Protecting Your Home with CPF's Home Protection Scheme HPS: BenefitsHow It Works

Understanding the Benefits of Home Protection Scheme HPS for Secure Home Ownership

Introduction:

Navigating through of buying a house is both exhilarating and demanding. One crucial aspect that cannot be overlooked is CPF’s Home Protection Scheme HPS, designed to safeguard homeowners agnst unforeseen circumstances, ensuring peace of mind during their tenure.

The Home Protection Scheme offers multiple benefits med at protecting your home from potential financial vulnerabilities:

1. Financial Safety Net for Unexpected Events:

Upon the event of death, terminal illness, or total permanent disability, the HPS provides a sum assured that covers housing loan repayments. This support ensures that your loved ones are not burdened with mntning your share of mortgage payments and risking losing the property.

2. Budget-Frily Coverage:

Eligibility for the HPS exts beyond those relying on CPF savings to service their loans; it can be chosen by any homeowner regardless of financing method. The HPS Premium Calculator is a valuable tool that allows you to estimate annual premiums, enabling you to budget effectively and avoid unexpected financial shocks.

3. Seamless Premium Management with CPF Savings:

The annual premium for your HPS coverage can be conveniently pd using your Ordinary Account OA savings. This automatic deduction ensures continuous coverage without lapses. Should there ever be insufficient funds in your OA for the premium payment, a notification will alert you accordingly.

Additionally, your spouse, parent, child, or sibling who co-owns your flat with you may authorize CPF Board to use their OA savings to cover any potential shortfall.

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The Home Protection Scheme provides essential financial protection agnst uncertnties that could jeopardize homeownership. It safeguards both the homeowner's interests and those of loved ones, ensuring a more secure and stable living environment.

For further information on HPS benefits and eligibility criteria, visit the CPF Board website.

, this information is valid as of its date of publication.

For more detls about home ownership tips, exploring options to boost retirement income with housing investments, or understanding expenses associated with becoming a homeowner, consider checking out additional resources provided by CPF Board.

If you have any questions, suggestions for improvements, or need assistance, our contact center and feedback platform are always avlable for support.

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Thank you for your visit, and we hope this guide has provided useful insights about HPS and home ownership in Singapore.

Last updated: September 9th, 2024
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