The HDB Property Security Plan (HPS) is a mandatory house loan-cutting down insurance coverage plan administered from the CPF Board, designed to secure HDB flat house owners as well as their households from getting rid of their property should they become not able to service their housing financial loan because of Demise or a total permanent disability ahead of the age of sixty five. The scheme is compulsory for flat house owners who use their CPF personal savings to pay for for their regular monthly mortgage installments. HPS premiums are more info paid yearly with the policyholder's CPF Standard Account, Along with the Value determined by things for example age, gender, bank loan total, and repayment interval. The plan's protection amount of money is pegged to the outstanding housing bank loan, and it decreases after some time because the personal loan is paid down. House owners who prefer to be exempted from HPS can submit an application for a waiver by demonstrating they've got sufficient protection from other resources, which include A personal lifetime insurance policy or an endowment policy.