The Home Protection Scheme explained: what HPS covers and who needs it
Video description from @notgpodcast
The Home Protection Scheme (HPS) is mortgage-reducing insurance that protects HDB flat owners and their families from losing the flat in the event of death, terminal illness or total permanent disability. If you pay your monthly housing instalments with CPF savings, HPS is required; if you pay in cash, CPF Board strongly encourages it. On a claim, HPS settles the outstanding housing loan, up to the insured sum, with HDB or the bank directly. Cover runs until you turn 65 or the loan is paid up, whichever comes first, and annual premiums come from your Ordinary Account. HPS does not cover private homes, executive condominiums or privatised HUDC flats. Each owner's share of cover should at least match the share of the instalment they pay, and the household total should be at least 100%. Source: CPF Board, Home Protection Scheme, read 23 Oct 2026.#NOTG #HDB #CPF #HomeProtectionScheme
