The HDB Property Defense Scheme (HPS) is a compulsory home loan-reducing insurance policy system administered through the CPF Board, designed to secure HDB flat homeowners as well as their households from shedding their home really should they turn into struggling to services their housing financial loan as a result of Demise or a complete permanent incapacity ahead of the age of sixty five. The plan is compulsory for flat house owners who use their CPF savings to pay for for his or her every month loan installments. HPS rates are paid out on a yearly basis from the policyholder's CPF Normal Account, Together with the Value determined by elements including age, gender, financial loan volume, and repayment interval. The plan's coverage quantity is pegged to your excellent housing mortgage, and it get more info decreases after some time as the mortgage is paid out down. Homeowners who need to be exempted from HPS can submit an application for a waiver by demonstrating they've adequate coverage from other resources, which include A personal everyday living insurance coverage or an endowment plan.