The HDB House Protection Scheme (HPS) is a compulsory property finance loan-reducing insurance policy program administered by the CPF Board, built to defend HDB flat proprietors and their family members from getting rid of their house need to they become unable to support their housing bank loan resulting from Demise or a total everlasting disability ahead of the age of sixty five. The scheme is Obligatory for flat house owners who use their CPF price savings to pay for his or her every month personal loan installments. HPS premiums are compensated per year from your policyholder's CPF Ordinary Account, While using the Value based on elements for instance age, gender, loan sum, and repayment time period. The policy's protection amount more info is pegged for the fantastic housing financial loan, and it decreases eventually given that the personal loan is paid out down. Homeowners who would like to be exempted from HPS can apply for a waiver by demonstrating they have enough protection from other resources, for instance A non-public lifestyle insurance coverage or an endowment plan.