05/10/2020
CNA: Borrowers to get more time to repay loans as MAS extends financial relief measures
https://www.channelnewsasia.com/news/singapore/covid-19-mas-extends-financial-relief-measures-borrowers-13202850?fbclid=IwAR2on7zcTxMgX3Db0VjVnwI9eAf7MwOOL0IAmkV7hhCbI
*INDIVIDUAL PROPERTY LOANS*
Those with residential, commercial and industrial property loans may apply to temporarily reduce their loan repayments to 60 per cent of their monthly instalments.
The reduced monthly instalments will cover interest and partial principal payments for most individuals, the MAS said, allowing them to pay down their principal amounts while easing cash flow.
Individuals will have to prove that their incomes have been impacted by at least 25 per cent and they are not in arrears for more than 90 days on their property loan payments, regardless of whether they have taken up payment reliefs previously.
Those who meet the criteria can apply for the assistance between Nov 9 this year and Jun 30 next year. Instalments plans may be temporarily reduced for up to nine months, but not exceeding Dec 31, 2021.
Should borrowers require more help after the reduced instalment plan ends, a loan tenure extension of up to a cumulative three years can be discussed with banks on a โcase-by-case basisโ, said MAS. Individuals should approach their banks to find out about the tenure extension on offer.
Those who are unable to service the reduced payments under the extended relief should also approach their lenders early to discuss alternative repayment options, it added.
