The HDB House Defense Scheme (HPS) is a mandatory home finance loan-reducing insurance policies software administered because of the CPF Board, meant to guard HDB flat homeowners as well as their households from getting rid of their household need to they grow to be struggling to provider their housing loan as a consequence of death or a total long-lasting incapacity before the age of 65. The plan is Obligatory for flat proprietors who check here use their CPF price savings to pay for his or her regular monthly loan installments. HPS rates are paid every year within the policyholder's CPF Everyday Account, Using the Value determined by variables which include age, gender, loan sum, and repayment period. The coverage's protection amount of money is pegged to the exceptional housing bank loan, and it decreases after some time given that the financial loan is paid out down. Proprietors who want to be exempted from HPS can submit an application for a waiver by demonstrating they've got adequate protection from other sources, such as A non-public daily life insurance policies or an endowment policy.