Big banks introducing deferred mortgage payment plans for COVID-affected customers

Credit: Osports

China's big banks are introducing provisional deferred mortgage payment plans for COVID-affected customers, according to media reports.

Those who are hospitalized or isolated because of infection of COVID-19, people who take part in pandemic prevention and control, and customers who have temporarily lost their income sources due to the pandemic can apply for the payment plans, cctv.com reported.

Industrial and Commercial Bank of China, the nation's largest lender by market cap, said that during the deferred payment period, affected customers will not be included in the list of those who make defaults.

Agricultural Bank of China said their customers can contact the loan handling bank directly or call the bank's customer service center for information registration.

"We will give affected customers a reasonable delay in payment time, reduce or exempt penalty interest of mortgage loans according to the actual situation," it noted.

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

Its Shanghai branch can give a grace period of up to 30 days for payment of principal for online mortgage customers, and a grace period of three months for qualified customers and their spouses as appropriate.

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

At the same time, the bank will assist in the adjustment of overdue records of credit reporting resulting from the pandemic.