Is it a must to buy mortgage insurance?

Home and mortgage insurance are important because they add much-needed financial protection for your home against unexpected mishaps. Mortgage Reducing Term Assurance (MRTA) is the most cost-efficient mortgage insurance that supplements HDB's Home Protection Scheme (HPS).

Is mortgage insurance compulsory for HDB?

Compulsory for HDB flat owners who are using their CPF savings to pay their monthly housing loan instalments. Optional for HDB flat owners who have private life insurance or mortgage-reducing insurance that can sufficiently cover the outstanding housing loan. Compulsory for flat owners with outstanding HDB loans.

Is it compulsory to buy mortgage insurance in Singapore?

The HPS is a mandatory mortgage insurance plan for HDB flat owners and who use their CPF savings to service their monthly repayments. For those who have bought a private property, including executive condominiums, you can choose to get yourself insured with an MRTA.

Is mortgage insurance compulsory for HDB?

Compulsory for HDB flat owners who are using their CPF savings to pay their monthly housing loan instalments. Optional for HDB flat owners who have private life insurance or mortgage-reducing insurance that can sufficiently cover the outstanding housing loan. Compulsory for flat owners with outstanding HDB loans.

Is mortgage insurance necessary Singapore?

Mortgage insurance is mandatory for HDB flats (it's called the Home Protection Scheme). Mortgage insurance pays off the remainder of your home loan, in the event of your death or permanent disability.

Is it a must to buy mortgage insurance?

Home and mortgage insurance are important because they add much-needed financial protection for your home against unexpected mishaps. Mortgage Reducing Term Assurance (MRTA) is the most cost-efficient mortgage insurance that supplements HDB's Home Protection Scheme (HPS).

Is property insurance mandatory in Singapore?

Home insurance is an optional benefit for any HDB or private property owner, unlike fire insurance which is mandatory in Singapore. That is why fire insurance is more common to property owners. If you plan to buy an HDB flat using a bank loan, the bank will most likely require you to purchase fire insurance.

How can I be exempt from HPS?

A person may only apply for exemption from HPS in respect of a property after obtaining legal ownership of the property, or the housing loan for the property has been disbursed.

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