Petition MAS to instruct banks to treat borrowers of COVID-19 Repayment-Deferment-Resi-Property NOT as Inferior Credit standing

Petition MAS to instruct banks to treat borrowers who opted for COVID-19 Repayment-Deferment-Resi-Property NOT as inferior credit standing

Under the Repayment-Deferment-Resi-Property-Loans-for-Individuals, MAS has commited that the deferment will NOT result in the loan being classified as a restructired loan for the purpose of credit reporting.

However it is silent however on the following: -

1. Will the credit report reflect Repayment-Deferment-Resi-Property-Loans-for-Individuals being taken up and reflected in the credit report.

2. Will banks be able to find out in some form of records through bank's sharing of data and hence consider the borrower in a lesser light.

3. Banks have not committed to whether they will instruct their credit department to rank these borrowers who opt for the Repayment-Deferment-Resi-Property-Loans-for-Individuals at a lesser credit standing and thereby reducing their future credit standing with the banks.

We appeal for MAS to confirm the following: -

1. Instruct banks not to report to credit bureau on borrowers who has taken up Repayment-Deferment-Resi-Property-Loans-for-Individuals.

2. Instruct banks not to treat borrowers who had opted for Repayment-Deferment-Resi-Property-Loans-for-Individuals in a different or impaired credit standing and guarantee them the same credit assessment criteria as a person who has not opted for the deferment.

We appeal for HDB to confirm the following: - 

3. We appeal for HDB to Allow a similar Residential Loan Repayment Deferment for HDB loans.

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Paul Ho iCompareLoan.com    Contact the author of the petition