{"id":92604,"date":"2018-06-27T11:27:11","date_gmt":"2018-06-27T04:27:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/lower-hdb-insurance-premiums-by-july\/"},"modified":"2018-06-27T12:03:15","modified_gmt":"2018-06-27T05:03:15","slug":"lower-hdb-insurance-premiums-by-july","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lower-hdb-insurance-premiums-by-july\/","title":{"rendered":"Lower HDB insurance premiums by July"},"content":{"rendered":"


\nSingaporeans who use their CPF savings to repay their mortgage loans from HDB will soon enjoy savings when paying their insurance premiums under the Home Protection Scheme.\u00a0
\nThe Central Provident Fund (CPF) board announced on Tuesday (26 June) that Singaporeans who use their CPF savings to repay their mortgage loans from HDB will enjoy savings when paying their insurance premiums under the Home Protection Scheme (HPS) starting next month.
\nHPS is a mortgage-reducing insurance that protects CPF members and their families against losing their HDB flats in the event of death, terminal illness or total permanent disability before their housing loans are paid up. This insures their property until they reach the age of 65 or until the housing loan is fully repaid, whichever is earlier.
\nMore: Should You Change Your HDB Loan To A Bank Loan?
\nCPF members need to be insured under this scheme if they are using their CPF savings to service their monthly mortgage instalments. Those who tap other sources of funds for their HDB housing loans may also voluntarily apply to be insured through this scheme.
\nThree in four CPF members could see their premiums slashed by at least 10 percent, although the premium amount varies depending on the loan amount, tenure and category (concessionary or market rate) as well as the mortgagor\u2019s age and gender.
\nFor instance, the CPF board noted that a 32-year-old man who took out a $200,000 mortgage with a tenure of 30 years from HDB will see a 15 percent reduction in his HPS premiums as he only needs to pay $183.20 instead of $215 per annum.
\nCPF members who have enrolled under the HPS scheme on or after 1 July will be eligible for the lower premiums, while existing policy holders are required to renew or adjust their HPS coverage beginning on that day.
\nLooking to buy a new home? Here are some financial options for buying an HDB.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Lower HDB insurance premiums by July<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singaporeans who use their CPF savings to repay their mortgage loans from HDB will soon...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-92604","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-o5C","jetpack-related-posts":[{"id":113576,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/760000-cpf-members-to-get-home-protection-scheme-rebates\/","url_meta":{"origin":92604,"position":0},"title":"760,000 CPF members to get Home Protection Scheme rebates","date":"January 13, 2020","format":false,"excerpt":"\r Those eligible for HPS rebates will receive at least $500 and will be notified via email, SMS or letter.\u00a0\u00a0 Around 760,000 Central Provident Fund (CPF) members are set to receive premium rebates from the Home Protection Scheme this month. In fact, rebates worth $640 million will be given out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111443,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/","url_meta":{"origin":92604,"position":1},"title":"Seniors receive average LBS proceeds of $177,000","date":"October 8, 2019","format":false,"excerpt":"\r The Ministry of National Development noted that most seniors \u2013 after taking up the Lease Buyback Scheme \u2013 have enough CPF RA savings \u201cto benefit from a lifelong income stream of about $1,000 per month on a household basis under CPF LIFE\u201d. 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