10 Measures to help individuals and families cope with COVID-19

COVID-19 has paralysis a nation.



In the past 2 months, this virus had virtually had the world on the knees. Singapore is no exception with layoffs, pay cuts and loss of income. Thankfully, measures were implemented to help us get on our feet,

Here are some of the measures that will aid those affected through these dire times



1 Deferment of property loans

Individuals can apply for deferment of payment for residential property loans.
You can apply to defer either
-Principle Payment
-Both Principle and Interest Payments

Terms
Interest will accrue only on the deferred principal amount
The loan term may be extended by the corresponding deferment period.
Should not have more than 90 days past due on loan repayments as of 6 Apr 2020

2 Lower Interest on Personal Unsecured Credit
Convert outstanding balances on credit cards or revolving credit lines to lower interest term loan.
Effective interest rates capped at 8% and tenure up to 5 years

Terms
Application period from 6 Apr to 31 Dec 2020
Eligible for Singaporeans and PR who have suffered a loss of 25% or more of their monthly income after 1 Feb and whose repayment is between 30 and 90 days past due at the point of application


3 Defer Premium Payments for Life and Health Insurance
Defer premiums for life and health insurance policies for up to 6 months

Terms
Only for policies with renewal or premium due date between 1 Apr and 30 Spe 2020

Flexible Instalment Plans for General Insurance
Payment of GI (Property and vehicles) in instalments

4 Resilence Budget- HDB Mortage Arrears Relief

3 months suspension of late payment charges on HDB mortgage arrears. HDB owners can defer loan payment for 6 months.

5 Resilence Package - Student Loan Relief

1 year suspension of loan treatments and interest charges for Government Loan schemes

7 Resilience Budget - Enhance Care and Support
Additional cash payout for all Singaporeans to help with daily expenses
Triple initial payout to $300,$600  or $900

Terms 
Payout will depend on income. Check here for citeria

8 Resilience Package - Additional help for families with young children

Cash Payout for each parent tripled from $100 to $300.

9 Resilience Package - Enhanced Grocery Voucher
For  needy Singaporeans, they will receive tripe of the grocery vouchers given to them from $100-$300 for the year

10 NEC PC PLUS Scheme

This is an existing scheme that parents would find it useful now especially with the possibility of children learning from home.
The scheme offers low-income households with students the opportunity to own a brand new computer at an affordable price together with free broadband subscriptions.

Choice of computer (PC or Latptop) $232.73 for desktop and $224.97 for laptop
3 years free broadband subscription

Terms 
For Singapore citizens or PR
Has a full time student age 25 and below
Gross monthly household income not exceeding $3400 or per capita income not exceeding $900
One PC-Bundle per household