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Posted on 29 Jul 2020

Does HDB comes with mortgage insurance ?


3 answers

Discussion (3)

There is the Home Protection Scheme which is a mortgage-reducing insurance that protects members and their families against losing their HDB flat in the event of death, terminal illness, or total permanent disability. (Source: CPFB)

If you are using your CPF to pay for your monthly housing loan installment, you are required to purchase Home Protection Scheme (Home Protecction Scheme). Whereas HPS is optional if your monthly installment is paid through cash.

Alternatively, you can be exempted from HPS if you are holding one or more policies that cover your outstanding housing loan. The policy should provide coverage up to the full term of the loan or 65 years old, whichever is earlier, in the event of death, terminal illness, or total permanent disability.

The following policies are applicable:

-Whole Life

  • Term Life

  • Endowments

  • Life Riders (attached to a basic policy)

  • Mortgage Reducing Term Assurance (MRTA) / Decreasing Term Rider

To find out more about the HPS scheme, do check out this article.​​​



Normally, you would be subscribed to Home Protection Scheme that you can pay with your CPF. However, you can opt out of it if necessary.



No, you will need to purchase the mortgage insurance separately. Alternatively, you may also use you...

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