The COVID-19 (Temporary Measures) Act 2020 seeks to offer temporary relief to businesses and individuals who are unable to perform their contractual obligations due on or after 1 February 2020 because of COVID-19.
The Act covers relevant contractual obligations that are to be performed on or after 1 February 2020, for contracts that were entered into before 25 March 2020.
For buyers who entered into a contract with housing developer (private developers or HDB) before 25 Mar 2020, click here.
For non-residential tenants who entered into a lease or license before 25 Mar 2020, click here.
MAS has worked with financial institutions and financial industry associations in Singapore to provide support measures that will ease the financial strain on individuals and businesses affected by COVID-19.
The relief measures for individuals will be provided by financial institutions on an opt-in basis, as each individual’s financial situation is different. As payment deferments and loan tenure extensions will result in higher overall interest costs, individuals should carefully consider the accumulated interest costs they will eventually have to bear, and balance this against their need for temporary cashflow relief.
Individuals’ credit scores will not be affected when they take up payment deferments. Individuals can also opt to extend the loan tenure by up to the corresponding deferment period to ease monthly instalments when they resume regular repayments.
Click here for a summary of the MAS support package and refer to below for contact information of banks offering the Special Financial Relief Program (SFRP) for temporary cashflow relief.
Let us all continue to stay safe, help one another and may this crisis be over soon.
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