The Covid-19 pandemic has hit people hard, and some sectors have taken the biggest hits, resulting in retrenchments. It has also resulted in the deepest recession Singapore has ever faced since independence – its impact on the property market will depend on how long the outbreak lasts and when it will be contained.
According to Dr Tan Tee Khoon, Country Manager for PropertyGuru Singapore, the property market will keep afloat as long as unemployment remains low and people are able to service their mortgages.
But what if you have had to cut down on work hours due to the lockdown, or worse, even lost your job or income stream? Not only will you be cash-strapped day-to-day, but you may face difficulties paying off debts like your mortgage.
What should you do? Should you seek payment relief or restructure existing loans? Or should you sell your property and purchase one with a smaller mortgage debt? We talk to property experts to glean their best tips for managing a mortgage in tough times.