enrisa 0 Report post Posted December 7, 2009 Hi has anyone been rejected by CPF for HPS application before due to pre-existing medical condition and has anyone tried appealing? sigh, i'm so upset, i'm not sure what else to do Share this post Link to post Share on other sites
bepgof 20 Report post Posted December 7, 2009 Are u intend to pay instalment fully by CPF? If CPF is used to pay instalment, u MUST buy HPS. If instalment by bankloan, then one can opt out this HPS. I personally do not understand the logic why there is such a rule exists(CPF HPS), time to abolish this. Whether to buy HPS ot not, should be a personally choice, regardless instalment methods. Right? In this case, u need to use cash to pay the instalment. Anyway, the $ in the cpf account is still your. You should approach yr MP for help - this is a policy matter. Share this post Link to post Share on other sites
enrisa 0 Report post Posted December 7, 2009 Are u intend to pay instalment fully by CPF? If CPF is used to pay instalment, u MUST buy HPS. If instalment by bankloan, then one can opt out this HPS. I personally do not understand the logic why there is such a rule exists(CPF HPS), time to abolish this. Whether to buy HPS ot not, should be a personally choice, regardless instalment methods. Right? In this case, u need to use cash to pay the instalment. Anyway, the $ in the cpf account is still your. You should approach yr MP for help - this is a policy matter. hi bepgof When i bought my place, I chosed the option to pay my housing loan instalment partially paid via CPF and cash from my own account (because CPF account was opened only recently so not enough cash inside to service the loan). Downpayment for the house was all paid fully in cash and not CPF. So am I still required to sign up with HPS? So does it mean that if my HPS Application is rejected - I have to pay my entire instalment in cash?! omg i'm **** sad now Share this post Link to post Share on other sites
silverkris 0 Report post Posted December 7, 2009 hi bepgof When i bought my place, I chosed the option to pay my housing loan instalment partially paid via CPF and cash from my own account (because CPF account was opened only recently so not enough cash inside to service the loan). Downpayment for the house was all paid fully in cash and not CPF. So am I still required to sign up with HPS? So does it mean that if my HPS Application is rejected - I have to pay my entire instalment in cash?! omg i'm **** sad now If your HPS is rejected because of medical reasons, then it is just that you do not have insurance to cover your house mortgages. It does not affect your CPF payment in any way. You can still use your CPF to pay for the house. No issues on that. Share this post Link to post Share on other sites
bepgof 20 Report post Posted December 8, 2009 Whether partial or in full by using cpf money, u have to be insured by HPS. You may be exempted if you have any in-force personal life insurance policy which can cover the remaining loan amount. How does HDB knows if you void the insurance policy halfway? Tricky issue. Better check with HDB officer to see what other alternatives you have, I also want to know. At same time, I will write to HDB to see what is the reply. Share this post Link to post Share on other sites
silverkris 0 Report post Posted December 8, 2009 Whether partial or in full by using cpf money, u have to be insured by HPS. You may be exempted if you have any in-force personal life insurance policy which can cover the remaining loan amount. How does HDB knows if you void the insurance policy halfway? Tricky issue. Better check with HDB officer to see what other alternatives you have, I also want to know. At same time, I will write to HDB to see what is the reply. I think what he is trying to say is that CPF board rejects his application for HPS due to his medical conditions, not that he doesn't want to be insured by HPS. So it is no point for you to mention that he have to be insured by HPS or not. And that he is worried that if CPF rejects his HPS application, does he have to pay the housing installments by cash then instead of CPF? What I understand is that if it is CPF board that rejects your application for HPS, you can still pay your housing loans by CPF, just that there is no insurance on your house. Share this post Link to post Share on other sites
kelamel 0 Report post Posted December 19, 2009 Are u intend to pay instalment fully by CPF? If CPF is used to pay instalment, u MUST buy HPS. If instalment by bankloan, then one can opt out this HPS. I personally do not understand the logic why there is such a rule exists(CPF HPS), time to abolish this. Whether to buy HPS ot not, should be a personally choice, regardless instalment methods. Right? In this case, u need to use cash to pay the instalment. Anyway, the $ in the cpf account is still your. You should approach yr MP for help - this is a policy matter. HPS is to protect the surviving member to help in the prepaying of the installments. Say buy a 450k flat...suddenly Breadwinner pass on...loan o/s 350k borne by one person wif 2 kids. Than have to sell lar..lots of issues, with a HPS it sort of help the family out so that they have other choices. Once there is a choice, some that didnt buy who faced this above mentioned scenario will turn around and said the authority never tell me got this option to buy HPS lei.....than the blaming game starts...... authority force me to pay more monthy installment etc etc So i guess opt in is best to be compulsory...thats my thought....... Share this post Link to post Share on other sites
davidbslee 1 Report post Posted December 19, 2009 HPS is to protect the surviving member to help in the prepaying of the installments. Say buy a 450k flat...suddenly Breadwinner pass on...loan o/s 350k borne by one person wif 2 kids. Than have to sell lar..lots of issues, with a HPS it sort of help the family out so that they have other choices. Once there is a choice, some that didnt buy who faced this above mentioned scenario will turn around and said the authority never tell me got this option to buy HPS lei.....than the blaming game starts...... authority force me to pay more monthy installment etc etc So i guess opt in is best to be compulsory...thats my thought....... Yup, opt for compulsory. I actually did not know about this issus until 3 days back after my 1st appt my lawyer tell me about it. Share this post Link to post Share on other sites
