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HDB further extends suspension of late payment charges on mortgage, public rental arrears

HDB further extends suspension of late payment charges on mortgage, public rental arrears

A block of flats in Clementi. (Photo: Gaya Chandramohan)

SINGAPORE: The Housing and Development Board (HDB) will further extend the suspension of late payment charges on mortgage and public rental arrears until Dec 31. 

The extension of these financial support measures are intended to "ease the burden" of those who continue to face challenges, said National Development Minister Desmond Lee on Thursday (Sep 30).

The suspension of late payment charges on mortgage and public rental arrears was supposed to end on Thursday.

The charges were first suspended in April last year for three months. The suspension was then extended by another three months, followed by another six-month extension until March this year

HDB then further extended the suspension by another six months to Sep 30, to help Singapore households facing financial difficulties due to the economic impact of COVID-19.

The latest extension will see the late payment charges suspended until the last day of 2021. 

Mr Lee said that while Singapore's economy has picked up gradually since the start of the year, many Singaporeans are still recovering from the impact of the pandemic.

"The recent social restrictions continue to affect employment and livelihoods in some sectors," he said in a Facebook post. 

"Some Singaporeans may need more time to get back on their feet."

Between April 2020 and August 2021, more than 7,000 households were also extended various financial assistance measures by HDB, Mr Lee said. 

About 5,500 households also had their rent reduced during the same period, said Minister of State for Home Affairs and National Development Muhammad Faishal Ibrahim.

He also added that HDB has other measures to help households who need more "targeted assistance" such as flat owners with HDB housing loans. 

"These include deferred or reduced repayment schemes, or loan tenure extension to reduce the monthly instalments," Assoc Prof Faishal said in a Facebook post on Thursday. 

For public rental tenants, HDB can reduce the rent for those who have seen their household income fall, he said. 

Assoc Prof Faishal added that homeowners on bank housing loans can work with banks to "explore targeted assistance and restructuring solutions".

Mr Lee advised those who need further help to find out more on HDB's website. 

"I hope these measures will help to ease your financial difficulties, and give you space and time to stabilise your financial situation," he said. 

Source: CNA/ng

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