Reliefs that you can consider to ease your monthly repayment for residential property.
Defer Principal Repayment
Pay loan interest only until 31 Dec 2020
Defer Principal and Interest Repayment
No principal repayment and interest payment until 31 Dec 2020
Extend Mortgage Tenure
Extend repayment period up to deferment period
- Reliefs are applicable for individuals with loans on residential properties
- HDB Home Loan
- Private Property Home Loan
- Mortgage Equity Home Loan
- Deferment period is until 31 Dec 2020.
- Extension of loan term by up to the corresponding principal deferment period.
- Deferment will not impact your Credit Bureau records.
- Individuals do not need to demonstrate any impact from COVID-19 to obtain the deferment.
- Where there is deferment of principal and interest payment, interest will accrue only for the deferred principal amount i.e. interest-on-interest is waived.
- After the deferment period, the loan amount will be re‑amortised over the remaining loan tenure.
- Repayment deferment and tenure extension will result in higher total interest costs over the course of the loan. See illustration
- For loans on owner-occupied or investment HDB and private residential properties.
- For borrowers with mortgage repayments that are no more than 90 days past due as at 6 Apr 2020.
Loan Relief Illustration Table For Monthly Instalment, Additional Interest And Total Interest Payment
- Outstanding principal is S$300,000
- Interest rate is 3% p.a.
- Outstanding loan tenure of 180 months
- Deferment of repayment for 9 months
- There is no undrawn sum
- Interest rate remains unchanged during the whole tenure of the loan
|Defer Principal Repayment
|Defer Principal and Interest Repayment
|Monthly Instalment Payment||2,017.74||2,158.182||2,017.743||2,206.742||2,118.363|
|Additional Interest Payment||N.A.||2,885.16||6,750.00||4,438.77||8,390.57|
|Total Interest Payment||72,914.09||75,799.25||79,664.09||77,352.86||81,304.66|
- Above illustration is indicative only.
- Monthly instalment after deferment period is computed based on outstanding tenure.
- Monthly instalment after deferment period is computed based on outstanding tenure plus extended 9 months deferment period.