The HDB House Defense Plan (HPS) is a compulsory home loan-cutting down insurance policy software administered because of the CPF Board, intended to defend HDB flat homeowners as well as their households from getting rid of their dwelling should really they come to be not able to services their housing loan due to Loss of life or a complete long lasting disability prior to the age of 65. The scheme is compulsory for flat owners who use their CPF discounts to pay for for his or her regular monthly financial loan installments. HPS rates are paid out annually here in the policyholder's CPF Regular Account, While using the Price based on things such as age, gender, mortgage sum, and repayment time period. The policy's protection amount of money is pegged to the outstanding housing loan, and it decreases as time passes as the financial loan is paid down. Owners who wish to be exempted from HPS can submit an application for a waiver by demonstrating they've got sufficient coverage from other sources, which include A non-public life insurance or an endowment coverage.