If you are going through a bad patch and are unable to keep up with your monthly housing loan repayments, it would be a good idea to speak to your financier immediately to seek assistance. For genuine distress cases, most Financial Institutions (FIs) would be prepared to consider on a case-to-case basis requests for some form of indulgence like interest servicing, reducing the monthly installments for a limited time so that you can have time to make alternative financial arrangements to meet the full repayment once the full monthly installment is reinstated, or loan restructuring to stretch the loan tenure so as to lower monthly repayments.

Do not skip on your repayments and end up being delinquent for it would affect your credit rating adversely. The effects of such a delinquent act would have long lasting irreversible and negative impact on you.

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CBS will also provide historical information on other types of loan applications made by you: credit cards, car loans, unsecured line of credit, personal loans, housing loans, overdraft facilities, etc. As long as there is an application, it will be reflected, regardless if it has been approved or declined.

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For the purpose of a home loan application, it may reflect badly on you if you are concurrently making multiple applications for the same home loan to different FIs.

In short, there is always a solution for everything as long as you know where to go for help