What are the penalties if I missed the date to pay my housing loan?

If you just miss the date and pay off immediately, there will be a one time penalty. - which you can get waived if you call them and ask nicely for first timers

And if the date of payment is close enough to the missed date, no additional charges.

However if you continue to not pay the installment, the late fee will apply + the monies owed will continue to compound until it snowballs into a size that will crush most people.

Please always pay your installments.

If you have problems with the installments, this means that you should downgrade and owe less money.

Buy what you can afford my friends, and there will be no major financial issues in life.

If you're on a HDB loan:

The computation of the late payment charge is based on 2% above the Ministry of Finance's average prime lending rate (PLR). The current late payment rate is 7.5% (average PLR of 5.5% + 2%) per annum. The late payment rate is reviewed annually and fixed on 1 April.

Late payment charges will be imposed on the outstanding instalment as at the end of every month, rounded up to the nearest $0.05.

Do note that for now, late payment charges are not in effect due to COVID until 31 March 2021.

If you're on a bank loan:

It would depend on your bank, but usually there will be late repayment charges, that will increase if you do not pay it off. Some banks do have certain relief schemes if you are unable to pay due to involuntary job loss to ease the burden. Do check with your bank to confirm the details.