davidbslee 1 Report post Posted July 29, 2010 Hi everyone, I got a question in my mind regards to Home Protection Scheme (HPS). Currently my monthly installment of $801 is fully deduct from my CPF. $800 from my CPF and $1.00 from my wife CPF. My wife and myself both brought 100% Home Protection Scheme (HPS) from CPF. My question is, since my wife only deduct $1.00 from her CPF monthly for the installment so is it necessary for her to brought 100% HPS too ? Share this post Link to post Share on other sites
therat 18 Report post Posted July 29, 2010 is the $1 temp or perm. If she don't intend to increase her mthly installment. IMO, don't think she need to brought 100% HPS Share this post Link to post Share on other sites
davidbslee 1 Report post Posted July 29, 2010 is the $1 temp or perm. If she don't intend to increase her mthly installment. IMO, don't think she need to brought 100% HPS The $1 should be perm for now till maybe few years later she may intend to increase her mthly instalment when she is back to working force. So how many % she actually need? That time we blur blur both asked to take up 100% HPS by our lawyer firm. Share this post Link to post Share on other sites
therat 18 Report post Posted July 29, 2010 can change HPS %? Share this post Link to post Share on other sites
davidbslee 1 Report post Posted July 29, 2010 can change HPS %? Not sure can change anot as the deduct of HPS letter already mail to our house. Share this post Link to post Share on other sites
therat 18 Report post Posted July 30, 2010 This one I don't know. Better ask HDB. Get the correct answer. I don't want to anyhow guess, later lead you to Holland V. Share this post Link to post Share on other sites
wolflet 1 Report post Posted July 30, 2010 its HDB requirement to buy 100% hps regardless of contribution amount Share this post Link to post Share on other sites
therat 18 Report post Posted July 30, 2010 I think is recommended but not a must to get 100% I found this link Home Protection Scheme (HPS) Premium Calculator https://www.cpf.gov.sg/cpf_trans/ssl/bo/hps_inp.asp Under Coverage (Default 100%), I can key in any %. Hence I don't think it is a MUST to get 100% Share this post Link to post Share on other sites
wolflet 1 Report post Posted July 30, 2010 I think is recommended but not a must to get 100% I found this link Home Protection Scheme (HPS) Premium Calculator https://www.cpf.gov.sg/cpf_trans/ssl/bo/hps_inp.asp Under Coverage (Default 100%), I can key in any %. Hence I don't think it is a MUST to get 100% if u r getting hdb loan or using cpf to pay for the loan. then u have to get 100%. else they will not release the loan Share this post Link to post Share on other sites
davidbslee 1 Report post Posted July 30, 2010 Ok, If now I wanted to service the instalment loan all by myself using only my CPF only instead both of us service the loan. So it is possible? If possible, do I need to go thought lawyer or just go to CPF Board office? Share this post Link to post Share on other sites
wolflet 1 Report post Posted July 30, 2010 Ok, If now I wanted to service the instalment loan all by myself using only my CPF only instead both of us service the loan. So it is possible? If possible, do I need to go thought lawyer or just go to CPF Board office? think can be done at hdb branch office Share this post Link to post Share on other sites
davidbslee 1 Report post Posted July 30, 2010 think can be done at hdb branch office Wow, thanks for the fast reply. That is quite easy. Share this post Link to post Share on other sites
bepgof 20 Report post Posted July 30, 2010 (edited) Ok, If now I wanted to service the instalment loan all by myself using only my CPF only instead both of us service the loan. So it is possible? If possible, do I need to go thought lawyer or just go to CPF Board office? If yr is hdb loan, go direct to hdb branch. May need lawyer for yr hb to declare transfer his existing share as "love gift". Bankloan more complex, basically the same principle, very likely need to pay some "token fee" to lawyer for processing. Edited July 30, 2010 by bepgof Share this post Link to post Share on other sites
Warrior88 0 Report post Posted July 31, 2010 Ok, If now I wanted to service the instalment loan all by myself using only my CPF only instead both of us service the loan. So it is possible? If possible, do I need to go thought lawyer or just go to CPF Board office? Revision of monthly installment plan can be submitted online through CPF. Need to logon Singpass. Thought the effectively month not immediate but the following month. IMO, HPS is the best package CPF even offer. Not only this is affordable but can use CPF. Both should buy 100% each. % of protection is related to contribution. Should either one RIP there are a lot of repercussion, altering your lifestyle not only in terms of finance. Trust me, pls don't save in this. Share this post Link to post Share on other sites
bepgof 20 Report post Posted July 31, 2010 (edited) Revision of monthly installment plan can be submitted online through CPF. Need to logon Singpass. Thought the effectively month not immediate but the following month. IMO, HPS is the best package CPF even offer. Not only this is affordable but can use CPF. Both should buy 100% each. % of protection is related to contribution. Should either one RIP there are a lot of repercussion, altering your lifestyle not only in terms of finance. Trust me, pls don't save in this. What clever boy said is absolutely "correct"-better buy 100%. I took some $460k bankloan & bought HPS from CPF, few months later, paid bank a "huge sum", outstanding loan now abt $81k but still within lockin. CPFB refunded us some $ . She was grumbling abt the cpf accts printout with all the figures being so "messy". She must keep things nice nice, see bank accts got in no out type le...I only try to agar agar the "consolidated" figures, not that interested to see the long printout. Edited July 31, 2010 by bepgof Share this post Link to post Share on other sites
