The HDB Household Defense Scheme (HPS) is a compulsory mortgage-cutting down insurance plan system administered by the CPF Board, created to protect HDB flat proprietors and their family members from getting rid of their home must they come to be struggling to services their housing mortgage as a result of death or a complete permanent incapacity before the age of sixty five. The scheme is Obligatory for flat house owners who use their CPF savings to pay for for their every month personal loan installments. HPS premiums are compensated on a yearly basis within the policyholder's CPF Everyday Account, Together with the Price based on aspects such as age, gender, financial loan quantity, read more and repayment period. The plan's protection sum is pegged towards the superb housing financial loan, and it decreases with time because the financial loan is compensated down. Proprietors who want to be exempted from HPS can apply for a waiver by demonstrating they may have ample protection from other resources, for instance a private lifetime insurance policies or an endowment plan.