The HDB House Protection Scheme (HPS) is a compulsory home loan-lowering insurance plan method administered because of the CPF Board, built to defend HDB flat homeowners and their people from dropping their house should they come to be not able to services their housing personal loan resulting from Loss of life or a complete long lasting incapacity prior to the age of sixty five. The scheme is compulsory for flat owners who use their CPF discounts to pay for his or her monthly financial loan installments. HPS premiums are paid out on a yearly basis through the policyholder's CPF Ordinary Account, Together with the cost determined by things including age, gender, financial loan quantity, and repayment period of time. The plan's protection quantity is pegged to your outstanding housing bank loan, and it decreases after some time as being the personal loan is paid down. Proprietors who prefer to check here be exempted from HPS can submit an application for a waiver by demonstrating they have sufficient coverage from other sources, including A non-public lifetime insurance or an endowment policy.