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Rajeev Nair

13 Oct 2020

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Hps insurance?

Once you move to a private bank loan is the hdb hps insurance still applicable or do I need to buy a new one

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Nicholas Beh

13 Oct 2020

Student Ambassador 2020/21 at Seedly

You can keep your coverage with HPS. HPS is mandatory as long as you are using your CPF to pay for your housing loan, whether it is from banks or HDB. If you are switching to a bank loan, you may need to update your cover with CPF if the loan amount or repayment period has changed.

Alternatively, you can take up coverage with private insurers and apply to be exempted from HPS.

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