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Late Payment Interest
Non-Rental Contracts
1.
What is the prevailing late payment interest rate for non-rental contracts?
Applicable Rate
Remarks
5.0% per annum
Rate applies only to non-rental arrears that are due between 1 Feb 2020 and 31 Mar 2021, and are outstanding as at or after 1 Aug 2020.
The rate only applies to interest accrued between 1 Feb 2020 and 31 Mar 2021. After 31 Mar 2021, interest should accrue at prevailing rates.
ILLUSTRATION
For illustration, LPI computation for an outstanding non-rental arrears of $4,000 due to SLA since 1 May 2020 and paid on 1 Nov 2020 is as follow:
Amount in Arrears
Start Date
End Date
LPI Rate to Apply
Computation of LPI for Period from 1 May 2020 to 31 Oct 2020
$4,000
1 May 2020
31 Oct 2020
5.0%
LPI = 5.0% x $4,000 x (184/366 days) = $100.55
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Last Update : 01 July 2013
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