The HDB Residence Safety Scheme (HPS) is a mandatory mortgage loan-lowering coverage method administered through the CPF Board, created to shield HDB flat owners as well as their households from losing their dwelling really should they turn into unable to company their housing financial loan as a result of death or a total permanent incapacity before the age of sixty five. The plan is compulsory for flat entrepreneurs who use their CPF personal savings to pay for for their every month bank loan installments. HPS rates are paid per year in the policyholder's CPF Everyday Account, Together with the cost determined by components like age, gender, bank loan amount of money, and repayment time period. The coverage's protection amount is pegged on the superb housing loan, and it decreases after a while given that the loan is paid down. Homeowners who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they have adequate coverage from other sources, website including A non-public lifetime coverage or an endowment plan.