For HDB co-owners who share the mortgage instalment, CPF Board says each person’s Home Protection Scheme (HPS) cover should at least match their share of the monthly payments, including amounts paid in cash or CPF. The household’s total cover must add up to at least 100%. Each insured owner can choose a higher share, up to 100% individually.
Start with what each person is responsible for paying every month. Then compare how much of the outstanding loan would remain after a successful claim on each owner. A higher insured share also means a higher annual premium. Read CPF Board’s guidance on HPS cover shares.
- Add each owner’s CPF and cash contributions towards the monthly instalment.
- Divide each owner’s contribution by the total instalment.
- Compare the minimum shares with higher coverage choices.
- Check premiums and the confirmed coverage for each insured owner.
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Work out the shares from the instalment
Imagine the monthly instalment is $2,000. One owner pays $1,300, including CPF and cash, and the other pays $700. The payment shares are 65% and 35%. Those are the minimum shares in this example under CPF Board’s guidance.
| Monthly amount | Share in the example |
|---|---|
| First owner pays $1,300 | 65% |
| Second owner pays $700 | 35% |
| Household pays $2,000 | 100% |
Write both owners’ figures down even if a single bank account handles payment. If your arrangement is expected to change, confirm what you should declare and how to review existing cover with CPF Board.
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Check what a claim would leave to repay
With a 65% and 35% split, a successful claim for the owner insured at 35% is based on that insured share, up to the insured sum. The remaining loan still needs to be serviced. CPF Board notes that co-owners may each choose 100% cover, which would settle the outstanding loan up to the insured sum when a covered claim is paid. Compare that benefit with the premiums before making a decision. Read CPF Board’s explanation of claim payouts.
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Frequently asked questions
Do we automatically choose 50% each because there are two owners?
Use the instalment shares to establish the minimum cover for each owner. Equal shares fit an equal payment arrangement.
What if one person pays the whole instalment?
CPF Board says the sole payer should be insured for 100% of the housing loan.