Singapore banks offer to defer mortgage, SME loan payments

Banks and finance companies can defer both principal and interest payments on residential mortgages through Dec 31, the Monetary Authority of Singapore (MAS) said

SINGAPORE: Singapore’s central bank said lenders will offer additional relief for consumers and companies battered by the sharp economic slowdown, including a freeze on mortgage and business loan payments and cuts to credit card rates.

Banks and finance companies can defer both principal and interest payments on residential mortgages through Dec 31, the Monetary Authority of Singapore (MAS) said in a statement late yesterday. Small and medium-sized firms can opt to defer principal payments on their secured term loans until the end of the year, the MAS said.