Individuals can apply to their banks and insurers to defer payment of property loans and premium payments for life and health insurance plan, as part of a package of measures announced by the Monetary Authority of Singapore.

SMEs also get support, such as continuing access to bank credit and insurance cover

In a bid to reduce the financial strain from Covid-19 outbreak, individuals can apply to their banks and insurers to defer payment of property loans and premium payments for life and health insurance plans.

This forms part of a package of measures announced by the Monetary Authority of Singapore (MAS) yesterday, which also offers cash-flow support to small and medium-sized enterprises (SMEs), such as ensuring continued access to bank credit and insurance cover.

People with home loans can defer either the principal payment or both principal and interest payments on their property loans until Dec 31.

Adapted from The Straits Times, 1 Apr 2020