The HDB Residence Defense Scheme (HPS) is a mandatory house loan-cutting down insurance coverage plan administered from the CPF Board, made to secure HDB flat house owners and their households from dropping their household should really they come to be not able to services their housing personal loan resulting from Loss of life or a complete long lasting incapacity before the age of sixty five. The scheme is compulsory for flat owners who use their check here CPF discounts to pay for their monthly bank loan installments. HPS rates are paid per year in the policyholder's CPF Everyday Account, With all the Price tag determined by variables such as age, gender, bank loan amount of money, and repayment time period. The coverage's protection amount of money is pegged for the remarkable housing loan, and it decreases after a while given that the loan is paid down. Homeowners who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they have adequate coverage from other sources, including A non-public lifetime insurance or an endowment policy.