The HDB Residence Safety Plan (HPS) is a mandatory home finance loan-lessening insurance coverage program administered from the CPF Board, designed to secure HDB flat house owners and their families from getting rid of their property must they turn out to be struggling to provider their housing mortgage due to Demise or a complete lasting disability prior to the age of sixty five. The scheme is Obligatory for flat proprietors who use their CPF price savings to pay for his or her month-to-month personal loan installments. HPS premiums are paid out annually through the policyholder's CPF Ordinary Account, Along with the cost determined by things including age, gender, financial loan amount, and repayment time period. The coverage's protection total is pegged to the exceptional housing loan, and it decreases as time passes as being the financial loan is paid down. Owners who need to be exempted click here from HPS can apply for a waiver by demonstrating they've got sufficient coverage from other resources, such as A non-public everyday living insurance policies or an endowment plan.