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The Covid-19 virus had hit us hard.
In the next month, most business in Singapore will shut down. Undoubtablely, it will impact almost everyone. During this period, one of the main concern for many will be cashflow. With mortgage payments forming the largest chunk of negative cashflow for many, having income reduced or a loss of a job would mean added stress to the individual and households struggling to make ends meet.
To mitigate this, MAS had allowed individuals to approach banks to defer mortgage payments.
People with home loans can defer either the principal payment or both principal and interest payments on their property loans until Dec 31.
Since the Circuit Measures call for everyone to restrict movement to essentials, you can now visit the banks website to process your request
Bank of China
No mention of criteria
Bank of China link
Citibank
Criteria
For existing borrowers with mortgage repayments that are no more than 90 days past due
DBS / POSB
Criteria
Account not in arrears for more than 90 days
DBS Link
HONG LEONG FINANCE
Criteria
For loans on owner occupied or investment HDB and private residential properties. Borrowers have no more than 9- days past due as at 6 Apr
Criteria
Account not in arrears for more than 90 days
DBS Link
HONG LEONG FINANCE
Criteria
For loans on owner occupied or investment HDB and private residential properties. Borrowers have no more than 9- days past due as at 6 Apr
Hong Leong Finance Link
Maybank
Criteria
Singaporeans or Singapore PR.
Existing Maybank housing loan
Home account not in arrears for more than 90 days as at 6 April
Maybank Link
OCBC
No mention of criteria
OCBC Link
Singapura Finance
Criteria
Opt in basis, for borrowers with mortgage repayments of no more than 90 days past due as of 6 Apr
Singapura Finance Link
SCB
Exiting mortgage clients who are impacted by recent COVID-19, all requests subject to review
SCB Link
UOB
Criteria
For borrowers with mortgage repayments of no more than 90 days past due as of 6 Apr
UOB Link
Other banks with housing loan facilities
The following banks do not have the waiver online, you can contact them directly to enquire
CMIB - +65 6333 7777
HSBC -1800 472 2669
RHB - 1800 323 0100
Procedures may vary from Bank to Bank. Do check with your respective banks on procedures, terms and conditions. Do note that deferment of housing loan will probably lead to higher repayment on a later date. Do this as a last resort if your cash flow cannot meet your needs.
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