COVID-19 Mortgage Relief Package: What You Need to Know

The COVID-19 pandemic has caused many individuals a great deal of financial uncertainty that can be difficult to navigate. If you’re a home-owner in Singapore and find yourself facing temporary cash flow difficulties due to COVID-19, this post will outline the key mortgage relief packages set by the government that can benefit you.

Types of COVID-19 mortgage relief

The Monetary Authority of Singapore has announced measures to help ease the financial difficulty on individual home-owners caused by the COVID-19 pandemic. This comes in the form of loan payment deferment, which means that you can delay payment on the principal amount (outstanding loan amount) or both the principal and interest amounts of your mortgage loans until 31 Dec 2020.

Quick Pointers: What You Need to Know

  • There are 2 main options for loan payment deferment: ’Deferment of principal’ (commonly referred to as DP) and ‘Deferment of principal and interest’ (commonly referred to as DPI)
  • DP means that you will pay only the interest amount on your loan until 31 Dec 2020.
  • DPI means that you will pay neither the principal nor interest amounts until 31 Dec 2020.
  • With DPI, your interest amount will accrue over the months from now till 31 Dec 2020, and your loan will have an increased overall amount of interest. It’s thus important to carefully consider the eventual interest cost and weigh that against your current need for loan payment deferment.
  • The good news is that deferring your loan payments will not affect your credit bureau records.
  • To qualify, your monthly loan payments must not be more than 90 days past due as at 6 Apr 2020.

Relief packages from specific banks and where to apply

In order to get the ball rolling on these mortgage relief packages, individuals will have to apply to their respective bank or finance company for payment deferments. Below is an outline of the relief packages offered by major banks and finance companies in Singapore, and where to apply for loan payment deferments.

1. Standard Chartered

Standard Chartered offers deferment of principal and deferment of principal and interest until 31 Dec 2020. No documents are required to take up the relief schemes and no administrative fees will be charged.

Where to apply:


OCBC allows your next loan payment installment to be deferred to 15 Jan 2021 (for HDB loans) and 4 Jan 2021 (for all other property loans). The bank may revise your installment amount in 2021, so be sure to communicate with your bank representatives on what that amount will be.

For HDB loans, applications received by the 6th of the month will take effect in the current month. For private home loans, applications received by the 21st of the month will take effect in the following month.

To apply, download the relevant forms online, then complete and submit them along with an image of your signature. It may take up to 4 working days for your application to be processed.

Where to apply:


HSBC gives you the option of deferring the principal amount of your mortgage repayment, or deferring the principal amount and interest until 31 Dec 2020. To apply, download the form in the link below and email it to

Where to apply:

4. DBS

With DBS, you can defer your monthly home loan installment until December 2020 and resume payment in January 2021. You are not required to provide any evidence that demonstrates impact from COVID-19 on your financial situation.

Apply online or read more on their COVID-19 relief packages in the link below. You can also reach out to DBS at

Where to apply:

5. Hong Leong Finance

Individuals with loans on residential properties are eligible for mortgage payment deferment until 31 Dec 2020. For more information, call 6415 9571 or 6415 9568. Or visit the link below to submit an application online.

Where to apply:

6. UOB

You can defer both principal and interest payments up to 31 Dec 2020. UOB will extend the duration of your loan according to the duration of deferment.For HDB loans, if the date of the letter of approval from UOB is on or before the 5th of the month, the deferment period will begin in the current month.

For private home loans, if the letter of approval from UOB is on or before the 20th of the month, the deferment period will take effect in the following month.

You can apply online using the link below, and your application will be reviewed within 7 working days.

Where to apply:

7. Citibank

Citibank provides the option to defer your principal loan amount, or your principal amount andinterest up to 31 Dec 2020.You can also apply to extend the duration of your mortgage according to the duration of thedeferment period. This lowers your monthly installment amount when monthly loan payments resume after the deferment period.

To apply, download the PDF form at the link below and send it

Where to apply:


If you have an existing property loan with CIMB, you can defer payment of your principal and interest till 31 Dec 2020. This applies to all property loans in Singapore and overseas.Visit the link below for more information, and email to apply.

You can also text ‘COVIDM<space>Last 4 characters of NRIC/Passport' to 75558.

Where to apply:

9. Maybank

Maybank also allows you to opt-in for mortgage loan deferment payment deferment. As long as you meet their eligibility rule that your current loan payments are not more than 90 days past due, you can apply via their online form at the link below.

Where to apply:

10. RHB Group

If your ability to repay your residential mortgage loans with RHB group is affected, you may apply to defer mortgage payments or restructure unsecured loans. RHB Group’s website states that each request will be reviewed on a case-by-case basis.

Where to apply: call RHB Singapore’s Customer Contact Centre at 1800 323 0100 for further assistance.

If you’re facing financial strain due to the COVID-19 pandemic, there are options for you as a home-owner. For more information on individual home-owner COVID-19 relief packages, visit the Monetary Authority of Singapore’s page or you could reach out to mortgage brokers that can provides one stop service to help you better understand your options.

Hope this helps you out.

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