Do sole owners of HDB purchases need to buy HPS

For HDB flat owners in Singapore, the Home Protection Scheme (HPS) is compulsory if you are using your CPF savings to pay the monthly housing instalments. This applies regardless of whether you are a sole owner or a co-owner.

If you are a sole owner of an HDB flat and you are using your CPF savings for the monthly instalments, you are required to be insured under the HPS. However, if you are paying the monthly instalments entirely in cash, you are not compelled to purchase the HPS, although you can still choose to do so.

It is important to note that the HPS provides protection by ensuring that your outstanding housing loan is settled in the event of your death, terminal illness, or total permanent disability, thereby safeguarding your family's ownership of the HDB flat.