Singapore legislation
Regulation 13
of Central Provident Fund (Home Protection Insurance Scheme) Regulations 2024
Regulation 13
Extent of cover under Scheme and declaration of liability to repay housing loan
Subregulation 1
Where any property is purchased or owned by 2 or more persons, and more than one of those persons is a Scheme member in respect of that property, unless the Board otherwise permits —
the extent to which each Scheme member is covered under the Scheme must not be —
less than the percentage of the housing loan that the Scheme member declares, for the purposes of the Scheme, he or she is liable to repay; or
more than 100% of the housing loan; and
the percentage of the housing loan that each Scheme member declares, for the purposes of the Scheme, he or she is liable to repay must not, when aggregated, be less than 100% of the housing loan.
Subregulation 1A
Despite paragraph (1)(b), where the Board has approved or refused any application under paragraph (5) by one or more of the Scheme members in respect of a property mentioned in paragraph (1), the percentage of the housing loan for that property that each Scheme member is declared liable to repay for the purposes of the Scheme may, when aggregated, be less than 100% of the housing loan.
Subregulation 2
Where any property is purchased or owned by 2 or more persons, but only one of those persons is a Scheme member in respect of that property, unless the Board otherwise permits, the Scheme member —
is to be covered under the Scheme for 100% of the housing loan; and
must declare, for the purposes of the Scheme, that the Scheme member is liable to repay 100% of the housing loan.
Subregulation 3
Where any person who is the sole purchaser or owner of any property is a Scheme member in respect of that property, the Scheme member —
is to be covered under the Scheme for 100% of the housing loan; and
must declare, for the purposes of the Scheme, that the Scheme member is liable to repay 100% of the housing loan.
Subregulation 4
The maximum amount for which a Scheme member may be insured under the Scheme in respect of a property is the amount of the housing loan obtained for, or to finance or re‑finance, the purchase of the property.
Subregulation 5
A Scheme member may apply in writing to the Board to amend the extent of liability declared by him or her for repayment of the housing loan.