14 October 2016

The Editor
ST Forum

Dear Editor,

We refer to Mr Geoffrey Kung’s letter “Don’t let rules be obstacles for retirees” (The Straits Times, 8 October 2016).

We empathise with Mr Kung whose bank had refused to extend a loan secured on his property apparently because he is above 65 years old.  

The Monetary Authority of Singapore has not set any age limit on borrowers who wish to take up mortgage equity withdrawal loans secured on their properties. Financial institutions may, however, adopt stricter conditions based on their internal credit policies and credit assessments.

We would like to thank Mr Kung for sharing with us his feedback. We have reached out to Mr Kung to see how we can further assist to explain to his bank.

Bey Mui Leng (Ms)
Director (Corporate Communications)
Monetary Authority of Singapore