Regulatory Alerts2020-02-17
Added · Updated
Notice 645A Computation of Total Debt Servicing Ratio for Property Loans
This Notice exempts certain property loans and refinancing facilities from paragraphs 3, 6, and 21B of MAS Notice 645 for banks in Singapore, allowing deferred loan repayments without affecting the Total Debt Servicing Ratio. For credit facilities granted before 6 April 2020, the exemption applies to deferment periods not exceeding 12 months between 17 February 2020 and 8 November 2020, and up to 36 months between 9 November 2020 and the End Date, provided no interest is charged on deferred interest unless capitalized. The exemption also covers refinancing facilities granted before 6 April 2020 during the first period and all refinancing facilities during the second period. The Notice takes effect on 18 February 2020 and applies to borrowers who have committed to a Debt Reduction Plan.
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