MeToo 0 Report post Posted July 10, 2007 Hmmm...Interesting. HPS discussion is going to seafood... Well. I asked the quetion I posted here to my law agency officer. Last week I went for first appointment of my home. She told, HPS I MUST buy from CPF as long as I use CPF to make my monthly payments.On top of that, if I am interested in more or extra security I can buy other insurances. Also, as for the health check up, I just filled in a general form, like whether I got a surgery/ major illness in recent years, whether I intend to go for a surgery in the near future, and some other questions. She told me these are normal questions and I need not go for medical checkup (Maybe CPF ask for medical checkup if the person is old). She also told me HPS will be approved most of the times, rejection will be very less.I took 100% protection scheme and it will cost me around 700$ per year, which will be automatically deducted from my CPF account. She also suggested me to take the protection scheme for my wife also, in case if something happens to her, I need not pay the rest of the loan. If I took for my wife I need to pay another 700$. But I am not interested and took only for me, means if anything happens to me, my wife need not pay the rest of the loan. Generally CPF approval period is one month max. Share this post Link to post Share on other sites
andylyf 0 Report post Posted July 10, 2007 (edited) Home Protection Scheme (HPS)HPS is a mortgage-reducing insurance scheme administered by CPF Board. It insures CPF members and their families against losing their homes should members become permanently incapacitated or pass away before their housing loans are paid up. If you are using your CPF savings to pay your monthly housing loan instalments, you have to apply for HPS.HPS is a must if you paying for your flat via CPF. However, u can obtain a HPS from outside insurance companies if you do not wish to use the one provided by CPF.Once u obtain a HPS from outside CPF, u can login to CPF.gov.sg, under My Requests >> Insurance, u can make a request to be exempted from HPS. But you have to provide your insurance details (e.g insurance no.) Me and my wife are currently under prudential HPS, and have requested to be exempted from the one provided by CPF.However, u must have a HPS, if not, HDB is gonna ask u pay in cash for your monthly instalment.Application for Exemption from Home Protection Scheme (HPS) The Board reserves the right to monitor usage of the Service and has the sole discretion to refuse access or use by any person at any time without having to give any reason nor any prior notice thereof.1. Under no circumstances shall the Board be held liable vis-à-vis any person for whatsoever loss, cost, damage, claim or expense such person may suffer or incur, howsoever arising from:(a) the timely, complete nor uninterrupted receipt of any information via the Service; nor(b) the uninterrupted availability of the Service.3. (a) any access, use, abuse or misuse of the Service by any person;(b) any inaccuracy in any information received via the Service;The Board reserves the absolute discretion to:4.© any delayed, incomplete and/or interrupted receipt of any information via the Service;(d) any interruption in the availability of the Service; and(e) any modification, suspension, termination or withdrawal of the Service.5.Any person who accesses or uses the Service shall indemnify the Board against any loss, cost, damage, claim or expense suffered or incurred by the Board, howsoever arising from any access, use, abuse or misuse of the Service by him/her.modify, suspend, terminate or withdraw the Service; and/or6 Any person who uses the Service:acknowledges and agrees that his/her request shall not be deemed as received or executed by the Board until he/she has received the Board's written confirmation of receipt of the same.a)b)c)(b)amend, add to or delete any of these terms and conditions, at any time without having to give any reason nor any prior notice thereof.(a)shall be solely responsible for ensuring the accuracy, adequacy and completeness of his/her request and the Board shall not be obliged to verify the accuracy, adequacy and completeness of such instructions. The Board shall not be responsible for any loss or damage suffered by the requester or any other person as a result of the requester's instruction being inaccurate, inadequate or incomplete in any way.d)shall indemnify the Board against any loss, cost, damage, claim or expense suffered or incurred by the Board, howsoever arising from the Board's acting on his/her request.acknowledges that his/her request shall be binding on him/her upon transmission by him/her. The Board shall, upon receipt of his/her request, use reasonable endeavors to act on such request provided that the Board has sufficient time after receiving the request to act upon such request. A request made through CPF online services will supersede any previous request(s) communicated to the Board in whatever mode. Edited July 10, 2007 by andylyf Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 10, 2007 wow MeToo how come your premium so high?you took a very high loan???me paying less than $200 a year...or is it because your are male? i know male pay more premium... Share this post Link to post Share on other sites
raincole 0 Report post Posted July 11, 2007 Dunno, in my case, my husband is paying from CPF (already deducted for last month and this month) and he is not under ANY HPS cos CPF rejected his application.CPF get back to us very late, more than 1 month. Share this post Link to post Share on other sites
MeToo 0 Report post Posted July 11, 2007 Hi applefreakYes. I am a guy. My loan is around 220 K and for 30 years payment the amount exactly is 655$ (sorry, I quoted wrongly as 700$).Hi andylyfHow much does your Prudential HPS costs and what's the coverage ? Share this post Link to post Share on other sites
andylyf 0 Report post Posted July 11, 2007 i pay about $303/year for 20yrs and it covers death, terminal illness and disability. As far as i know, CPF covers oni death n disabilty right ?This scheme protects members and their family members from losing their homes should the insured member become permanently incapacitated or die before the housing loan is settled. CPF Board will pay the outstanding loan based on the amount insured. Share this post Link to post Share on other sites
Phantom 1 Report post Posted July 11, 2007 I like Prudential HPS.. cheapest way to buy term. Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 11, 2007 Hi applefreakYes. I am a guy. My loan is around 220 K and for 30 years payment the amount exactly is 655$ (sorry, I quoted wrongly as 700$).Hi andylyfHow much does your Prudential HPS costs and what's the coverage ?hi i'm a gal, loan around $237k, 25yrs payment and premium is slightly less than $200 yearly maybe the shorter loan term and the fact that i'm female Share this post Link to post Share on other sites
Phantom 1 Report post Posted July 11, 2007 hi i'm a gal, loan around $237k, 25yrs payment and premium is slightly less than $200 yearly maybe the shorter loan term and the fact that i'm female very likely. 5 years less coverage and mortality charges cheaper for women,Men die younger due to constant nagging.. lol.. just kidding lah.. Share this post Link to post Share on other sites
TYM 0 Report post Posted July 11, 2007 Men die younger due to constant nagging.. lol.. just kidding lah.. Hahaha....My CPF HPS premium is $37/year, 100%, 5-year loan. Share this post Link to post Share on other sites
Phantom 1 Report post Posted July 11, 2007 i pay about $303/year for 20yrs and it covers death, terminal illness and disability. As far as i know, CPF covers oni death n disabilty right ?This scheme protects members and their family members from losing their homes should the insured member become permanently incapacitated or die before the housing loan is settled. CPF Board will pay the outstanding loan based on the amount insured.Yup.. i don't think its crucial. Try asking a doctor in singapore to certify that you will die within a year.Won't happen. Share this post Link to post Share on other sites
MeToo 0 Report post Posted July 11, 2007 Men die younger due to constant nagging.. lol.. just kidding lah..Ha..ha..I second Phantom. All guys are in the same boat.Next year, when my current CPF HPS expires, I'll go for Prudential plan. Going by andylyf statement and his PM to me, it's cheaper and effective. But andylyf, forgot to ask you. For prudential HPS, should I undergo a medical health checkup. CPF doesn't ask me for that. Share this post Link to post Share on other sites
Phantom 1 Report post Posted July 11, 2007 (edited) Ha..ha..I second Phantom. All guys are in the same boat.Next year, when my current CPF HPS expires, I'll go for Prudential plan. Going by andylyf statement and his PM to me, it's cheaper and effective. But andylyf, forgot to ask you. For prudential HPS, should I undergo a medical health checkup. CPF doesn't ask me for that.so you know abt the "perks" ? lol...as long as you are healthy.. should be ok with the medical... as in no need... unless you have medical issues.. "touch wood". Edited July 11, 2007 by Phantom Share this post Link to post Share on other sites
andylyf 0 Report post Posted July 11, 2007 actually you dont have to wait for next year for ur CPF HPS to expire, u can apply for external HPS and request for the exemption. Once CPF clears your application for exemption, they will refund u whatever its left into ur OA a/c.You can call CPF to reconfirm this. Share this post Link to post Share on other sites
Miu Miu 0 Report post Posted August 12, 2007 May I know when to start to apply for HPS? On the day when u sign the agreement of lease or can sign up thru CPF website? Share this post Link to post Share on other sites
