Shanghai Housing Fund Grants Exemptions for Late Loan Repayments During COVID-19 Lockdowns

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The Shanghai Housing Provident Fund has announced the provision of exemptions for late repayments of home loans, in order to help borrowers hard hit by a renewed around of COVID-19 lockdowns.

On 8 April the official website of the Shanghai Housing Provident Fund announced that it would provide some exemptions for late payments of home loans during the period from March to April 2022, as well as refrain from charging penalty rates or submitting late payment reports to credit authorities.

Borrowers who qualify for such exemptions will include individuals participating in pandemic prevention and control efforts, as well as those residents of Shanghai who suffer from temporary loss of income due to the impacts of the new round of lockdowns launched at the start of April.

The Fund will also provide a “one-year buffer” for repayments on some home loans starting from the month of May.