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HDB mortgage late payment charges suspended till March 2021

[SINGAPORE] Suspension of late payment charges on Housing Board (HDB) mortgage arrears will be further extended to March next year, as Singaporeans continue to grapple with the economic impact of the Covid-19 pandemic.

Families living in public rental flats will also have their rent slashed by half for three months, from October to December, said National Development Minister Desmond Lee on Thursday.

For households living in public rental flats, HDB will also continue to suspend late payment charges on rent payments until March next year.

Mr Lee announced these additional measures to help HDB home owners and tenants ride through the pandemic in a Facebook post on Thursday afternoon.

"The economic situation is likely to remain difficult for some time. Because of this, some households are struggling to cope with their housing mortgage repayments," said Mr Lee.

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Between April to August, about 2,500 households took up financial assistance measures offered by the HDB. These include deferring of loan instalments and reducing the amount home owners had to pay in each instalment.

From Oct 5, those on HDB loans can also extend their loan repayment period up to age 65 if they need long-term adjustments to their cash flow.

Said Mr Lee: "We will continue to monitor the situation closely and review our measures to support households with financial difficulties." He said the Monetary Authority of Singapore will be announcing support measures for HDB flat owners who are on bank loans.

Home owners who are facing financial difficulties are encouraged to contact their local HDB brand to seek available assistance.

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