Home Protection Scheme: Who Qualifies and What You Get
Learn how the Home Protection Scheme provides mortgage insurance to help protect your family if you face death or permanent incapacity.
The Home Protection Scheme is a mortgage insurance that helps pay off your remaining housing loan in the event of death or permanent incapacity.
Who it's for
This scheme is specifically for owners of HDB flats who are using their CPF funds to pay for their mortgage.
What you get
If you pass away or become permanently unable to work due to incapacity, the insurance provides coverage to settle your outstanding mortgage. This helps ensure your family is not left with the burden of the housing loan.
What it costs you
There is no cash payment required; instead, the annual premiums are automatically deducted from your CPF Ordinary Account.
The catch to know
This scheme is only available for HDB flats. It does not provide coverage for private property owners.
How to apply
- Verify your eligibility based on your housing type.
- Check your CPF account balance to ensure sufficient funds for premiums.
- Review your coverage details through the official portal.
For more information, visit https://www.cpf.gov.sg