What is Home Protection Scheme (HPS)?

The Home Protection Scheme (HPS) is a mortgage reducing insurance which insures CPF members and their families against losing their homes should members become physically / mentally incapacitated or pass away before their housing loans are paid up.

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, …