{"id":115318,"date":"2020-04-01T12:40:35","date_gmt":"2020-04-01T05:40:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-individuals-can-seek-to-defer-property-loan-insurance-premium-payments\/"},"modified":"2020-04-01T13:08:52","modified_gmt":"2020-04-01T06:08:52","slug":"covid-19-individuals-can-seek-to-defer-property-loan-insurance-premium-payments","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-individuals-can-seek-to-defer-property-loan-insurance-premium-payments\/","title":{"rendered":"COVID-19: Individuals can seek to defer property loan, insurance premium payments \u00a0"},"content":{"rendered":"


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\nHomeowners will soon be able to apply to their banks to defer repayments of property loans until 31 December this year, as part of the measures unveiled by the Monetary Authority of Singapore (MAS), in partnership with the financial sector, to help ease the financial burden brought about by COVID-19.
\nWith the Singapore economy anticipated to remain weak beyond the first half of this year, MAS expects many individuals and SMEs in Singapore to \u201ccontinue to face challenges in managing their cash flows and meeting their financial obligations, such as loan repayments and insurance premiums\u201d in the months ahead.
\nFor the new measures, MAS worked with the Finance Houses Association of Singapore (FHAS), the Association of Banks in Singapore (ABS), the General Insurance Association (GIA) and the Life Insurance Association (LIA).
\nThe option to defer repayments of property loans applies to either the principal payment or both the interest and principal payments, reported CNA.
\nInterest will only accrue on the deferred principal amount \u2013 which means that the deferred interest payments will not be charged any interest, explained MAS.
\nLenders will approve the deferment request if the individual is not in arrears for over 90 days as at 6 April. MAS noted that applicants need not show that they have been affected by COVID-19 to obtain deferment.
\nThose with life and health insurance can also apply for a deferment of their premium payments for up to six months, with the insurance coverage still maintained during the period.
\nPremium deferment is available for all individual health and life insurance policies with a policy renewal or premium due date of between 1 April and 30 September.
\nAccording to MAS, general insurance policy holders can also apply for instalment payment plans, while maintaining protection.
\nRead:\u00a0Singaporeans are still optimistic with the current real estate climate, according to PropertyGuru\u2019s study
\nThose with unsecured loans can also apply for a conversion of their outstanding balances to term loans with reduced interest rate, which is capped at 8%.
\nThe figure is way lower than the 26% usually charged on credit cards.
\nMeanwhile, small and medium-sized enterprises (SMEs) facing temporary cash flow issues can apply to defer principal payments on their respective secured term loans up to 31 December, subject to banks and finance companies\u2019 assessment.
\nMAS pointed that only SMEs that continue to pay interest and are in good standing with finance companies and banks can avail of the relief.
\nFinance companies and banks can also apply for low-cost funding via a new MAS-Sing dollar facility for loans that have been granted under the Temporary Bridging Loan Programme and SME Working Capital Loan scheme of Enterprise Singapore.
\nFinance companies and banks may apply for these funds until end-December, provided they commit to passing on the funding cost savings to their SME borrowers.
\n\u201cDeferring payments increases future obligations and hence borrowers and policyholders should weigh their options carefully,\u201d said MAS.
\nMAS Managing Director Ravi Menon shared that the new measures will complement the broader fiscal initiatives of the government while helping the \u201cSingapore economy recover more quickly emerge stronger when the pandemic passes\u201d.
\nHe added that the measures are possible due to financial institutions having \u201cstrong starting position\u201d with ample liquidity, deep capital buffers and low leverage.
\n\u201cThey are well-placed to not only ride out the economic storm caused by COVID-19, but also provide meaningful relief to individuals and SMEs affected by the crisis,\u201d he said.
\nFind all the home financing services you need, on one convenient platform.\u00a0Start your home financing journey with PropertyGuru Finance now.\u00a0
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…COVID-19: Individuals can seek to defer property loan, insurance premium payments \u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Homeowners will soon be able to apply to their banks to defer repayments of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115318","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tZY","jetpack-related-posts":[{"id":116041,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/repayment-of-a-wider-pool-of-loans-may-be-deferred-from-6-may-mas\/","url_meta":{"origin":115318,"position":0},"title":"Repayment of a wider pool of loans may be deferred from 6 May \u2013 MAS","date":"May 4, 2020","format":false,"excerpt":"\r Banks and financial institutions are going to provide for such deferments, but it is up for their customers to opt-in for it. The Monetary Authority of Singapore (MAS) announced that individuals may request for the deferment of loan repayments which include commercial and industrial property loans, education, renovation, and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115758,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-17000-bank-customers-seek-to-defer-mortgage-payments\/","url_meta":{"origin":115318,"position":1},"title":"Over 17,000 bank customers seek to defer mortgage payments","date":"April 21, 2020","format":false,"excerpt":"\r Singapore saw more than 17,000 bank consumers applying for a deferment of their mortgage repayments, reported The Business Times. The figure, which was collated across seven major retail banks, represents around 3% of total mortgage loans here and about 2% of households with outstanding home loans. At least 3,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115480,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-waives-tdsr-limits-for-deferred-mortgage-repayments\/","url_meta":{"origin":115318,"position":2},"title":"MAS waives TDSR limits for deferred mortgage repayments","date":"April 8, 2020","format":false,"excerpt":"\r Borrowers who apply to defer either their home loan\u2019s principal payment or both their interest and principal payments will be exempt from the TDSR limitations. 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With low interest rates offsetting the impact of increasing property prices, Moody\u2019s Investors Service expects housing affordability in Singapore to worsen slightly, but remain sound over 2021 to 2022,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/HDB-flat-Singapore-1.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115318"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115318"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115318\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}