Regulatory Alerts2020-02-17
Added · Updated
MAS Notice 632B Residential Property Loans
This Notice exempts banks from specific loan tenure and debt servicing ratio requirements under MAS Notice 632 for residential property and refinancing facilities where borrowers request repayment deferrals or tenure extensions. The exemptions apply to facilities granted or secured by properties with sale agreements prior to 6 April 2020, covering deferment periods up to 12 months from 18 February 2020 to 8 November 2020, and up to 36 months from 9 November 2020 until the Ministry of Health revises its risk assessment to Green. Banks must ensure no interest is charged on deferred interest unless the borrower requests it be capitalized, and extended tenures cannot exceed the sum of the maximum applicable tenure and the deferment period.
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