until the end of the year, among others. It also included support for small and medium-sized enterprises .
But as payment deferments and loan tenure extensions will result in higher overall interest costs, MAS cautioned individuals to consider these accumulated interest costs carefully and balance this against their need for temporary cash flow relief.Under the second package, individuals with renovation loans or student loans that are not covered by the Ministry of Education can apply to have their principal and interest payments deferred until Dec 31 this year.
In addition, those with commercial and industrial property loans may apply to defer their principal payments until Dec 31. Applications for the above loan types will start from May 6, except for the loan tenure extensions for existing debt consolidation plans . These will be open for application from May 18.
Meanwhile, individuals whose incomes are impacted by the virus outbreak can apply to have service fees, which are typically charged when one fails to meet the minimum average daily or monthly balances in their retail bank accounts – waived until Dec 31.