The HDB Home Defense Scheme (HPS) is a mandatory property finance loan-decreasing coverage plan administered with the CPF Board, built to secure HDB flat owners as well as their households from losing their dwelling should they become not able to services their housing financial loan as a result of Dying or a total long-lasting disability prior to the age of sixty five. The plan is Obligatory for flat proprietors who use their CPF savings to pay for their regular mortgage installments. HPS premiums are paid each year with the policyholder's CPF Normal Account, Along with the Charge determined by variables which include age, gender, loan quantity, and repayment time period. The policy's protection total is pegged into the outstanding housing loan, and it decreases as time passes because the mortgage is compensated down. Owners who need to be exempted from HPS can submit an application for a waiver by click here demonstrating they may have enough protection from other sources, such as A non-public lifestyle insurance or an endowment coverage.