The HDB Residence Protection Scheme (HPS) is a mandatory home loan-cutting down insurance application administered with the CPF Board, intended to safeguard HDB flat proprietors as well as their families from shedding their property should they become not able to service their housing loan as a consequence of Loss of life or a total long term disability ahead of the age of sixty five. The scheme is compulsory for flat house owners who use their CPF financial savings to pay for their month to month financial loan installments. HPS rates are paid out yearly from your policyholder's CPF Everyday Account, With all the cost based on elements including age, gender, financial loan amount of money, and repayment interval. The plan's coverage sum is pegged on the remarkable housing financial loan, and it decreases eventually given that the personal loan is paid out down. Proprietors who want to be exempted from HPS can submit an application for a get more info waiver by demonstrating they have got adequate protection from other resources, for example a private daily life coverage or an endowment policy.