More than 17,000 applications to defer mortgage payments as virus hits home

Kelly Ng

Published Sun, Apr 19, 2020 · 09:50 PM

Singapore

MORE than 17,000 consumers have applied to defer their mortgage repayments, in a nod to the escalating impact of the virus outbreak.

These numbers, collated by The Business Times across seven major retail banks here, are estimated by economists to be about 3 per cent of total mortgage loan values here, and an estimated 2 per cent of households that still have outstanding home loans.

At least 3,000 bank customers have also applied to convert their outstanding balances in personal unsecured credit into term loans at a reduced rate of interest, as offered based on recent relief measures.

The observers told BT that the spike, while not considered high in absolute terms, shows that a broad spectrum of the economy and households are hurting from th…