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Suspension of late payment charges on HDB mortgage, public rental extended further to 30 September

Suspension of late payment charges on HDB mortgage, public rental extended further to 30 September
Suspension of late payment charges on HDB mortgage, public rental extended further to 30 September

The suspension of late payment charges was first suspended in April for three months, before it was extended to 30 September. It was then extended again in October last year to 31 March. This is the third extension.

“These include deferred or reduced repayment schemes and extension of loan tenure to reduce the monthly instalments

The suspension of late payment charges on Housing and Development Board (HDB) mortgage and public rental arrears will be extended by another six months to 30 September, revealed Associate Professor Muhammad Faishal Ibrahim in a Facebook post on Monday (12 April).

The suspension of late payment charges was first suspended in April for three months, before it was extended to 30 September. It was then extended again in October last year to 31 March. This is the third extension. 

The Minister of State for National Development noted that the extension of the suspension is aimed at helping Singaporean households that are facing financial difficulties due to the economic impact of COVID-19.

“While we are seeing positive signs in our economy and job market, some Singaporean households continue to face uncertain or difficult financial situations due to COVID-19’s economic impact,” he explained.

He noted that HDB also has other measures in place to help homeowners with HDB loans and public rental tenants who are having difficulties paying their mortgages or rents.

“These include deferred or reduced repayment schemes and extension of loan tenure to reduce the monthly instalments,” he said.

In fact, over 5,200 households have availed of HDB’s financial assistance measures from 1 April 2020 to 31 March this year.

Assoc Prof Faishal revealed that HDB also reduced the rent for around 4,000 households during the same period.

Suggested read: How to Identify Your Mortgage Goals and Plan For Them

He urged those facing difficulties with their mortgage or rent payment to contact their HDB branch office for help.

“For those on bank loans, MAS and financial institutions have introduced the Extended Support Scheme (ESS) to help individuals facing cashflow difficulties transition gradually to full loan payments,” he said.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg

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