This is a continuation of my journey to convert from HDB to bank loan. You are read about part 1 here. A month or so after I have visited the lawyer’s office to sign the documents, I received letters from DBS and CPF that my housing loan has been successfully switch from HDB to DBS. Surprisingly I did not receive any notification from HDB, hence I went to check on my own. I see that the loan expires in 2022 (I assume it is referring to HDB loan) but no indication that I am now with DBS. My guess is HDB will only show HDB loan details? I will check again in a few months. Two more steps to complete my loan transition properly and that is to adjust my Home Protection Scheme (HPS) coverage and activate the usage of CPF savings towards payment of monthly installment to DBS. 1. Home Protection Scheme (HPS) 1.1 Access the HPS link in CPF → My mailbox 1.2 Click on View 1.3 Click on online HPS application form (HPS45) 1.4 Apply for / Adjust Home Protection Scheme (HPS) Cover page 1.5 Accept and click Start 1.6 Continue 1.7 Address of my HDB should automatically appear. 1.8 Although both my wife and I are sharing 50% of the loan payment. I decided that the coverage should be 100% so that if anything happen to one of us, the entire loan is covered. DBS Bank should automatically appear under the Loan Information 1.9 Complete the Health Declaration and click Next 1.10 Check the details 1.11 Read the “Declaration & Authorisation” and click Submit 1.12 Print the Acknowledgment and click on ‘Use CPF for my property / Commence Monthly Instalment’ to proceed to the next step. 1.13 You can see the status under My Activities 2. Activate the usage of CPF savings towards payment of monthly installment to DBS 2.1 Sometimes the link does not work. Hence go to My CPF → My Requests 2.2 Property → Use CPF for my property 2.3 I should see my HDB address in the Property Details → Next 2.4 Select ‘Commence Monthly Instalment’ and click Next 2.5 Read the details especially on the HPS and click Start 2.6 Monthly Instalment will be 50% of the monthly repayment instalment (refer to DBS Disbursement of mortgage loan) and click next 2.7 Check and Submit 2.8 Acknowledgment 2.9 My Activities I should expect to see the results after 5 working days.
Featured Image by Jiachen Lin on Unsplash