],"tags":[56748,56749,56750,55040,54810,54438,56751],"persona":[57126],"class_list":{"2":"type-post","19":"entry","20":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>9 essential answers about the Home Protection Scheme - 99.co<\/title>\n<meta name=\"description\" content=\"Becoming a homeowner can be tedious when you juggle renovations and finances. 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