The HDB Dwelling Protection Scheme (HPS) is a compulsory mortgage loan-reducing insurance plan method administered via the CPF Board, built to defend HDB flat proprietors and their people from dropping their dwelling need to they turn out to be not able to service their housing financial loan because of Loss of life or a total long-lasting incapacity ahead of the age of sixty five. The scheme is compulsory for flat homeowners who use their CPF price savings to more info pay for for his or her every month loan installments. HPS rates are compensated on a yearly basis from the policyholder's CPF Normal Account, Together with the Charge determined by variables which include age, gender, mortgage amount of money, and repayment time period. The plan's protection sum is pegged into the excellent housing financial loan, and it decreases as time passes since the personal loan is paid down. Proprietors who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they've adequate coverage from other sources, for instance A personal life insurance policy or an endowment coverage.