If you refinance the loan on your HDB flat, compare the old and new loan amounts and repayment periods before checking your Home Protection Scheme (HPS) cover. CPF Board treats a lender-only change differently from a reduction or increase in the loan amount or term.
Keep your existing HPS record beside the new loan offer. If you have an HPS exemption based on private insurance, check the exemption guidance separately. Confirm the actual cover and effective dates rather than relying on the date you received the new loan offer.
- Identify your current HPS cover or exemption status.
- Compare the old and new lender, loan amount and repayment period.
- Check whether repayment responsibilities between co-owners also changed.
- Follow any CPF Board instructions for an adjustment.
- Verify the new record after refinancing.
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Compare what changed
Use CPF Board’s guidance on HPS after refinancing. For existing HPS cover, CPF Board says that when the loan amount and repayment period do not change, no cover adjustment is needed and it updates the mortgagee record. If the amount or period falls, CPF Board describes an automatic adjustment and a new cover based on the latest loan details. If the amount or period increases, it says it will write to you to apply for adjustment. An increase in cover is subject to approval and health requirements.
| What changed | What to check | Record to keep |
|---|---|---|
| Lender only | CPF Board’s mortgagee update | Old and new lender details |
| Amount or term reduced | Automatic adjustment and new cover record | Confirmed new loan and HPS details |
| Amount or term increased | CPF Board’s instructions to apply | Notice, application and outcome |
| Co-owner contributions or exemption also changed | Guidance specific to that change | Repayment details or exemption records |
If several details move in different directions, ask CPF Board how it will treat the particular loan. Read its guide on when to adjust HPS cover for other changes. If you are exempted from HPS, use the exemption route linked from CPF Board’s refinancing guidance.
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Worked example with the same term and a different lender
A household refinances an HDB loan with a bank and sees the same loan amount and repayment period in the confirmed documents. It checks the CPF Board guidance and notes that the mortgagee record is the part that changes in that example. A different household extends the repayment period as part of refinancing. It checks for CPF Board instructions to apply for a cover adjustment and waits for the result before treating the requested cover as active.
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Frequently asked questions
Is the new bank’s approval also an HPS approval?
Check the CPF Board record separately. Loan approval and HPS cover answer different questions.
What if the amount and term stay the same?
CPF Board says no cover adjustment is required in that case and it updates the new mortgagee in its records. Verify your own record after refinancing.
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Next steps and official sources
Put the old loan statement, new terms and current HPS record on one page. Check each change against CPF Board’s guidance and verify the result when the refinance is complete.