hdb home protection scheme 260 23

The HDB Property Protection Scheme (HPS) is a compulsory mortgage loan-cutting down insurance coverage system administered because of the CPF Board, built to guard HDB flat homeowners as well as their family members from losing their dwelling should really they come to be unable to company their housing bank loan as a result of Demise or a complete long lasting incapacity prior to the age of sixty five. The plan is Obligatory for flat entrepreneurs who use their CPF discounts to pay for their regular loan installments. HPS premiums are paid per year from the policyholder's CPF Ordinary Account, Together with the Price tag determined by things including age, gender, personal loan quantity, and repayment period. The coverage's protection amount is pegged into the exceptional housing bank loan, and it decreases after some time given that the personal loan is paid out read more down. Owners who need to be exempted from HPS can apply for a waiver by demonstrating they've adequate coverage from other resources, such as a private everyday living insurance coverage or an endowment plan.