SINGAPORE: Home owners facing financial pressure amid the COVID-19 outbreak will soon be able to apply to defer repayments for their residential property loans until Dec 31 this year.
“MAS and the financial industry have collaborated on a package of measures to help individuals and SMEs facing temporary cash flow difficulties to ride through the storm,” it said in its media release. General insurance policy holders will also be able to apply for installment payment plans, while maintaining insurance protection, MAS said.
They will also be able to extend the tenure of their loans by up to the corresponding principal deferment period.
Cost for deferment of P+I for home loan is just ridiculous. Its worse than Ah Longs! To defer $17,203.04 of P+I, the accrued interest is $9,408.74. This is just ridiculous! 54.7% for 8 mths. Interest calculated on total outstanding and not deferred amt!
SingaporeHDB MNDSingapore MAS_sg pse look into hdb loans deferment as helps Many distressed Singaporeans worried on job losses, retrenchment, unpaid arrears etc. Including town council fees who those retrenched. Difficult to work on case by case basis, await pple. Offer a yr
SingaporeHDB applicable?
There goes some people chance of buying a private property on a fire sale. For 6 months at least.
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