QUESTION NO 344
NOTICE PAPER 195 OF 2020
FOR WRITTEN ANSWER
Date: For Parliament Sitting on 5 January 2021
Name and Constituency of Member of Parliament
Ms He Ting Ru, MP, Sengkang GRC
Question:
To ask the Prime Minister how many individuals have applied to temporarily reduce their residential, commercial and industrial property loan repayments under the MAS relief scheme.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. As of end-November 2020, financial institutions (FIs) had received 2,070 applications. They had processed 1,590 of these applications and approved 85% of them.
2. Most of the unsuccessful applications were rejected because the applicants did not meet the eligibility criterion where their incomes are significantly impacted
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[1] The reduced instalment plan on residential, commercial and industrial property loans is available to individuals who have suffered a loss of 25% or more of their monthly income after 1 February 2020, and for property loan payments that are not more than 90 days past due (regardless of whether they have taken up payment relief previously).