The HDB Residence Defense Scheme (HPS) is a compulsory mortgage-cutting down insurance policy plan administered from the CPF Board, made to secure HDB flat homeowners as well as their families from shedding their home really should they turn into struggling to services their housing financial loan as a result of Demise or a total long-lasting incapacity ahead of the age of sixty five. The plan is compulsory for flat homeowners who use their CPF savings to pay for for his or her regular personal loan installments. HPS rates are paid out per year within the policyholder's CPF Ordinary Account, Using the Expense based on things which include age, gender, personal loan total, and repayment period of time. The policy's coverage sum is pegged towards the excellent housing personal loan, and it decreases eventually given that the personal loan is paid down. Homeowners who wish to be exempted from HPS can apply for a waiver by demonstrating they've got enough protection from other resources, which include A personal click here life insurance policy or an endowment coverage.