Data on Outstanding Housing Loans Approved or Pending Approval by Banks and HDB for Repayment Deferments

Mr Saktiandi Supaat asked the Minister for National Development (a) what has been the most recent data on the outstanding housing loans pending approval or have been approved for repayment deferments; (b) what are the respective proportions owed to banks and HDB; and (c) what are the demographics of the segment of population who require these deferments.

HDB and banks provide financial counselling for homeowners seeking help with their housing loan repayments to understand their needs, and identify suitable measures to assist them.

From April to September 2020:

(a) For households on bank loans, 26,500 are on deferred payments. Of these, 77% owned private residential properties and 23% owned HDB flats, generally mirroring the proportion of bank loans for private property and HDB flats respectively.

(b) For households on HDB loans, 1,000 are on deferred payments and 300 on reduced payments. In addition, HDB has suspended late payment charges from April 2020 to March 2021, giving households flexibility on their repayment schedules with no penalties.

Homeowners who took up deferments are generally similar in profile to the overall population of homeowners with housing loans, except that they are slightly more likely to be above 50 years old, and to be employed in General Commerce and Business Services industries, which include subsectors like travel agencies, retail trade, F&B, and accommodation. For HDB flat owners, they are also more likely to be living in 3-room or smaller flats.

HDB and banks have recently enhanced their financial assistance measures to support homeowners who face difficulties keeping up with mortgage repayments during this pandemic. We will continue to monitor the situation closely.