The HDB Property Defense Scheme (HPS) is a mandatory house loan-minimizing coverage application administered via the CPF Board, built to guard HDB flat homeowners and their people from shedding 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 their monthly financial loan installments. HPS premiums are paid on a yearly basis from your policyholder's CPF check here Everyday Account, Together with the cost determined by components like age, gender, bank loan amount of money, and repayment time period. The coverage's protection amount is pegged for the remarkable housing loan, and it decreases after a while given that the loan is paid down. Homeowners who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they've adequate coverage from other sources, such as A personal lifetime insurance or an endowment policy.