Rates and thresholds change. The current figures are kept in one place: the Singapore property rules reference.
HPS insures the CPF members named on an HDB flat's ownership against death, terminal illness, or total permanent disability. If a covered event occurs, the payout goes toward clearing the outstanding HDB loan balance, protecting the household from inheriting the mortgage debt rather than paying cash directly to the family.
It applies specifically to HDB flats financed through an HDB concessionary loan using CPF savings, and CPF members below age 65 in that situation are generally required to be covered unless exempted, for example on medical grounds. It is distinct from a bank's own mortgage insurance product, which applies to bank financed loans, whether for HDB or private property, is administered by a private insurer rather than the CPF Board, and is typically optional rather than compulsory.
Buyers taking an HDB loan should factor the HPS premium into their monthly outgoings alongside the loan instalment, since it is deducted separately.
Have a question about your own numbers?
Winfred runs the real figures for your situation before you rely on a rule of thumb.
Book a free 30 minute callWinfred Quek is an Associate Marketing Consultant at Crestbrick Pte Ltd (CEA Licence No. L3010886H). CEA R073319H. This page is for general information only and does not constitute financial, investment, or legal advice. Verify current figures with IRAS, HDB, CPF Board, or MAS before making any decision.
Frequently asked questions
What is the Home Protection Scheme?
The Home Protection Scheme, HPS, is CPF Board mortgage reducing insurance for HDB flats bought with an HDB loan and CPF savings, covering death, terminal illness and total permanent disability. It is generally compulsory for CPF members below 65 using an HDB loan, unless exempted.