Last Updated on by Tree of Wealth
The Home Protection Scheme is an insurance scheme afforded to homeowners in Singapore to ensure that monthly housing payments (mortgages) can still be covered and paid off in the event that the original insured (i.e. the original homeowner) is unable to do so due to total permanent disability (TPD), terminal illness (TI), or death.
Although it is under government purview (specifically by the Central Provident Fund Board (CPF Board)), the Home Protection Scheme is still a piece of insurance. In this case, you pay regular premiums to the CPF Board – oftentimes out of your CPF Ordinary Account – and in the case that one of the three above cases occur, you or your family will be able to submit a claim for the CPF Board to pay out the coverage that you were insured for. This coverage would ensure that the insured and their family would still be able to stay in their flat even in the case that they are unable to make payments as per usual. It makes sure that families do not lose their homes for illnesses, sudden disability, or death reasons.
This article aims to cover basic administrative details regarding the Home Protection Scheme.
Eligibility and Application
To be eligible for the Home Protection Scheme, you must own an HDB flat or a non-private HUDC flat that was purchased before 1 November 1998. Unfortunately, other private properties (including condominiums and executive condominiums) will not be covered by the Home Protection Scheme, although you may find other insurance providers that offer a similar product.
The applicant will need to be the homeowners (and potentially any co-owners) who still have mortgage loans to be paid. Additionally, they will need to be under 65 and healthy.
You will be applying for the Home Protection Scheme through HDB loans or through your bank’s loans. At the time you do, you will be requested to submit a healthcare declaration which you should fill out to the best of your ability truthfully. Some applicants may be requested to go for an additional medical examination and to submit the report that comes from that as part of the application.
Do note that applicants may be rejected if they have serious medical illnesses at the time of submission – that is, applicants may be rejected if they do not have a clean bill of health. This is to prevent applicants from submitting for the Home Protection Scheme only when they are ill so that premiums may be avoided.
How do I check all the details for the Home Protection Scheme (HPS)?
Your Home Protection Scheme cover starts once your application has been submitted and when you meet several conditions – primarily, you should have received the keys to your new flat (and also completed all of the paperwork), and you have signed off on your financial (loan) documentation either with HDB or the bank. You should also have completed the health declaration, have been sent approval for your acceptance into the scheme, and of course made your first HPS premium – that is, your HPS cover starts when you own the house, have been approved for the scheme, and completed your first payment. At this point, you’ll be provided with a Home Protection Scheme (HPS) certificate, which details all relevant information about the scheme including the information of the insured flat, the dates on which your policy starts and ends, the sum you have signed up to be assured for, your share of cover, and your the costs of your premium.
Monthly maintenance of the scheme remains relatively straightforward, with your premium usually being automatically deducted. Any additional details, notes, or notifications will be available via the CPF Board’s Home Ownership dashboard that you can access using your SingPass.
The HPS insurance covers mortgage payments on your HDB flat in the case of inability to make payment, and as such the scheme will end only at two points: first, when you complete all payments for the loan and therefore fully own your property, or secondly when you turn 65, whichever is earlier.
Who can I talk to if I have additional questions?
For financing-related questions, you may want to reach out either to the bank that is financing you or to HDB.
You can reach out to HDB in a variety of ways – for instance, you can view everything related to your flat on the My HDBPage, or contact them by calling 6490 1111. You can fill out forms related to your requests through MyRequest@HDB as well. Finally, there are a number of neighbourhood branches you can visit should you need help in person.
You can contact the CPF Board in three ways – by making an appointment to receive a call from them through Callback@CPF, by writing in via their online form, or by visiting one of their five service centers. For the last, we recommend that you have an appointment as well, as the queues can get quite long if you simply turn up.