Extended Support Scheme For Home Loan Customers

Supporting homeowners through COVID-19

Apply for reduced monthly instalments for 9 months if you have not missed more than 3 months of instalment payment.

Reduced instalment scheme
60% Monthly Instalment
  • Monthly instalments will be reduced to 60% of your last monthly instalment amount.
  • The reduced monthly instalment amount will cover part of your loan principal each month so that your loan amount is reduced.
  • To help you plan your cashflow, the monthly instalment will be fixed for 9 months and will not change even though interest rate changes during the period.
Scheme Duration
  • Scheme commences in January 2021.
  • Apply from now until 30 June 2021.
  • From effective date as per approval email until 15 November 2021.
Loan Tenure
  • Extended by 12 months.
Effective Date
  • Form received by the 5th of the month will be effective in the current month (monthly instalment is due on the 15th of the month).
Unpaid Amounts
  • You can opt to add overdue payments on your loan principal so that it can be repaid over the remaining loan tenure. Interest will then be charged on this higher loan amount.
Please Note
  • While this scheme can ease your monthly instalments, it comes with higher overall costs as you will pay down your principal more slowly.
  • While adding overdue payments on your loan principal (also known as capitalisation) can ease your cash flow, it comes with higher interest costs.
  • You must pay the reduced instalment amount promptly. Otherwise, your credit bureau record will be affected.
  • If you have previously enjoyed payment deferment in 2020, you must pay the reduced monthly instalment promptly as your credit bureau record will be affected immediately when instalment is overdue.
Reduced instalment scheme
60% Monthly Instalment
  • Monthly instalments will be reduced to 60% of your last monthly instalment amount.
  • The reduced monthly instalment amount will cover part of your loan principal each month so that your loan amount is reduced.
  • To help you plan your cashflow, the monthly instalment will be fixed for 9 months and will not change even though interest rate changes during the period.
Scheme Duration
  • Scheme commences in January 2021.
  • Apply from now until 30 June 2021.
  • From effective date as per approval email until 1 November 2021.
Loan Tenure
  • Extended by 12 months.
Income Documents
  • You may be required to submit documents to evidence at least 25% drop in income or loss of employment after 1 February 2020.
Effective Date
  • Form received by the 20th of the month will be effective in the following month (monthly instalments are due on the 1st business day of each month).
Unpaid Amounts
  • You can opt to add overdue payments on your loan principal so that it can be repaid over the remaining loan tenure. Interest will then be charged on this higher loan amount.
Please Note
  • While this scheme can ease your monthly instalments, it comes with higher overall costs as you will pay down your principal more slowly.
  • While adding overdue payments on your loan principal (also known as capitalisation) can ease your cash flow, it comes with higher interest costs.
  • You must pay the reduced instalment amount promptly. Otherwise, your credit bureau record will be affected.
  • If you have previously enjoyed payment deferment in 2020, you must pay the reduced monthly instalment promptly as your account will be classified immediately when instalment is overdue.
HOW TO APPLY

Check Entries

Step 2

Check Entries

Ensure all details are correct. Upload your signature.

Wait for approval

Step 3

Wait for approval

The processing for the application will take up to 4 working days.

Receive notification

Step 4

Receive notification

You will receive an email advising the start date of the scheme and the reduced monthly instalment amounts

HOW TO APPLY

Check Entries

Step 2

Check Entries

Ensure all details are correct. Upload your signature.

Wait for approval

Step 3

Wait for approval

The processing for the application will take up to 4 working days. You may be required to submit income documents (we will inform you through email).

Receive notification

Step 4

Receive notification

You will receive an email advising the start date of the scheme and the reduced monthly instalment amounts

ADDITIONAL INFORMATION
  • Will OCBC be contacting me on by mortgage payment deferment scheme which will end in December 2020?

    You will receive an email from OCBC on the 1st week of November 2020. The email contains the following information:

    • To remind you that your monthly home loan repayments are set to resume from January 2021. 
    • To avail loan repayment options.  If your choices require that you submit a form, you must do so by 30 November 2020.
  • I did not pay instalments under the current payment deferment scheme programme. What do I need to do to resume monthly loan repayments from January 2021?
    1. We will automatically adjust your loan account in mid-December 2020 and inform you of the new monthly instalment amount, due in January 2021.
    2. The new monthly instalment amount will take into account any tenor extension (if you had opted for this earlier) and your latest account interest rate. Please note that your monthly payments will first be used to repay all the accrued interest amount from 2020 before they are used to repay your principal loan amount. -
    3. You may consider to repay your unpaid monthly instalments. We will waive all prepayment penalties.

      Tell us how you would like to make a repayment 
  • I did not pay instalments under the current payment deferment scheme programme. What happens to my loan when I apply for ESS?
    1. Under ESS, you may pay 60% of your original monthly instalment amount for nine months – from January to September 2021. - Your loan tenor will also be extended by one year.
    2. You may consider either of the following options to manage your unpaid accrued interest amount from 2020
      a) Make payment for it by 31 December 2020. We will waive all prepayment penalties for this.

      b) Opt to add your unpaid accrued interest amount to your loan principal. This total sum can be repaid over the remaining loan tenor. Interest will be charged on the higher loan amount.
      Apply for ESS 
  • I have overdue instalment under the current payment deferment scheme programme. What happens to my loan when I apply for ESS?
    1. Under ESS, you may pay 60% of your original monthly instalment amount for nine months – from January to September 2021. - Your loan tenor will also be extended by one year.
    2. By default, we will add all of your unpaid amount – including your overdue monthly instalment and the unpaid accrued interest – to your loan principal. This total sum can be repaid over the remaining loan tenor. Interest will be charged on the higher loan amount.
      Apply for ESS 
    3. If you do not wish to proceed with step 2 above, please make payment for the unpaid accrued interest and overdue instalment by 15 December 2021; if not, your credit record will unfortunately be affected. We will waive all prepayment penalties.
      Tell us how you would like to make a repayment 
  • Why does OCBC recompute my monthly instalment for January 2021?
    1. We will automatically adjust your loan account in mid-December 2020 and inform you of the new monthly instalment amount, due in January 2021.
    2. The new monthly instalment amount will take into account any tenor extension (if you had opted for this earlier) and your latest account interest rate. Please note that your monthly payments will first be used to repay all the accrued interest amount from 2020 before they are used to repay your principal loan amount.
  • Why does OCBC adjust my loan account in mid-December 2020 and not on 31 December 2021?

    We will automatically adjust your loan account in mid-December 2020 so that we can inform you of the new monthly instalment amount, due in January 2021. The new monthly instalment amount will take into account any tenor extension (if you had opted for this earlier) and your latest account interest rate.

  • Why is my monthly instalment fixed under ESS?

    To help you plan your cashflow, the monthly instalment will be fixed for 9 months and will not change even though interest rate changes during the period.

  • Will my Credit Bureau records be affected if I am on the ESS?

    Under the ESS, you must pay the reduced monthly instalment amount promptly. Otherwise, your credit bureau record will be affected.