Borrowers using cpf for hdb loan payments are automatically covered by home protection scheme(hps), unless they qualify for an exemption. On the other hand, the hps will be terminated once. Your comprehensive guide to mortgage insurance in singapore.
Let’s dive into how cpf usage affects mortgage insurance requirements, the rules you need to know, and how to apply for exemptions when you’ve got your own private policy. With interest rates and home prices shifting, it’s crucial to. To ensure that you're properly insured when buying mortgage insurance, your mortgage insurance rate shouldn't be higher or lower than your home loan interest rate.
Although there are considerations such as remaining period of coverage, sum assured and the interest rate differential. Learn what it is, why it's important for hdb & private loans, and key factors to consider before choosing a policy. If the borrower passes away or becomes. These policies are protected under the policy owners’ protection scheme which is administered by the singapore deposit insurance corporation (sdic).
Coverage for your policy is automatic.