HSBC announces coronavirus measures for mortgage clients in Singapore

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HSBC announces coronavirus measures for mortgage clients in Singapore

HSBC Singapore today announced a series of support measures to help retail banking customers better manage their cash flow amidst the ongoing outbreak of the coronavirus.

The Singapore arm of the international bank said these measures are designed to ease the financial burden of its property loan and credit card customers with a specific focus on individuals employed in vulnerable industries such as aviation, hospitality, tourism, transportation, retail and food and beverages whose monthly income were impacted by the COVID-19 outbreak.  Both support measures will be available from today onwards.

Anurag Mathur, head of retail banking and wealth management, HSBC Singapore said: "The COVID-19 situation has impacted many travel, hospitality and F&B businesses and trades as well as the livelihood of Singaporeans operating or working in these sectors. 

The COVID-19 situation has impacted many travel, hospitality and F&B businesses and trades as well as the livelihood of Singaporeans operating or working in these sectors. Property loan and credit card repayment makes up a large part of many Singaporeans’ monthly expenses."

"Property loan and credit card repayment makes up a large part of many Singaporeans' monthly expenses.  We hope the support measures will provide some financial reprieve but, most importantly, help our affected customers to proactively manage their finances and tide them over during this critical period."

Affected HSBC Singapore property loan customers who meet the eligibility criteria including having a good repayment history can choose to defer repayment of their outstanding loan principal for six or twelve months. Under the scheme, eligible customers simply need to make interest repayment during the agreed period.

HSBC Singapore is also reducing the revolving interest rate by half for up to six months for its affected credit cardholders who meet the eligibility criteria including having a good repayment history. Upon expiry of the six-month period, any outstanding balance will be reverted back to the prevailing rate.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.