The HDB Home Safety Scheme (HPS) is a mandatory mortgage-minimizing insurance coverage software administered by the CPF Board, designed to shield HDB flat proprietors as well as their households from getting rid of their dwelling should really they become not able to services their housing loan as a consequence of Loss of life or a complete long lasting incapacity ahead of the age of sixty five. The scheme is compulsory for flat entrepreneurs who use their get more info CPF discounts to pay for for his or her regular monthly loan installments. HPS premiums are paid on a yearly basis from your policyholder's CPF Ordinary Account, Together with the Price tag based on factors for example age, gender, financial loan amount of money, and repayment interval. The coverage's protection amount of money is pegged towards the exceptional housing bank loan, and it decreases after some time given that the personal loan is paid out down. Homeowners who desire to be exempted from HPS can apply for a waiver by demonstrating they have enough protection from other sources, such as A non-public everyday living coverage or an endowment plan.