Saturday, April 4, 2020

Applying For Home Mortgage Loan And Tax Payment Deferment

As part of the initiatives to help Singaporeans tide over cashflow in this difficult period, MAS, Banks and the Tax Authority have came together to assist individuals defer their obligation payment in the near term.

Home Mortgage Deferment

For banks, most of the deferment will apply up until Dec 2020 so that will help tide over working capital needs during these 7 to 8 months period.

Most banks offered 2 packages in the form of i.) Deferral of Principal Payment only or ii.) Deferral of both the Principal And Interest Payment. Interest accrued on the principal will still continue to be applied so what the banks essentially are helping out here is with the credit liquidity. This is vastly different initiatives than what we saw during the Gfc, when banks themselves are short of liquidity.

Interest arrears will be re-amortised when your loan repayment starts again in Jan 2021, so it is likely that the repayment sum will be larger than what you are paying today.

Personally, I have applied for this deferment myself as I find it a pretty good deal to conserve cash / cashflow in the midst of all the uncertainty. Even if you are not facing a cash crunch at this point, you can treat the extra cash (I am still receiving rental income for my case) as an emergency funds or warchest that you can plough into the market at this point.

Plus, it helps that we are in an era of low interest rate environment. 

I believe if the situation gets worst from here and we go into a recession, MAS and banks are likely to extend further beyond this year, unless we get a liquidity crunch like what we experienced in gfc.

For all the links to the respective banks, you can find it here:

UOB

OCBC

DBS

Maybank

Standard Chartered Bank

If you are one of those people who've yet to refinance your mortgage, you may want to do so here. Loan rates are so low now that it is probably the best time to refinance or take out your home equity loan, if you wish to do so and qualify.


Individual Tax Deferment

Aside from mortgage deferment, I have also applied for the individual tax deferment that you can defer for the next 3 months. 

This is a no brainer to me. 

It is free interests and the application outcome is automatic and straightforward. 

The amount is unlikely to be a significant breaker to me at this point but anything that I can delay at this point is a bonus. 

The link is as follow:



Pending the outcome of these two deferment applications, it will likely determine the amount of warchest injection I can put into the market to use over the next few months. 

At this level, I think the stock market for both the STI and Dow is attractive enough to enter if you have a mid to long term view and there are some interesting companies I want to put my money more aggressively. All the cash savings arising from the deferment will greatly help to boost that. 

Thanks for reading.


If you like our articles, you may follow our Facebook Page here

18 comments:

  1. Thanks a lot B! Appreciate for sharing this. This will be very useful indeed.

    ReplyDelete
    Replies
    1. Hi BK

      You're welcome.

      It's been a while and I just happened to read your latest article last night too.

      Delete


    2. ☑️☑️COMPOSITE CYBER SECURITY SPECIALISTS ☑️☑️

      •• Are you Seeking for the Best Legit Professional Hackers online?
      Congratulations Your search ends right here with us. •• ⚡️⚡️

      ☑️☑️For Years Now We have Been helping companies secure there Infrastructures against malicious Attacks, however private individuals have been making use of our services to provide Optimum solutions to their cyber and Hacking related Issues by providing them unlimited Access to their desired informations from their Target such as Phone Hack (Which enables them to monitor their kids/wife/husband/boyfriend/girlfriend, by gaining access to everything they are doing on their phone without their notice), Credit Card Mishaps, Website Hacking, Funds Recoveries And Every Other Cyber Related Issues That has to Do With HACKING.

      ☑️☑️COMPOSITE CYBER SECURITY SPECIALISTS is a vibrant squad of dedicated online hackers maintaining the highest standards and unparalleled professionalism in every aspect.
      We Are One Of The Leading Hack Teams In The United States With So Much Accolades From The Deep Web And IT Companies. ••
      ••We Offer Varieties Of LEGIT Hacking Services With the Help Of Our Root HackTools, Special HackTools and Our Technical Hacking Strategies Which Surpasses All Other Hackers.

      ☑️ Below Is A Full List Of Our Services:
      ▪️ FUNDS RECOVERY ON SCAM INVESTMENTS, BINARY OPTIONS TRADING and ALL TYPES OF SCAMS.
      ▪️ WEBSITE AND DATABASE HACKING ๐Ÿ’ป
      ▪️ CREDIT REPAIR. ๐Ÿ’ณ
      ▪️ PHONE HACKING & CLONING (giving you ๐Ÿ“ฑ Unnoticeable access to everything Happening on the Target’s Phone)
      ▪️ CLEARING OF CRIMINAL RECORDS ❌
      ▪️ SOCIAL MEDIA ACCOUNTS HACKING ๐Ÿ“ฑ
      ▪️RECOVERY OF DELETED FILES ๐Ÿ“ค
      ▪️LOCATION TRACKING ๐Ÿ“Œ
      ▪️BITCOIN MINING ⛏ And lot More.


      ☑️We have a team of seasoned PROFESSIONALS under various skillsets when it comes to online hacking services. Our company in fact houses a separate group of specialists who are productively focussed and established authorities in different platforms. They hail from a proven track record and have cracked even the toughest of barriers to intrude and capture all relevant data needed by our Clients. Some Of These Specialist Includes ⭐️ DAWID CZAGAN⭐️ JACK CABLE ⭐️ SEAN MELIA ⭐️ ARNE SWINNEN ⭐️And More. All you Need To do is To Write us a Mail Then We’ll Assign any of These Hackers To You Instantly.

      ☑️COMPOSITE CYBER SECURITY SPECIALISTS is available for customer care 24/7. Feel Free to Place your Requests.

      ☑️☑️CONTACT:
      ••• Email:
      composite.cybersecurity@protonmail.com

      ๐Ÿ”˜2020 © composite cybersecurity specialists
      ๐Ÿ”˜Want faster service? Contact us!
      ๐Ÿ”˜All Rights Reserved ®️.

      Delete
    3. I am LIGHT STREAM loans Service Lender, we are a legit, registered and guaranteed loan company and we give out loans to individuals, companies, government establishments, churches and business organizations and people of all sorts. Are you in need of a loan for any purpose? Are you in a financial problem? Do you need financial solution?.LIGHT STREAM loans Service is the solution to all your financial problems, our loans are easy, cheap, and quick. Contact us today for that loan that you desire, we can arrange any loan to suit your budget at only 3% interest rate. If interested, contact us immediately via email,(Lightstreamloanlender@gmail.com)

      Delete
  2. Valuable information. Cheers!

    ReplyDelete
  3. But would doing so affect your current credit bureau score/rating, thereby affecting future loan applications?

    ReplyDelete
    Replies
    1. The terms and condition says it won't affect the credit score rating for the deferment period.

      Delete
  4. If you are paying by GIRO, there will be no GIRO deduction in May, June and July 2020. Your income tax deduction will resume in August, September or October 2020 and the end-date of your instalment plan will be extended by 3 months. Your amount of income tax payable remains the same.

    Wonder what this means? if its extended by 3 months, does that mean my next cycle of giro for my 2021 tax bill will be heavier? (ie, 2021 tax + deferred tax from 2020).

    ReplyDelete
  5. Hi, im curious about the home mortgage deferment and what would you reccomend: extend the loan period? dont extend loan period? pay only the interest? or defer both principal and interest?
    Im not sure what is more beneficial out of all the options

    ReplyDelete
    Replies
    1. It's really hard to recommend based on different individual cashflow perspective. What we know is the interest will continue to accrue on the principal so there will be simple interest but not compounded since interest on interest is not accrued.

      Delete
  6. Hi, if you are using OA to pay for your mortgage loan, does that mean that after the deferment period, you can pay for the accrued principle and interest by lump sum deduction from OA?

    ReplyDelete
    Replies
    1. The OA part I'm not sure to be honestly. I read somewhere that early repayment options are available but not sure if we can do that via OA. I would think they would open up that options as well.

      Delete
  7. ุดูƒุฑุง ู„ุชู‚ุงุณู… ู‡ุฐู‡ ุงู„ูˆุซุงุฆู‚ ุงู„ู‚ูŠู…ุฉ ู…ุนู†ุง. ุณุงุนุฏู†ูŠ ููŠ ุงู„ุญุตูˆู„ ุนู„ูŠู‡ุง
    ุงู„ู‚ุฑุถ ุงู„ุนู‚ุงุฑูŠ ุงู„ุฅู…ุงุฑุงุชูŠ

    ReplyDelete
  8. I am LIGHT STREAM loans Service Lender, we are a legit, registered and guaranteed loan company and we give out loans to individuals, companies, government establishments, churches and business organizations and people of all sorts. Are you in need of a loan for any purpose? Are you in a financial problem? Do you need financial solution?.LIGHT STREAM loans Service is the solution to all your financial problems, our loans are easy, cheap, and quick. Contact us today for that loan that you desire, we can arrange any loan to suit your budget at only 3% interest rate. If interested, contact us immediately via email,(Lightstreamloanlender@gmail.com)

    ReplyDelete
  9. Natural herbs have cured so many illness that drugs and injection can’t cure. I've seen the great importance of natural herbs and the wonderful work they have done in people's lives. i read people's testimonies online on how they were cured of HERPES, HIV, diabetics etc by Dr Edes herbal medicine, so i decided to contact the doctor because i know nature has the power to heal anything. I was diagnosed with Herpes for the past 3 years but Dr Edes cured me with his herbs and i referred my aunt and her husband to him immediately because they were both suffering from Herpes but to God be the glory, they were cured too .I know is hard to believe but am a living testimony. There is no harm trying herbs, Thanks. Write him on WhatsApp on +2348151937428. @dr_edes_remedies deals with
    (1)Alzheimer virus
    (2)Cancer
    (3)HIV
    (4)Herpes
    (5)Genital warts
    (6)ALS
    (7)Virginal infection
    (8)HPV
    (9)Hepatitis
    (10)Asthma
    Email him on dredeshome@gmail.com
    https://dredesherbalhome.weebly.com

    ReplyDelete

UA-57154194-1