Most consumers are concerned about the economic impact of the novel coronavirus on their finances. Homeowners are no different. These individuals face falling housing prices and the threat of a looming recession. Recently, the government announced that lenders in the country would be offering relief to borrowers. For example, homeowners with mortgages will be able to defer their monthly payments until 2021. So, should you defer your home loan payments? To keep you informed, we've analysed this news and provided some tips that are relevant to homeowners.

The Monetary Authority of Singapore (MAS) announced that homeowners impacted by COVID-19 will be eligible to defer repayments for their existing mortgages. This programme allows homeowners to either defer their full monthly instalments (and continue to make monthly interest payments) or the principal portion of their monthly payment, through the end of 2020.

Those