Banks allow postponing housing mortgage repayment

Some banks in China have rolled out policies recently to allow postponing housing mortgage repayment in some regions impacted by the COVID-19 pandemic, China Securities Journal reported on Thursday.

Postal Saving Bank of China, Bank of Communications, and the Industrial and Commercial Bank of China have been among banks with affirmative policies for postponing repayment according to the Economic View.

The customer service staff of ICBC said that a housing mortgage person in a closed-loop management area such as Jilin province can apply for an extension of the mortgage deduction if he or she cannot pay their mortgage on time due to the epidemic.

In addition, five major banks, including China Construction Bank and Agricultural Bank of China, revealed that a borrower can inquire with local housing mortgage managers for specific situations in the case of postponing housing mortgage repayment.

Service staff at China Construction Bank said a borrower can apply for an extension of mortgage repayment due to the COVID-19 pandemic in a closed-loop management area, adding the longest extension in Jilin province is 28 days.

Service staff at Bank of China has a similar reply about the extension of mortgage repayment in Jilin, but has no policy in Shanghai, adding they will update their information.