The HDB Dwelling Security Plan (HPS) is a mandatory home finance loan-cutting down insurance application administered via the CPF Board, meant to guard HDB flat homeowners and their people from shedding their house should they come to be not able to services their housing personal loan resulting from Loss of life or a complete long lasting incapacity prior to the age of sixty five. The scheme is compulsory for flat owners who use their CPF discounts to pay for their monthly bank loan installments. HPS rates are paid per year in the policyholder's CPF Standard Account, With all the Price tag determined by variables which include age, gender, mortgage total, and repayment period. The policy's coverage total is pegged to the fantastic housing financial loan, and it decreases as time passes since the personal loan is compensated down. Owners who desire to be exempted from HPS can make an application for a waiver website by demonstrating they may have ample protection from other resources, such as a private existence insurance policies or an endowment plan.