Easy home-ownership under the Public Housing Scheme (PHS) is one of the major benefits enjoyed by CPF members. Introduced in 1968, the scheme has proven very popular and has enabled many members to become proud home-owners.
Members using their CPF savings to service their housing loans from HDB/banks are also covered by the CPF Board's Home Protection Scheme (HPS).
You have to be insured under HPS if you use CPF savings to pay your monthly housing instalments under PHS. HPS will give you protection up to age 65 or the end of the loan period, whichever is earlier. In the event of permanent incapacity or death, the Board will pay up the outstanding housing loan if you are covered for the full housing loan so that your family can keep the flat. Otherwise, the Board will only pay up to the amount you are covered for.
If you have a private life or mortgage reducing insurance which is sufficient to cover your outstanding housing loan, you may apply for exemption from HPS. The above also applies if you are paying the housing instalments under PHS. HPS is optional only if you use cash to pay your monthly housing instalments.
Members using their CPF savings to service their housing loans from HDB/banks are also covered by the CPF Board's Home Protection Scheme (HPS).
You have to be insured under HPS if you use CPF savings to pay your monthly housing instalments under PHS. HPS will give you protection up to age 65 or the end of the loan period, whichever is earlier. In the event of permanent incapacity or death, the Board will pay up the outstanding housing loan if you are covered for the full housing loan so that your family can keep the flat. Otherwise, the Board will only pay up to the amount you are covered for.
If you have a private life or mortgage reducing insurance which is sufficient to cover your outstanding housing loan, you may apply for exemption from HPS. The above also applies if you are paying the housing instalments under PHS. HPS is optional only if you use cash to pay your monthly housing instalments.
