Major banks introduce deferred mortgage payment plans for customers affected by COVID


Major Chinese banks are introducing interim deferred mortgage payment plans for customers affected by COVID, according to media reports.

People hospitalized or isolated due to COVID-19 infection, people who are involved in pandemic prevention and control, and customers who have temporarily lost their sources of income due to the pandemic can request the payment, reported.

The Industrial and Commercial Bank of China, the country’s largest lender by market capitalization, said that during the deferred payment period, affected customers will not be included in the default list.

The Agricultural Bank of China said its customers can directly contact the loan servicing bank or call the bank’s customer service center for information registration.

“We will give affected customers a reasonable term of payment, reduce or waive mortgage penalty interest depending on the actual situation,” he said.

Bank of Communications said it has also taken various steps to extend mortgage payment support to eligible customers nationwide.

Its Shanghai branch can grant a grace period of up to 30 days for principal payment to online mortgage customers, and a three-month grace period for qualified customers and their spouses, if applicable.

The Postal Savings Bank of China provides deferred payment service for up to six months to eligible customers.

At the same time, the bank will contribute to the adjustment of overdue credit files resulting from the pandemic.

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