The HDB House Safety Scheme (HPS) is a compulsory mortgage loan-minimizing insurance program administered from the CPF Board, made to protect HDB flat entrepreneurs and their people from dropping their dwelling really should they turn into struggling to provider their housing loan as a consequence of Loss of life or a total long-lasting incapacity ahead of the age of sixty five. The plan is Obligatory for flat owners who use their CPF cost savings to pay for their regular monthly loan installments. HPS rates are paid each year with the policyholder's CPF Standard Account, Using the Price based on factors for example age, gender, financial loan amount of money, and repayment interval. The coverage's coverage quantity is pegged for the excellent housing loan, and it decreases as time passes because the loan is compensated down. Homeowners here who desire to be exempted from HPS can submit an application for a waiver by demonstrating they have got adequate coverage from other resources, for example A personal daily life insurance policies or an endowment plan.