The HDB Property Security Scheme (HPS) is a compulsory home loan-decreasing insurance policy system administered through the CPF Board, made to secure HDB flat house owners as well as their families from shedding their house really should they turn into struggling to services their housing financial loan because of Loss of life or a total lasting incapacity ahead of the age of sixty five. The scheme is compulsory for flat homeowners who use their CPF price savings to pay for for their regular loan installments. HPS rates are paid out on a yearly basis from the policyholder's CPF Normal Account, Together with the Charge determined by elements including age, gender, mortgage sum, and repayment period. The coverage's coverage amount of money is pegged to the superb housing financial loan, and it decreases over time since the bank loan is paid out down. House owners who desire to be exempted from HPS can make an application for a waiver by more info demonstrating they have got enough coverage from other sources, like a private lifestyle insurance policy or an endowment policy.