A recent OCBC study surveying 2,000 Singaporens at random found that 31% of study participants between the ages of 21 and 65 are having difficulties paying off their home loans. This disheartening statistic is unsurprising considering that the COVID-19 pandemic resulted in many Singaporeans losing their jobs or experiencing pay cuts. If you are having difficulties paying off your home loan, you might have thought about your options. So what can you do if you cannot pay back your home loan? We’ve evaluated some of the actions you can take below. 1. Check With Your Bank To See if You Can Change the Terms of Your Loan Several measures were put in place earlier in the year to alleviate financial hardship during the pandemic. If you have been more recently been affected, there are still steps you can take. For example, if you have not already received an email from

Advertisements