HDB flat buyers who are using their CPF savings to pay their monthly housing instalments have to be insured under the CPF’s Home Protection Scheme. The insurance scheme protects CPF members and their families against losing their homes should members become physically/mentally disabled or pass away before their housing loans are paid up.

While it is generally not compulsory for private property owners to buy mortgage insurance, they should consider buying one especially if they are taking up housing loans with long repayment periods. As buying a private property is a large financial commitment for many home buyers, they should prepare for unfortunate events and provide financial protection for themselves and their families.

Read about the Home Protection Scheme