News: 864 households applied for HDB loan deferments from April to August 2020: MND

Oct 15, 2020

Around 2,500 households have received assistance from HDB with their mortgage payments since the start of the circuit breaker period.

The Housing and Development Board (HDB) has assisted about 2,500 households with their HDB mortgage payments from April to August 2020, revealed the Ministry of National Development (MND) in Parliament on Wednesday (14 October).

Of these, 864 households decided to defer their loan payments, while 277 reduced their loan payments.

MND made the statement in response to MP Ng Ling Ling, who asked on how many requests for deferments of HDB loan payment were received by HDB from the start of the circuit breaker period as well as the proportion of the approved requests.

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“HDB provides one-to-one financial counselling to homeowners seeking help with their HDB mortgage payments to understand their needs, and identify suitable measures to assist them,” said MND.

It noted that the assistance measures include allowing owners to defer or reduce loan payments as well as extend their loan tenure subject certain age limits.

“As the financial counselling is holistic, we do not have data on the number of households who requested specifically to defer their loan payments,” it said.

Nonetheless, MND assured that they are closely monitoring the situation and will review the adequacy of their assistance measures as the situation evolves.

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