Regulatory Alerts2020-02-17
Added · Updated
MAS Notice 115B Residential Property Loans
This Notice exempts direct insurers from certain loan tenure and repayment restrictions under MAS Notice 115 for residential property loans and refinancing facilities granted to borrowers requesting repayment deferment or tenure extensions. The exemptions apply to facilities where the purchase option or sale agreement date was prior to 6 April 2020, with deferment periods capped at 12 months for requests made between the effective date and 8 November 2020, and up to 36 months for requests made between 9 November 2020 and the End Date. The End Date is defined as six months after the Ministry of Health revises its COVID-19 risk assessment to Green, and the Notice takes effect on 18 February 2020.
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