The HDB Residence Safety Scheme (HPS) is a compulsory mortgage loan-lowering insurance plan system administered by the CPF Board, intended to secure HDB flat owners as well as their families from shedding their home should really they turn into struggling to support their housing personal loan on account of Demise or a complete permanent disability before the age of sixty five. The plan is Obligatory for flat entrepreneurs who use their CPF cost savings to pay for his or her month-to-month bank loan installments. HPS premiums are paid yearly through the policyholder's CPF Everyday Account, Using the Expense based on elements for example age, gender, financial loan amount of money, and repayment interval. The coverage's protection amount is pegged to the outstanding housing personal loan, and it decreases after some time given that the bank loan is paid out down. Homeowners who more info want to be exempted from HPS can make an application for a waiver by demonstrating they've ample protection from other sources, which include A personal life insurance policy or an endowment policy.