MeToo 0 Report post Posted July 5, 2007 Can someone shed light?Is this HPS from CPF "MANDATORY" when buying house? I am buying in resale market with Bank Loan and paying my monthly instalments from CPF. Somewhere in CPF website, I saw that when I am paying mortgage loan by monthly instalments from CPF, I MUST buy this HPS from CPF? Is that correct?One of my fren told that insurance companies like AIA offer attractive plans which are more comfortable and provide higher coverage than HPS. In that case I can well go for ins companies than CPF.Advices please Share this post Link to post Share on other sites
raincole 0 Report post Posted July 5, 2007 HPS yes if taking loan. And not necessary need to get from CPF, so if u like can go for other insurance com[any like AIA. Share this post Link to post Share on other sites
TYM 0 Report post Posted July 5, 2007 My understanding, for HPS, yes if you are using CPF to pay for your house.HDB - HPSCPF - HPS FAQsAnother thing that is compulsory when taking HDB loan is Fire Insurance.HDB - Fire Insurance Share this post Link to post Share on other sites
HSH21 1 Report post Posted July 5, 2007 It all depend on how much U need to pay for the HPS... your age... your loan amount and the period of loan..Why U need to pay for the HPS is just in case the one who pay for the installatment pass away... there is $$ to pay for the house...For my previous house... I need to pay $13k for $300k of housing loan... I felt that was a waste of $$$.. so I bought a policy of $300k to cover the loan amount... If the HPS amount is very little... as I heard some of them only need to pay <$5k... then better get the HPS... Share this post Link to post Share on other sites
raincole 0 Report post Posted July 5, 2007 But the application for HPS can be rejected by CPF, like this can I don't buy HPS? Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 5, 2007 maybe if HPS kenna rejected by CPF, then cannot use CPF to pay loan? Share this post Link to post Share on other sites
raincole 0 Report post Posted July 5, 2007 maybe if HPS kenna rejected by CPF, then cannot use CPF to pay loan? still paying using cpf. Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 5, 2007 then like this will affect other policies bought using cpf or not?e.g. medisave etc...is rejected or approved to be exempted?i know if you can show that you are covered for the loan amt or more, can apply to be exempted from HPS Share this post Link to post Share on other sites
Juz4Liz 0 Report post Posted July 5, 2007 I understand that if we service our loan (be it bank loan or HDB loan - pls correct me if i am wrong) using CPF, we need to buy a Mortgage Protection Plan, either from CPF or outside insurance companies.maybe if HPS kenna rejected by CPF, then cannot use CPF to pay loan?Can anyone share under what circumstances would CPF reject HPS application? Also, can anyone share with me usually, how long do CPF need to "approve" HPS application?Thank you. Share this post Link to post Share on other sites
raincole 0 Report post Posted July 6, 2007 I understand that if we service our loan (be it bank loan or HDB loan - pls correct me if i am wrong) using CPF, we need to buy a Mortgage Protection Plan, either from CPF or outside insurance companies.Can anyone share under what circumstances would CPF reject HPS application? Also, can anyone share with me usually, how long do CPF need to "approve" HPS application?Thank you. but my hubby kena rejected and cpf advise me (the other party) to be 100% covered. So I don't know what protection I have since I'm paying and he's not. Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 6, 2007 then is your hubby paying the loan using CPF?they will reject HPS application if you are not in good healthother than that dun think anything else think my HPS will approved within a monthafter a guy called me up to ask me many questions about all my hospital visits Share this post Link to post Share on other sites
raincole 0 Report post Posted July 6, 2007 then is your hubby paying the loan using CPF?they will reject HPS application if you are not in good healthother than that dun think anything else think my HPS will approved within a monthafter a guy called me up to ask me many questions about all my hospital visits CPF ask him go for checkup, except for high cholestrol but not on medication, all are well But HPS kena rejected. But I tot most singaporean will also high this or high that esp due to the high stress level of living? Anyone with the same experience?Yep. Using CPF to pay the loan, somemore he is young, so cpf contribution healthy. Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 6, 2007 hmm that's interestingCPF never ask me go check-up lehmaybe you should ask your hubby to get a term life insteadif not anything happen will be very siong for you maybe it's his age, if still young already high cholestrolcould be a sign of worse things to comebetter ask your hubby to watch his diet Share this post Link to post Share on other sites
raincole 0 Report post Posted July 6, 2007 cos he ate too much seafood.But not on medication, so on what basis to reject him correct?Yar lor. Must get him to have term life. Share this post Link to post Share on other sites
applefreak 1 Report post Posted July 6, 2007 actually hor, seafood doesn't contribute to cholestrol muchi have a friend who avoided seafood coz of high cholestrolbut his level still shoot through the roof lohmaybe you want to get your hubby go for a thorough check-upsome people's body just tend to produce excess cholestrolno choice but it's considered a risk factor loh Share this post Link to post Share on other sites
