Protecting against losing your home

Any HPS cover issued based on false or misleading information can be voided at any time, and such insurance claims will be denied. In such situations, any premiums paid will not be refunded.

Your share of the HPS cover should at least match the proportion of the monthly housing instalment which is payable with your CPF savings and/or cash. The total share of cover per household should add up to at least 100%.

Also, you and your co-owner(s) can each choose to insure for a higher share of cover, for up to 100% per owner. In the event of a claim, HPS will settle the outstanding housing loan up to the insured sum, based on the share of cover applied.

As a higher share of cover results in a higher annual premium being deducted from your OA, be sure to consider your future retirement needs when deciding the share of cover.

Use our HPS Premium Calculator to estimate your HPS premium, based on your decided share of cover.

Ensure that you’ve enough funds in your OA for premium payments on your policy anniversary month.

Keep in mind that your cover could lapse if you fall behind on your premium payments. You’ll need to apply to join HPS again with your eligibility subject to your health condition at the point of reapplication.

Adjust your HPS cover to ensure that you’re adequately covered. 

If you’ve used your CPF savings to repay the loan (for both HDB and bank loans), there is no need to apply to adjust your HPS cover. We’ll automatically adjust your HPS cover if the loan quantum and/or repayment period is reduced. We’ll notify you for HPS cover adjustment if the loan quantum and/or repayment is increased.

If you’ve refinanced your housing loan and are already covered under HPS, you do not need to apply as your HPS cover will automatically be adjusted.

If you’re taking a bank loan and have used cash to repay the loan, or changed the loan repayment period, you can submit an online application to adjust your HPS cover.

When doing so, ensure that your new share of HPS cover is sufficient to pay your share of the outstanding loan in the event of a claim.

You can submit an online application to adjust your HPS cover.

Your HPS cover ends when you:

• Sell your HDB flat
• Fully redeem your housing loan, or
• Have a new HPS insurance cover issued to you for your new flat.

If you’ve used your CPF savings to redeem the loan (for both HDB and bank loans), we will automatically end your HPS cover.

If you’re taking a bank loan and have used cash to redeem the loan, you can apply to end your HPS cover.

You can apply for HPS exemption if you’ve the following insurance policies:

• Whole Life
• Term Life
• Endowments
• Life Riders (must be attached to a basic policy)
• Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

These policies must cover your outstanding housing loan up to the full term of loan or until you turn 65, whichever is earlier.

Doing so will avoid any delay in commencing the use of your CPF savings for your monthly housing instalments.

You can apply for HPS exemption after you have obtained legal ownership of the flat and the housing loan for the property has been disbursed.

If you have not previously used your CPF savings for your HDB flat at the time of purchase or for your monthly housing instalment, please fill up this application form to start using your CPF savings for your HDB flat.

Please approach the insurer(s) of your private insurance policy(s) to submit your application to be exempted from HPS.  We will only process applications submitted through insurers.

You will need to provide your insurer(s) with supporting documents showing your current* housing loan details, i.e. loan commencement date, balance loan amount, balance term of loan & the mortgage rate. These can generally be found on your housing loan statement.

*Within 6 months from the date the application for exemption is submitted.

If you are covered under HPS and we receive your HPS exemption request from your insurer within one month of the issuance of your HPS cover, we will refund the full premium into your Ordinary Account. Otherwise, you will receive a pro-rated premium refund upon the termination of your HPS cover.