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What is the prevailing late payment interest rate for rental contracts?
For any licence from or tenancy with the Collector of Land Revenue, Singapore Land Authority, which has a provision stipulating that interest payable on any overdue payments of fees, rents and other charges shall be based on the prevailing late payment interest rate as determined by the Government of the Republic of Singapore from time to time to be applicable and chargeable on any such overdue payments, please refer to the table set out below:
Period | Prevailing Late Payment Interest Rate |
With effect from 1 Apr 2016 to 31 May 2020 | 8.5% per annum, subject to a minimum of $3. |
With effect from 1 Jun 2020 to 31 Mar 2023 | 5.5% per annum, subject to a minimum of $3. |
With effect from 1 Apr 2023 to 30 Sep 2023 | 7.7% per annum, subject to a minimum of $3. |
With effect from 1 Oct 2023 to 30 Sep 2024 | 8.1% per annum, subject to a minimum of $3. |
With effect from 1 Oct 2024 to 31 Mar 2025 | 8.0% per annum, subject to a minimum of $3. |
With effect from 1 Apr 2025 to 30 Sep 2025 | 7.2% per annum, subject to a minimum of $3. |
With effect from 1 Oct 2025 to 31 Mar 2026 | 6.0% per annum, subject to a minimum of $3. |
With effect from 1 Apr 2026 to 30 Sep 2026 | 5.6% per annum, subject to a minimum of $3. |
Illustration
LPI computation for outstanding rental arrears of $4,000 due on 1 April 2026 and paid on 30 April 2026 is as follows:
Rental Period | Rental Amount Due | Due Date | Payment Date | LPI Rate to Apply | Computation of LPI |
April 2026 | $4,000 | 1-Apr-2026 | 30-Apr-2026 | 5.6% p.a. | LPI |
LPI computation for outstanding rental arrears of $4,000 due on 1 April 2026 and paid on 31 May 2026 is as follows:
Rental Period | Rental Amount Due | Due Date | Payment Date | LPI Rate to Apply | Computation of LPI |
April 2026 | $4,000 | 1-Apr-2026 | 31-May-2026 | 5.6% p.a. | LPI |
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