Asked by Anonymous
Just 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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