9 in 10 bids to defer mortgage payments get approval

Banks in Singapore have also approved most deferments sought by SMEs on secured loans

Published Tue, May 26, 2020 · 09:50 PM

Banks

Singapore

BANKS have approved about nine in 10 applications by property buyers to defer the payment of their mortgages.

They have also approved more than 90 per cent of applications submitted by small and medium-sized enterprises (SMEs) to defer payments on secured loans.

These deferments are part of baseline relief measures the Monetary Authority of Singapore (MAS) had introduced to help residents and companies hit by the economic fallout from Covid-19.

MAS board member Ong Ye Kung, in announcing the figures in Parliament on Tuesday, said the central bank "has been working with the financial industry to help individuals and SMEs with a wide range of credit relief measures, without t…