1. IT WAS was previously announced that the 6-month payment deferment for Hire-Purchase (HP) and fixed rate Islamic financing is automatic. Has there been a reversal in this decision?
No, the payment deferment is still automatic for HP and fixed rate Islamic financing. What is required now is an additional step to comply with procedural requirements under the Hire-Purchase Act 1967 (HP Act) and Shariah.
This additional step is unavoidable, and is required to incorporate the changes to the payment schedule and/or amounts as a result of the six-month payment deferment in loan/financing agreements.
2. Why are other loans/financing (e.g. mortgages, personal loans, business loans etc) not similarly affected?
Other loans/financing are not subject to the HP Act or similar Shariah requirements. However, interest/profit will also accrue over the deferment period for these loans and will also need to be repaid once payments resume post-deferment.
3. Is there a change for borrowers/customers to qualify for the HP and fixed rate Islamic financing payment deferment?
There is no change in the eligibility criteria.
4. As it is already the end of April, is there a change to the payment deferment period for these financing facilities?
There is no change in the payment deferment period, that is, it is effective for 6 months starting from 1 April 2020 until 30 September 2020.
5. For fixed rate Islamic financing, are there any additional legal fees if a new agreement is required?
In such cases, FIs are not allowed to impose any additional charges, including legal fees, on borrowers/customers.
6. How would my HP or fixed rate Islamic financing monthly instalments change after the deferment period?
FIs will inform each borrower/customer of the changes to his/her HP loan or fixed rate Islamic financing payment schedule and instalment amounts.
Borrowers/customers should weigh for themselves the pros and cons of defering the payment, and pay particular attention to their ability to meet these payments after the moratorium.
You should call or e-mail your FI if you need more information, or if you need to discuss alternative payment arrangements. Here is an example to help you better understand the financial impact post deferment. This illustration relates to a RM50,000 HP loan with a remaining tenure of 5 years and a fixed interest of 2.71% (or an effective rate of 5.36%) per annum:
In this example the instalment amount increases by 2%, or RM19 a month.
7. Do I still have a chance to opt out of the payment deferment now if I had not done so previously?
Yes. You can still choose to do so at this time by informing your FI and resuming the monthly payments that you were making before the deferment. See also Question 8 below.
8. I have not made any payment in April since I did not opt out of the deferment earlier. If I decide to opt out now, will I be charged any late payment penalty? What will happen to my CCRIS record?
No, FIs will not impose any late payment charges on borrowers/customers who decide to opt out of the deferment now. Your FI will inform you of the timeframe provided to pay off the instalments deferred since 1 April 2020.
Your CCRIS record will also not be affected, as long as you settle this amount within the repayment timeframe as notified by your FI. If you need more time, you should contact your FI to discuss a revised repayment timeframe.
9. Do borrowers/customers have a choice on whether to extend the financing tenure or increase the monthly instalments after the deferment period?
FIs will provide borrowers/customers with further details on resuming payments after the deferment period, and among the options provided would include the option of extending tenures or increasing monthly instalments. Borrowers/customers are advised to discuss with their FIs if they require a different repayment arrangement due to their financial circumstances.
10. Following this announcement by BNM, I feel short-changed. I thought the repayment terms on HP and fixed-rate Islamic financing after the payment deferment period ends are not supposed to change. Will I now lose out from benefitting from the six-month payment holiday?
We sincerely regret any confusion and anxiety that this announcement may have caused. The deferment of loan repayments is meant to ease cash flows for borrowers/customers affected by the COVID-19 pandemic. This intent remains the same. The confusion arises because of the misperception that the repayment amounts for a HP loan cannot be changed.
This misperception also arose to some extent due to an illustration we provided in an early version of the FAQs, where certain assumptions and caveats were made. We later removed the example when FIs provided their own illustrations.
Our illustration was not intended to preclude interest charges accrued on the deferred loans. Borrowers/customers who have had their HP loans and fixed-rate Islamic financing accounts automatically deferred since 1 April 2020 will continue to benefit from the payment deferment until 30 September 2020.
HP loan and fixed-rate Islamic financing borrowers/customers who initially accepted the moratorium but have since changed their mind can still opt out of the deferment.
See also Questions 7 and 8 above.
Astro Awani
Fri May 01 2020
HP loan and fixed-rate Islamic financing borrowers/customers who initially accepted the moratorium but have since changed their mind can still opt out of the deferment.
Freedom Flotilla to Gaza: 'Konflik Israel-Iran bukan urusan kami' - FFC
Misi Break the Siege of Gaza Freedom Flotilla tetap akan diteruskan sekiranya konflik di antara Israel dan Iran terus meningkat.
KKR harap projek naik taraf 3 jalan di Johor dilaksana tahun depan - Ahmad Maslan
Kementerian Kerja Raya (KKR) berharap kerja naik taraf tiga jalan di Johor dapat dilaksanakan tahun hadapan susulan pertambahan kenderaan menggunakan jalan tersebut.
KDNK Malaysia suku pertama dianggar berkembang 3.9% dipacu sektor perkhidmatan - DOSM
Sektor pembinaan menunjukkan pertumbuhan yang signifikan sebanyak 9.8 peratus berbanding 3.6 peratus pada suku tahun sebelumnya, terutama dipacu oleh subsektor kejuruteraan awam.
MARGMA yakin permintaan sarung tangan getah global meningkat pada 2024
Persatuan Pengeluar Sarung Tangan Getah Malaysia (MARGMA) yakin permintaan global terhadap sarung tangan getah akan meningkat pada 2024.
Letusan Gunung Ruang: Kualiti udara di Sarawak tidak terjejas
Letusan Gunung Ruang di Indonesia tidak menjejaskan kualiti udara di Sarawak.
[LAPOR LANGSUNG] Freedom Flotilla to Gaza: Sah! Tiga kapal tetap berlayar, redah laut Mediterranean 24 April ini
FFC mengesahkan tiga kapal yang terlibat dalam misi Break the Siege of Gaza Freedom Flotilla akan memulakan pelayaran pada 24 April depan.
Freedom Flotilla to Gaza: Sah! Tiga kapal tetap berlayar, redah laut Mediterranean 24 April ini
FFC mengesahkan tiga kapal yang terlibat dalam misi Break the Siege of Gaza Freedom Flotilla akan memulakan pelayaran pada 24 April 2024 bersamaan hari Rabu.
SkyTrax: Kedudukan KLIA jatuh ke tangga 71
Kedudukan KLIA kini di tangga ke-71 mengikut Senarai Lapangan Terbang Terbaik Dunia SkyTrax 2024, jatuh empat anak tangga berbanding tahun sebelumnya.
China arahkan Apple keluarkan WhatsApp dan Thread daripada App Store
Kerajaan China mengarahkan Apple untuk mengeluarkan aplikasi Whatsapp dan Threads daripada App store China.
Empat pelari terlibat kontroversi dilucut pingat
Penganjur acara separa maraton Beijing mengumumkan pada Jumaat bahawa empat pelari yang terlibat dalam perlumbaan kontroversi pada Ahad lepas telah dilucutkan pingat, lapor Xinhua.
BNM sedia guna instrumen, pastikan pasaran kewangan Malaysia kekal teratur
Operasi pasaran BNM akan memastikan mudah tunai yang memadai serta pasaran pertukaran asing berfungsi secara teratur.
Rizab antarabangsa BNM AS$113.8 bilion
Rizab antarabangsa Bank Negara Malaysia (BNM) berjumlah AS$113.8 bilion pada 29 Mac 2024.
Pemecatan salah: Bekas pengurus menang saman terhadap BNM
Mahkamah Tinggi hari ini memutuskan bahawa pemecatan bekas pengurus Bank Negara Malaysia (BNM) kerana menyertai aktiviti politik pada 2016 sebagai tidak sah dan menyalahi undang-undang.
Aset rizab rasmi Malaysia AS$114.28 bilion akhir Februari 2024 - BNM
Aset rizab rasmi Malaysia berjumlah US$114.28 bilion pada akhir Februari 2024 manakala aset mata wang asing lain adalah US$202.69 juta (US$1=RM4.73), kata Bank Negara Malaysia (BNM).
OPR Malaysia dijangka kekal stabil pada 3.0 peratus sepanjang 2024 - PIVB Research
Ini selaras dengan pandangan BNM bahawa tahap OPR semasa mencerminkan pendirian dasar monetari yang menyokong serta kondusif kepada ekonomi.
Jualan asing di Bursa Malaysia susut 24.4 peratus minggu lepas
MIDF Research berkata pelabur asing merupakan penjual bersih dari Isnin hingga Rabu, menjual ekuiti bernilai RM757.5 juta.
Ringgit dibuka rendah sedikit menjelang pengumuman data IHP
Pada 9.05 pagi, ringgit turun kepada 4.7390/7430 berbanding dolar AS daripada paras penutup 4.7340/7390 pada Jumaat minggu lepas.
Inflasi kos perubatan dorong peningkatan kadar premium insurans - Timbalan Menteri Kewangan
Inflasi kos perubatan tinggi dan trend penggunaan perkhidmatan kesihatan yang semakin meningkat merupakan antara faktor utama yang mendorong peningkatan kadar premium MHIT.
Bagasi berisi wang tunai lebih RM500,000 ditemukan, polis kesan pemilik
Seorang pengawal keselamatan menemukan sebuah bagasi berisi wang tunai berjumlah lebih RM500,000 di tempat letak kereta di sebuah pusat beli-belah di Damansara pagi semalam.
Tindakan secara kolektif diperlukan untuk lindungi ringgit - Bank Negara
Tindakan secara kolektif amat diperlukan untuk melindungi mata wang tempatan ini, menurut Bank Negara Malaysia (BNM).