How much is the home protection scheme?

The cost of the Home Protection Scheme (HPS) in Singapore is determined by several factors, including:

- Age and Gender: Younger individuals pay lower premiums, and premiums tend to be higher for males than females.
- Loan Amount: The higher the outstanding housing loan, the higher the premium.
- Loan Tenure: The longer the loan repayment period, the higher the premium.
- Type of Loan: Whether you have an HDB concessionary loan or a bank loan, with bank loans generally resulting in higher premiums.

For example, a married couple born in 1988, with a $400,000 HDB loan over 20 years, might pay a combined annual premium of around $272.40 if they each cover 50% of the loan.

Here are some general points to consider:
- You only need to pay premiums for 90% of the coverage period. For instance, if your coverage is for 20 years, you will only pay premiums for 18 years.
- Premiums are automatically deducted from your CPF Ordinary Account.
- If your CPF OA funds are insufficient, you can use the CPF savings of a co-owner, such as a spouse, parent, child, or sibling, to cover the premium shortfall.

Overall, HPS premiums are generally more affordable compared to many private mortgage insurance plans, and they offer the convenience of being paid using CPF savings.