Individuals with residential, commercial and industrial property loans who are unable to resume making full loan repayments may apply to their respective bank or finance company to make reduced instalment payments pegged at 60% of their original monthly instalment, for a period of up to 9 months. Lenders will check that the 60% reduced monthly instalment can cover individuals' full monthly interest, and allow them to make partial principal payments. This will ease individuals’ cashflow, while still allowing borrowers to pay down their principal amount.

This option is available to individuals who are able to show that they have suffered a loss of 25% or more of their monthly income after 1 February 2020, with property loan payments that are not more than 90 days past due, regardless of whether they have taken up payment reliefs previously. Individuals who meet these criteria can apply for assistance till 30 September 2021. Individuals who are unable to service the reduced payments under this programme should approach their lenders early to discuss alternative repayment options.

Individuals with renovation and non-MOE student loans may apply to their respective bank to extend their loan tenures by up to 3 years. This will lower individuals’ monthly instalments and ease their cashflow burden. Borrowers should approach their banks to find out about the tenure extension offered by their banks.

This option is available to individuals who can provide proof of income/employment impact after 1 February 2020, and whose renovation or student loan payments are not more than 90 days past due, regardless of whether they have taken up payment reliefs previously. Individuals who meet these criteria can apply for assistance till 30 September 2021. Individuals who are unable to service the reduced payments under this programme should approach their lenders early to discuss alternative repayment options.

Lenders have further extended the application window of the unsecured credit reliefIndividuals who face difficulty repaying their unsecured revolving credit facilities may apply to their lender to convert outstanding balances to term loans at a reduced interest rate, capped at 8% effective interest rate (compared to the 26% per annum rate typically charged on credit cards). The term of the loan can be up to five years. and DCP loan tenure extensionEligible individuals on DCPs who are affected by COVID-19 may apply to their lender to extend the loan tenure of their existing DCPs for up to 5 years. programmes till 30 September 2021. These programmes are existing relief measures announced by MAS and the financial industry in March and April 2020. Eligibility criteria remain unchanged and these programmes are available to individuals who can provide proof of income/employment impactLoss of 25% or more of monthly income in the case of the unsecured credit relief. after 1 February 2020 with payments that are between 30 and 90 days past due.

Individuals who have applied for these programmes but continue to face difficulty repaying those loans, can reach out to their lenders to discuss restructuring plans. Such restructuring plans typically come with longer tenures, which can ease individuals’ cashflow burden. FIs may also refer customers to the Credit Counselling Singapore for assistance and to take up the Debt Management Programme if considered suitable.

Individuals can continue to apply to refinance or reprice their loans, without being subject to the total debt servicing ratio (TDSR) and mortgage servicing ratio (MSR) under MAS’ property loan rules, till 30 September 2021, to lower their monthly payments. Any subsequent application for reduced instalment plans for property loans will be assessed by their bank or finance company on a case-by-case basis.

For property loans within the lock-in period, lenders may impose charges according to the terms of the loan. We encourage individuals who are facing financial difficulties to reach out to their lenders to discuss possible fee waivers and to work out sustainable debt repayment options.