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.
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60% Monthly Instalment |
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60% Monthly Instalment |
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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.
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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?
- We will automatically adjust your loan account in mid-December 2020 and 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. 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. -
- 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
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I did not pay instalments under the current payment deferment scheme programme. What happens to my loan when I apply for ESS?
- 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.
- 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
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I have overdue instalment under the current payment deferment scheme programme. What happens to my loan when I apply for ESS?
- 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.
- 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 - 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
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Why does OCBC recompute my monthly instalment for January 2021?
- We will automatically adjust your loan account in mid-December 2020 and 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. 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.
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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.
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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.
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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.