The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS) and the Finance Houses Association of Singapore (FHAS), today announced an extension of the existing industry-wide support measures for individuals and small and medium-sized Enterprises (SMEs) in Tier 1 and 2 sectors that continue to face financial difficulties due to the Covid-19 pandemic.

The extension is targeted at individuals and businesses who continue to experience cash flow difficulties, by giving them additional time to transition to full loan instalment repayments.

For individuals who have sustained recent income or employment impact, repayments on property loans will be reduced, pegged at 60% of borrowers’ monthly instalment until December 31. A loan tenure extension of up to 3 years can also be discussed with lenders.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook