Consumers affected by the pandemic can apply to delay mortgage payments, Shenzhen Special Zone Daily said yesterday, quoting sources from banks.
During the validity period of delayed payments, the mortgagees won’t be listed into the untrustworthy list and consumers’ personal credit will be protected, according to Bank of China Shenzhen Branch.
In a response, the Shenzhen Branch of Construction Bank of China said it would follow the policies of its headquarters to extend up to 28 days of delayed payments for mortgages and consumption loans. For the small and micro-sized enterprises, the Shenzhen Branch of Construction Bank of China can extend delayed payments for SME Quick Loans, a loan below 2 million yuan (US$314,200) for entrepreneurs, for up to three months, and a three-year loan renewal service of nonprincipal repayments.
For consumers who have to pay mortgage between March 14 and April 30 can enjoy up to 30 days of delayed mortgage payments. Those who were unable to pay before April 30 due to the pandemic can apply for another grace period of up to six months.
Credit card users who are unable to repay on time can also call the banks’ service hotlines to apply for delayed payments for a month. If they still cannot pay after the extension, they can also apply for installment plan changes, according to the report.