Are you looking out for home mortgage insurance in Singapore?
We give you the detailed information about home mortgage insurance.
What Is Home Mortgage Insurance?
When searching for the term “home mortgage insurance”, I believe you are searching for a mortgage insurance that can cover for your home loan in Singapore.
When you purchase your property, you will take up a home loan or housing loan from a financial institution. The amount of loan could be huge and for Housing Development Board (HDB), they require you to purchase a Home Protection Scheme (HPS) so that if death or disability were to occur to the home owners, the insurance payout from the HPS will cover for the outstanding loan.
There are some differences between HPS and private mortgage insurance.
When you purchase a private property, it is not mandatory to purchase a housing loan. You may find out more whether is mortgage insurance compulsory in Singapore.
How Long Should I Buy My Home Mortgage Insurance in Singapore?
The tenure of your mortgage insurance should be equivalent or more than your current loan tenure with the financial institutions.
Some home owners will purchase longer than the loan tenure because they want to want additional coverage for their family.
A good way to extend or have more coverage for your family is to purchase a term insurance. Unlike mortgage insurance which is a decrease term policy, the term insurance is a level term insurance that provides same coverage throughout the whole loan tenure or more.
We are a group of professional consultants who believes that providing the public with information will allow the consumers to have a more informed choice. We also believe that with proper financial planning, you could achieve financial freedom through various insurance products like endowment plans, medical insurance, life insurance and critical illness insurance in Singapore.
Want To Know More About Home Mortgage Insurance in Singapore?
If you would like to know more about home mortgage insurance, you may contact us at (+65) 9380 2839 or you can click on the button below to enquire about the different financial services that we provide.
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Address: 47 Scotts Road, Goldbell Towers, Singapore 228233
Contact Number: +65 9380 2839
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