In order to help ease the burden of the people of Singapore, the Housing and Development Board (HDB) has decided to further extend the suspension of late payment charges on HDB mortgage arrears till 31 March next year, said National Development Minister Desmond Lee on Thursday (1 October).

In April this year, HDB suspended late payment charges on mortgage arrears for three month, meaning that owners got an extension up to 30 September.

Mr Lee pointed out in a Facebook post that the economic condition is most likely to remain difficult for some time.

“The COVID-19 pandemic has had a serious impact on our economy, and affected many people’s jobs and livelihoods. The economic situation is likely to remain difficult for some time.

“Because of this, some households are struggling to cope with their housing mortgage repayments,” he said.

He added that between April and August 2020, nearly 2,500 households took up financial assistance offered by HDB. This assistance include deferring their loan instalments or reducing the amount they have to pay in each instalment, Mr Lee noted.

If that’s not all, from Monday (5 October) onwards, individuals on HDB loans can also extend their loan repayment period up to the age 65 if they require long-tern adjustments to their cash flow, he said.

Currently, the loan tenure for new HDB flats is capped at 25 years.

“Those facing difficulties with their arrears should approach HDB to work out their repayment options,” the Minister said.

He added, “We will also do more to help households living in our public rental flats, by providing a 50% rent rebate for 3 months, from 1 Oct 2020 to 31 Dec 2020. HDB will also continue to suspend late payment charges on rent payments until 31 Mar 2021.”

With all the additional measures offered, Mr Lee hopes that it will help and provide assurance to HDB flat owners and tenants during this tough time.

“If you are facing financial difficulties, do contact your local HDB Branch to understand more about the help available

“We will continue to monitor the situation closely and review our measures to support households with financial difficulties,” Mr Lee said.

He also pointed out that the Monetary Authority of Singapore (MAS) will “soon” announce support measures for those HDB owners who have bank loans.

 

Subscribe
Notify of
7 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
You May Also Like

RDU: Destroying Dover Forest will exacerbate the effect of climate change, an egregious oversight by the gov’t

Destroying the Dover forest will exacerbate the effects of climate change and…

中国卫健委证实1716确诊、六医务人员因新冠病毒殉职

根据中国媒体报导,在2019新型冠状病毒(武汉肺炎)疫情下,截至2月14日下午2时,中国高达1千716名医务人员确诊,其中甚至有六人在前线抗疫不幸感染,丧失宝贵生命。 中国国家卫生健康委副主任曾益新证实上述数据,确诊医务人员在全国病例中占比3.8巴仙,死亡率0.4巴仙。 截至下午3时许,中国全国已超过6万3千940人确诊,死亡病例高达1381例,以及治愈人数达6千811人。 本月6日,中国一名医生因感染新冠病毒逝世,举国哀悼。事缘武汉市中心医院眼科医生李文亮,和其他七名医生,最早在去年12月30日向外界发出防护预警。然而,此举却遭当地警方指责他“造谣”,指李文亮等人网络上传播假消息。 最早殉职的医护人员是湖北省新华医院耳鼻喉科医生梁武东,在大年初一病逝。

Two new Zika cases confirmed at the Poh Huat Terrace and Terrasse Lane area

National Environment Agency (NEA) has reported two cases of locally-transmitted Zika virus infection…

Singapore Armed Forces deploys Changi RHCC to Nepal as part of relief efforts

  The Singapore Armed Forces (SAF) deployed two Republic of Singapore Air…