Evidently, COVID-19 is wearing down Singapore’s economy and businesses. Due to that, Monetary Authority of Singapore (MAS) and other government agencies outlined – amongst other things – that banks and finance companies must allow deferments to the end of the year for principal repayments of qualifying mortgages and secured corporate loans.
For industrial/commercial/residential property owners, the COVID-19 loan deferment plan is your best option. Industrial and commercial property owners are essentially paying interest only. Residential? It is even better. You do not even have to pay monthly instalments and the interest on interest is waived.
Here are five reasons why you should take up the COVID-19 Loan Deferment: