What If Hps Is Rejected?

[alamak 0]

Hi,

Would like to find out. when buying a resale hdb flat, what if 1 party's HPS is rejected due to pre existing health conditions?

Will both party still be able to use their CPF to pay the monthly installments? What implications are there?

Thanks

[Phantom 1]

Hi,

Would like to find out. when buying a resale hdb flat, what if 1 party's HPS is rejected due to pre existing health conditions?

Will both party still be able to use their CPF to pay the monthly installments? What implications are there?

Thanks

You will have to ask HDB with regards to that. Typically Mortgage Insurance cover on death and total permanent disability, Not major illness, hence the likelihood of rejection could be slim.

The probability would be loading; an increase in premiiums due to the higher perceived risks.

Normally HDB requires a Mortgage insurance as long as you are using CPF to pay your monthly loan instalments under the Public Housing Scheme

I suggest you to call or send an email to hdb for your enquiries.

[alamak 0]

You will have to ask HDB with regards to that. Typically Mortgage Insurance cover on death and total permanent disability, Not major illness, hence the likelihood of rejection could be slim.

The probability would be loading; an increase in premiiums due to the higher perceived risks.

Normally HDB requires a Mortgage insurance as long as you are using CPF to pay your monthly loan instalments under the Public Housing Scheme

I suggest you to call or send an email to hdb for your enquiries.

thanks for the reply. i will email hdb for some answers.

but checking to see if anyone had similar situations to share.

Edited July 10, 2009 by alamak

[Phantom 1]

thanks for the reply. i will email hdb for some answers.

but checking to see if anyone had similar situations to share.

I'll be interested to know. Have not come across a case lilke this before. Gd Luck.

[therat 18]

if the HDB pay all in 1 go, do the buyer still need Mortgage insurance?

[Marcussy 0]

if the HDB pay all in 1 go, do the buyer still need Mortgage insurance?

If the flat has been fully paid up, then buyer do not need mortgage insurance. Even if wat also cannot, cos taking HPS or private mortgage insurance requires the statement of the outstanding loan before issuing the policy.

[therat 18]

If the flat has been fully paid up, then buyer do not need mortgage insurance. Even if wat also cannot, cos taking HPS or private mortgage insurance requires the statement of the outstanding loan before issuing the policy.

oic..

thanks

[alamak 0]

emailed cpf for answers.

their reply is applicant will be access by past and present medical condition. in the case if hps is rejected, i can still use my cpf ordinary account to pay the monthly installments.

[Phantom 1]

emailed cpf for answers.

their reply is applicant will be access by past and present medical condition. in the case if hps is rejected, i can still use my cpf ordinary account to pay the monthly installments.

Interesting.

As mentioned I don't think HPS should be declined unless the medical condition pre-existing is very serious.

[alamak 0]

Interesting.

As mentioned I don't think HPS should be declined unless the medical condition pre-existing is very serious.

yah... like history of cancer, heart disease etc.. even now is healthy think will be hit with either very high loading or reject straight away.

[merryman 0]

yah... like history of cancer, heart disease etc.. even now is healthy think will be hit with either very high loading or reject straight away.

my wife already received letter about HPS but not me leh, why huh? Who to check with? I think they need to investigate my health issues b4 telling me the loading... sianz

[Phantom 1]

yah... like history of cancer, heart disease etc.. even now is healthy think will be hit with either very high loading or reject straight away.

I used to be in the insurance industry previously. Historical is not a extremely big part of declining policies.

BUT if its a combination of historical + existing then it's highly possible.

My dad had diabetes. Recovered. I'm healthy. No loading.

Only dealt in one rejected case previously. That was very bad.

Historical ilnesses in the family are also checked if hereditory. Some illnesses have a higher chance. e.g. both parents have history of diabetes. Child might get some loading factor.