The HDB Residence Safety Scheme (HPS) is a compulsory mortgage loan-lowering coverage plan administered through the CPF Board, designed to guard HDB flat proprietors as well as their family members from losing their property ought to they become unable to assistance their housing mortgage resulting from Dying or a complete long lasting disability before the age of 65. The plan is Obligatory for flat entrepreneurs who use their CPF cost savings to pay for his or her month-to-month mortgage click here installments. HPS premiums are compensated annually in the policyholder's CPF Regular Account, Together with the Charge determined by elements including age, gender, mortgage quantity, and repayment period. The coverage's coverage amount of money is pegged to your remarkable housing financial loan, and it decreases eventually given that the bank loan is paid down. House owners who desire to be exempted from HPS can apply for a waiver by demonstrating they have got adequate protection from other resources, like A personal existence insurance coverage or an endowment coverage.