The HDB Dwelling Defense Plan (HPS) is a mandatory mortgage-lowering insurance plan administered with the CPF Board, made to shield HDB flat proprietors as well as their family members from losing their home really should they become struggling to company their housing financial loan resulting from death or a total long term disability before the age of 65. The plan is Obligatory for flat entrepreneurs who use their CPF financial savings to pay for their month-to-month mortgage installments. HPS rates are compensated every year from the policyholder's CPF Common Account, Using the Value determined by aspects for instance age, gender, personal loan amount, and repayment interval. The coverage's coverage quantity is pegged towards the exceptional housing mortgage, and it decreases get more info after a while since the bank loan is paid down. Entrepreneurs who need to be exempted from HPS can make an application for a waiver by demonstrating they've ample coverage from other sources, for instance a private existence insurance policy or an endowment coverage.