it's an opt-out scheme so you will automatically 'apply' for it when you apply to use your CPF for housing purpose.

so can i say once i asign the agreement of lease, i will be in the scheme?

yes i believe the hdb officer will let you sign the enrollment form at the same time with the CPF deduction authorisation form

there are tons of documents to sign on that day, think one of them is the HPS

You can apply to be excluded from HPS if you already have a mortgage-reducing insurance or an appropriate life insurance policy that is enough to cover your outstanding housing loan up to the full term of loan or age 65, whichever is earlier, in the event of permanent disability or death.

Application for HPS Exemption is by submitting HPS/2 form: Application for HPS Exemption. Alternatively you can also apply to be exempted online via my cpf Online Services - My Requests.

Things to note BEFORE submitting application for HPS Exemption:

- Policy sum assured must be sufficient to cover outstanding housing loan.

- Policy must have Total Permanent Disability (TPD) coverage up till 65 / till the full term of housing loan, whichever earlier.

- Newly purchased MRTA Policy/Decreasing Term Rider risk commencement date must be same as / later than the housing loan commencement date and expiry date must not be earlier than the housing loan expiry date.

- Policy mortgage rate must be higher than loan interest rate.

- If joint-life policy is used, the policy must be able to cover 100% of housing loan.

- Before submitting this form, legal ownership of the property must have been obtained and housing loan already disbursed.

Cheers!

Edited August 15, 200719 yr by gendon

so can i say once i asign the agreement of lease, i will be in the scheme?

A certificate of cover showing the insured sum and the amount of premium paid will be sent to you once your HPS application has been approved and the premium has been paid.

Cheers!