Asked by Anonymous
Is MIP (Mortgage Interest Policy) compulsory for all HDB unit? I am taking UOB home loan for HDB resale purchase. Was advised to take MIP from the HDB instead from the bank as it'll be cheaper. Is this true?
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Kenichi Xi, nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham149 Answers, 329 UpvotesAnswered on 18 Sep 2018Just for the record.
It should be "Mortgagee" Interest Policy (MIP) and in laymen terms known as Fire Insurance.
Or if you are a HDB lease owner is similar to Home Protection Scheme (paid by your CPF and is Compulsory if you make loan payment with CPF.)
MIP is not compulsory but the bank will state it as a criteria for loan owner to get approval for ppty loan and usually is paid by Giro from Cash Account and not by CPF.
Hope this reply helps.
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Thank you.
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