Extended Support Scheme for Home Loan Customers | OCBC Singapore

Extended Support Scheme For Home Loan Customers

Supporting homeowners through COVID-19

Applications for Extended Support Scheme for private and HDB home owners have ceased.

Reduced instalment scheme
60% Monthly Instalment
  • Monthly instalments will be reduced to 60% of your last monthly instalment amount.
  • The reduced monthly instalment amount will cover part of your loan principal each month so that your loan amount is reduced.
  • To help you plan your cashflow, the monthly instalment will be fixed for 9 months and will not change even though interest rate changes during the period.
Scheme Duration
  • Scheme commences in January 2021.
  • Apply from now until 30 September 2021.
  • From effective date as per approval email until December 2021.
Loan Tenure
  • Extended by 12 months.
Effective Date
  • Form received by the 5th of the month will be effective in the current month (monthly instalment is due on the 15th of the month).
Unpaid Amounts
  • You can opt to add overdue payments on your loan principal so that it can be repaid over the remaining loan tenure. Interest will then be charged on this higher loan amount.
Please Note
  • While this scheme can ease your monthly instalments, it comes with higher overall costs as you will pay down your principal more slowly.
  • While adding overdue payments on your loan principal (also known as capitalisation) can ease your cash flow, it comes with higher interest costs.
  • You must pay the reduced instalment amount promptly. Otherwise, your credit bureau record will be affected.
  • If you have previously enjoyed payment deferment in 2020, you must pay the reduced monthly instalment promptly as your credit bureau record will be affected immediately when instalment is overdue.
Reduced instalment scheme
60% Monthly Instalment
  • Monthly instalments will be reduced to 60% of your last monthly instalment amount.
  • The reduced monthly instalment amount will cover part of your loan principal each month so that your loan amount is reduced.
  • To help you plan your cashflow, the monthly instalment will be fixed for 9 months and will not change even though interest rate changes during the period.
Scheme Duration
  • Scheme commences in January 2021.
  • Apply from now until 20 September 2021.
  • From effective date as per approval email until December 2021.
Loan Tenure
  • Extended by 12 months.
Income Documents
  • You may be required to submit documents to evidence at least 25% drop in income or loss of employment after 1 February 2020.
Effective Date
  • Form received by the 20th of the month will be effective in the following month (monthly instalments are due on the 1st business day of each month).
Unpaid Amounts
  • You can opt to add overdue payments on your loan principal so that it can be repaid over the remaining loan tenure. Interest will then be charged on this higher loan amount.
Please Note
  • While this scheme can ease your monthly instalments, it comes with higher overall costs as you will pay down your principal more slowly.
  • While adding overdue payments on your loan principal (also known as capitalisation) can ease your cash flow, it comes with higher interest costs.
  • You must pay the reduced instalment amount promptly. Otherwise, your credit bureau record will be affected.
  • If you have previously enjoyed payment deferment in 2020, you must pay the reduced monthly instalment promptly as your account will be classified immediately when instalment is overdue.
HOW TO APPLY

Fill Up Form

Step 1

Fill Up Form

Applications for Extended Support Scheme for HDB home owners have ceased

Check Entries

Step 2

Check Entries

Ensure all details are correct. Upload your signature.

Wait for approval

Step 3

Wait for approval

The processing for the application will take up to 4 working days.

Receive notification

Step 4

Receive notification

You will receive an email advising the start date of the scheme and the reduced monthly instalment amounts

HOW TO APPLY

Fill Up Form

Step 1

Fill Up Form

Applications for Extended Support Scheme for private home owners have ceased

Check Entries

Step 2

Check Entries

Ensure all details are correct. Upload your signature.

Wait for approval

Step 3

Wait for approval

The processing for the application will take up to 4 working days. You may be required to submit income documents (we will inform you through email).

Receive notification

Step 4

Receive notification

You will receive an email advising the start date of the scheme and the reduced monthly instalment amounts

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