The HDB Home Security Scheme (HPS) is a mandatory home loan-reducing insurance software administered by the CPF Board, intended to secure HDB flat owners as well as their family members from dropping their home should they become struggling to provider their housing bank loan as a result of Dying or a total long-lasting disability prior to the age of 65. The plan is Obligatory for flat owners who use their CPF price savings to pay for for his or her month-to-month financial loan installments. HPS rates are compensated every year from read more the policyholder's CPF Common Account, While using the Price determined by things like age, gender, personal loan sum, and repayment period of time. The policy's coverage sum is pegged into the exceptional housing financial loan, and it decreases eventually as being the financial loan is paid down. Homeowners who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they have sufficient protection from other resources, for instance A non-public lifetime insurance or an endowment plan.