You have bought a mortgage insurance with an insurance company in Singapore?
You would like to apply for exemption for your Home Protection Scheme (HPS) scheme?
We provide the step-by-step process on how to exempt your HPS via Central Provident Fund (CPF) website.
After you have weigh your priorities on the difference between Home Protection Scheme (HPS) vs. Mortgage Insurance, if you decide on purchasing mortgage insurance with a private insurer, you may exempt both your spouse (if any) and yourself from paying premiums for the HPS plan.
Here are the step-by-step process that you may follow to inform CPF and therefore, no more future premiums will be deducted via your CPF-Ordinary Account.
- Go to CPF website and login with your SingPass
2. Go to “My Requests”
3. Scroll down and select “Home Protection Scheme (HPS)”
4. Select “Apply to be exempted from HPS”.
5. Scroll down and press “Start”
6. Please kindly input the following information:
Property Address: Your new insured home address
Percentage of Housing Loan under HPS: 100%
Co-Owner NRIC number: Your co-owner’s NRIC details
7. Please input both the Insurance Company name and Policy Number.
8. Verify the information, and click “Submit“.
After you have submitted your request, you will wait for a few weeks for CPF to come back to you.
You will receive an official letter about your exemption request.
We believing in providing the important and relevant information for your holistic financial planning in Singapore. With more choice and knowledge, we believe consumers like you will be able to make a more informed decision for your financial goal.
If you would like to know more, please feel free to contact us and we will be glad to connect with you.
Want To Know More About HPS Exemption Or Private Mortgage Insurance?
If you would like to know more about HPS exemption or private 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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