The HDB House Protection Scheme (HPS) is a compulsory home loan-decreasing insurance policies software administered with the CPF Board, created to shield HDB flat proprietors as well as their family members from losing their dwelling really should they turn into unable to company their housing financial loan as a result of death or a total long term incapacity before the age of 65. The plan is compulsory for flat entrepreneurs who more info use their CPF personal savings to pay for for their every month bank loan installments. HPS rates are paid every year in the policyholder's CPF Standard Account, Using the Charge determined by aspects which include age, gender, bank loan amount of money, and repayment period. The coverage's protection amount of money is pegged for the remarkable housing mortgage, and it decreases after some time as the mortgage is paid out down. House owners who wish to be exempted from HPS can apply for a waiver by demonstrating they've got enough protection from other sources, for instance A personal life insurance policy or an endowment coverage.