29 May '15, 6pm

Home Protection Scheme: What does it provide and the answers to 3 common questions

Today’s post will be regarding the CPF Home Protection Scheme (HPS). This is part of our “CPF Housing-Related” posts. In the rare occurrence of a blue moon, some of you may have realised that after reading your CPF account statements, money in your CPF OA is deducted under an entry denominated as ‘HPS’. So what is this scheme that is slowly and quietly siphoning cash from your retirement nest for several hidden centuries?! As defined on CPF website, Home Protection Scheme (HPS) is a “mortgage reducing insurance which insures CPF members and their families against losing their homes should members become physically / mentally incapacitated or pass away before their housing loans are paid up. “. If I could, let me paraphrase this into simpler term. HPS is basically an insurance that has a reducing sum assured feature which can be used to cover the reducing mortgage payments,...

Full article: http://thefinance.sg/2015/05/29/home-protection-scheme-wh...

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